Technology and the Internet has made many business functions easier, faster, and expanded the reach of many processes. e-Compensation is one of those processes that has benefited from technology; it has made knowing what similar job salaries and compensation easier to access and for management to determine what it should take to retain vital talent within an organization. This paper will discuss the advantages and disadvantages of web-based compensation tools, how it supports the job evaluation process, the advantages and disadvantages to centralized approach to merit pay programs, discuss integrated analytic features needed for compensation planning and decision support in e-Compensation systems, assess barriers that prevent organizations from realizing the potential of Web-based internal equity tools and propose approaches to overcome those barriers, recommend strategies that HR managers can use to evaluate the quality of market data that they receive from outside sources.
Advantages and Disadvantages of a Web-based Compensation Tool
Web-based compensation tools provide an organization the best choice of information for compensating their employees. There are many reasons that e-Compensation is better than client-server based or stand-alone PC-based system which includes the accessibility of web-based system can occur anyplace where Internet connectivity exists, it is available around the clock and every day, it streamlines processes, and provide access to sophisticated databases and decision-support tools (Gueutal & Stone, 2005). The federal government uses web-based services to support it benefits packages, which allows the employee to make insurance decisions each open season without having to go through their HR depart...
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...time not provide them information that would allow them to game the system to receive higher compensation than they deserve. The tool’s desire is to fairly compensate the employee for reaching the organizations objectives and making the company successful.
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Compensation is made of a base salary (paid by the hour, work or the year; excluding overtime or bonuses), variable pay (bonuses, profit sharing/stock options which work hand and hand with the performance of the company), and benefits (to include health insurance/savings plans – 401(k), or tuition reimbursement). The traditional way of determining base pay for jobs was to compare jobs in the same industry. Now industry and market, no long work by themselves, the current thinking is more person-based that considers knowledge, skills, and competencies of the work. This, however, is best suited for high-performing environments that remain flexible in their deployment of human capital.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2014). Fundamentals of human resource management (5th ed.). New York, NY: McGraw-Hill Education.
Did you ever think about how much time is spent on computers and the internet? It is estimated that the average adult will spend over five hours per day online or with digital media according to Emarketer.com. This is a significant amount; taking into consideration the internet has not always been this easily accessible. The world that we live in is slowly or quickly however you look at it: becoming technology based and it is shifting the way we live. With each day more and more people use social media, shop online, run businesses, take online classes, play games, the list is endless. The internet serves billions of people daily and it doesn’t stop there. Without technology and the internet, there would be no electronic health record. Therefore, is it important for hospitals and other institutions to adopt the electronic health record (EHR) system? Whichever happens, there are many debates about EHR’s and their purpose, and this paper is going to explain both the benefits and disadvantages of the EHR. Global users of the internet can then decide whether the EHR is beneficial or detrimental to our ever changing healthcare system and technology based living.
In April 2010, KK BB, the CEO of Marshall & Gordon, a leading public relations firm met with the firm’s leadership committee off-site in Miami. This off-site brought together Marshall & Gordon’s executive committee, practice and regional heads, and senior HR officers to discuss on redesigning the firm’s compensation system. A global advisory taskforce, under the direction of an external consulting firm, had spent three months collecting and analyzing data. Marshall & Gordon hired external specialists to design the new performance management program. The specialists proposed that the senior managers and human resource form a global advisory unit together with Marshall & Gordon partner to represent the firm’s five regions of the firm and lead the design process. The advisory unit surveyed all consultants in February in order to understand their way of thinking about the fairness, worth, and effect of the current performance management system. Majority of the interviewees responded to the corporate surveys implying that the subject was topic was especially exciting to them. Interviews gave insights on present and prospective business plans and direction. The survey also showed that specific focus across certain employee populations should be given. Six current hires from key competitors were also interviewed to comprehend competitor pay practices and compensation program structures. Further focus groups discussions and key information interviews enabled the taskforce’s to understand the needs of certain groups within Marshall & Gordon’s worker population. The survey culminated with the taskforce conducting interviews of 20 partners and principals togeth...
The EHR is a computerized health record that will take place of the paper chart. The health care information will be available to all health care providers at anytime, anywhere. The record will contain medical history, diagnosis, medications, immunization, allergies, diagnostics and lab results; from past doctors, emergency department visits, school, pharmacies, and out patient laboratories and facilities (Department of health and human services, 2014). Health care providers will be able to access evidence-based tools to aid in decision-making. EHR will also streamline workflow, and support changes in payer requirements and consumer expectations. In 2004, “the HHS secretary, Tommy Thompson appointed David Brailer as the national health information coordinator to provide: leadership for the development and nationwide implementation of a interoperable HIT infrastructure, with the goal of establishing electronic health records...
ABC Associates is a compensation and human resources consulting firm that offers specialized expertise, data and tools for all aspects of total rewards design and management. It was founded by Sau, Zhan, and Ying in 2010, and located in Richmond Hill, Ontario. We specialize in services such as executive compensation consulting, job evaluation, incentive and sales compensation, pay equity analysis, market reviews, and salary benchmarking and compensation surveys for Canadian and international organizations, private, public sector, and non-profit clients. Our mission is to deliver high value, effective, and innovate solution to our clients, and, based on our expertise, passion, and understanding of our clients’ need, our team will provide the
Thompson, R, 2005 “Is Pay for Performance Ethical?” The Physician Executive, Nov-Dec 2005, pp 60-63
Compensation for today 's average worker has always been a highly sensitive topic for any employer. Determining fair compensation can be a overbearing task as there are many contributing factors that make up the general pay scale. When determining pay a company must always consider the hourly amount, the benefits that may be offered, any incentive that could potentially be incurred and ensuring that their employee have an established work life balance. For an employer to be successful in determining compensation for their associate they must remain grounded around 1 key principle. An employees compensation is determined by expertise, education and the daily duties performed by the employee.
Reed, S. M. & Bogardus, A. M. (2012). PHR/SPHR Professional in human resources certification study guide. (4th ed.). Indianapolis, IN: John Wiley & Sons.
Management spends a huge amount of time to design incentive systems and schemes to motivate their workers and to ensure they work in their best possible manner. Motivating workers by giving them decent pay helps in winning employees heart to make the work done efficiently, significantly and effectively. The most effective way to motivate people to work productively is through individual incentive compensation (Pfeffer, 1998). An attraction of getting more is a powerful incentive to people for high performance. While most people agree that money plays a major role in motivating people, in organizations there is a widespread belief that money may also have some undesirable effects on morale.
Reed, S. M., & Bogardus, A. M. (2012). PHR/SPHR: Professional in human resources certification study guide (4th ed.). Indianapolis, IN: Wiley Publishing, Inc. ISBN-13: 9781118289174
Kavanagh, M. J., Thite, M., Johnson, D. J., (2012). Human Resource Information Systems, Thousand Oaks, CA; SAGE Publications, Inc.
Originally, HRIS software was used mainly for administrative recordkeeping of employee information (Hendrickson, 2003). Nowadays, in the 21st century, HR has become a sophisticated science with theories, experiments and studies intended to assist organizations with efficiency (Hendrickson, 2003). For instance, before the introduction of computers into HR processes, a candidate would submit a paper application for a potential job. HR departments would have to process significant amounts of paper-based transactions for every job opening. It was a time-consuming p...
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay