Bus 409 Essay

In the case presented both AFLAC and L.L. Bean had their own distinctive ways of utilizing their products in order to enhance the total compensation for its employees. The factor that has deterred more employees away from their current employer is that of benefit packages, and reward systems. As stated by () “compensation affects a person economically, sociologically, and psychologically. For this reason, mishandling compensation issues is likely to have a strong negative impact on employees and, ultimately, on the firm’s performance” (p.313). Many felt just a bump in pay wasn’t enough to substantiate their hard work or the efforts that the performance efforts provided to their organization. As stated by () “the right total rewards system a blend of monetary and non-monetary

a. This particular industry has a constantly increasing cost. There will be an increase in the demand for input factors for one key reason. Every day, new companies will be introduced into this market of remodeling, economic profits being the encouraging factor. Because of this, there will be a bid up on input prices for the companies in the industry of remodeling. “When a market is characterized by a large number of small producers, the demand curve facing the manager of each individual firm is horizontal at the price determined by the

Nike was founded by Bill Bowerman and Phil Knight. The two men met when Bowerman was coaching track and field at the University of Oregon and Knight was a middle distance runner on his team. After earning an MBA from Standford, Knight returned to Oregon and approached Bowerman with an idea to bring in low priced, high-tech athletic shoes from Japan to compete in the United States athletic shoe market. With a handshake and a five hundred dollar investment by both men, Blue Ribbon Sports was born in 1964. BRS began importing shoes from Onitsuka Tiger, with Knight making sales at high school track meets and Bowerman

Compensation systems can take on many forms, all of which have positives and negatives related to it. However, certain components are noted to be determinants of solid compensation plans. One agreement of a solid compensation system is the use of incentives. “Clearly a successful companies set objectives that will provide incentives to increase profitability” (Needles & Powers, 2011). Incentive bonuses should be measures that the company finds important to long-term growth. According to Needles & Powers (2011) the most successful companies long term focused on profitability measures. For large for-profit firms, compensation programs should offer stock options. The interweaving between the market value of a company’s stock and company’s performance both motivate and increase compensation to employees As the market value of the stock goes up, the difference between the option price and the market price grows, which increases the amount of compensation” (Needles & Powers, 2011). Conclusively, a compensation plan should serve all stakeholders, be simple, group employees properly, reflect company culture and values, and be flexible (Davis & Hardy, 1999; The Basics of a Compensation Program).

Workplace romances are now one of the challenges that organizations of all sizes have to address. How they address them varies from organization to organization. Some businesses and organizations strictly prohibit them in any form or fashion, while others prohibit them when the participants are in certain roles within the organization. Some companies have chosen not to address the issue at all and others are using a more formal method of documenting and mitigating the risk they feel these relationships pose. One of the methods of documenting, and potentially mitigating, this

Advantages of Doing Business in China: As mentioned previously, there are many organizations around the whole world that perform their business in China. They do business in China due to the fact that China has a reliable market. It is also expected that the organizations doing business in China will continue to grow. Some advantages of doing business in China are that it is a major emerging market around the world. Also there are a lot of opportunities for organizations to invest in China for a longer period of time due to expanding of technology and

Unions do provide a lot of good services to its members, such as higher wages, better hours, more benefits, and safer working conditions. There is a price to pay for these services, though. Every union requires its members to pay dues, whether they are in the form of a percentage of each paycheck, or a flat rate. The money form dues goes towards lobbying politicians to pass union-friendly legislation, or better labor laws. The money also finances officers in the union organization, who are the ones calling the shots, as far as labor negotiations are concerned.

The power that the union has can have a big impact upon whether or not it can affect the wage rates within that particular market. It largely depends upon the financial status of the employer. If the union is powerful enough to get wages to rise then it may not lead to a loss in jobs, because it shows that the employer has money in which to raise the wages of its employers and still make supernormal profits. A very powerful trade union may be able to negotiate this rise with the employer, but it would depend on the type of job, if the workers were skilled and difficult to replace then it is likely that

Note Exhibit 3, Year 2 cash flows, the “add total change in cash” is an incorrect number. It should be $1,371,350.

A major topic that comes up with unions is getting better wages for the employees. This is one of the main reasons that unions came to be. Workers of all fields were tired of being paid unfairly by big companies. They realized that they needed a way to organize themselves to fight for better pay. Unions helped aid in this fight. According to History.com, “ The formation of the Federal Society of Journeymen Cordwainers (shoemakers) in Philadelphia in 1794 marks the beginning of sustained trade union organization among American workers.” This was the first time workers tried to organize themselves to get more money for what they did. A key way that unions used workers to make businesses meet their demands was organized strikes. With these organized strikes, the big companies had to comply with some of the demands to raise the employee 's wage, or it would cost them more money in the long run. Strikes are a very powerful tool that unions have used often in the past. Unions orchestrated the strikes in the past pretty well, and the majority of strikes accomplished the goal they were trying to complete. Unions have always fought with companies to give the workers the pay they deserve.

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

Unions lead to higher prices for consumers since companies must pay more for wages and benefits, which are then passed on to customers. The cost of labour is like any other for a business. It must be added to the expenditures of the income statement, which leads to diminished profit margins or losses unless amounts can be raised to pass the costs onto consumers. Thus, when buying North American cars or buying any other product that comes from a unionized industry; we as a country pay for the increases.

In chess you know the pieces but you can’t see into the other person’s mind. In negotiation you don’t necessarily know the ‘pieces’. You have to discover and develop your own pieces and find ways of uncovering your counterparts’.” The Essentials of Job Negotiations, (2011)

The positive effects of Labor Unions for employees are that unions will negotiate on behalf of the employees. This means that an employee will not have to negotiate by himself because there will be a representative that will act as a witness and provide help. Furthermore, because of the representative, the employee will be safe from termination and wrongful acts since the representatives of the unions will hold the company accountable. This in turn helps establish raises and benefits for everyone in the company. On the employer side, the positive effects from Labor Unions are that you gain employee satisfaction. For instance, when an organization meets the needs of their employees, those employees will be more willing to work harder, which

With a steady increase in unemployment, outsourcing, and globalization, salary and benefit packages are undergoing constant change. Compensation has and always will be a key element of choice in today’s job market for candidates seeking employment. Due to a declining economy, employers have been forced to become more creative in their benefit and compensation packages offered to employees. Strategic planning has become the key element in a successful human resource department of large corporations throughout the United States. Our learning team paper will analyze the impact of three key salary methods on employees and organizations, explore three benefit packages, and explain how salary and administration