Bus 409 Essay

888 Words Jul 23rd, 2013 4 Pages
Compensation Practice
Strayer University
BUS409 –Compensation Management
May 2, 2013

Compensation Practice
This paper was developed under the scenario of choosing the name of a publicly traded company for that would be interesting for an employee to work and then analyzing and explaining the company, its compensation strategy, best practices the company is applying, and compensation-related challenges the company is facing. The paper will also analyze how the company applies compensation practice to determine the positive or negative impact to the company and its stakeholders; and the ways in which laws, labor unions, and market factors impact the company’s compensation practices. The company chosen was Chic-fil-a.
Analysis
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If wages increase then people will spend more money with comfortability if wages decrease then people will not spend money and hold on to every penny just like we were a couple years ago after the market crashed.
Labor Unions have an effect on the wages paid to union employees and non-union employees in an economy. According to Employees and Right to Work Laws: Wages while they increase the wages of the union workers they decrease the wages of the non-union workers. When this happens then compensation like bonuses and pay increases are decreased in the non-union workforce.
The market not only have effect on compensation practices it can affect an organization as a whole. According to a management study the demand for a particular skill affects the way the employer fixes the compensation for the employee, because the more technologically advance we become as a nation the demand for people to work on these products increase as well. The position of the company in the Business Cycle determines how much the company is willing to offer to the employee. Urgency of the organization in filling up the positions is an important role in determining how much the employer is willing to pay the employee. to support your discussion.

Evaluation of Effectiveness of Traditional Bases for Seniority and Merit Pay Against

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