Evaluating a Hiring and Variable Pay Plan Essay

How this system works is employees are paid a standardized salary which entitles extra benefits and or bonuses on the side. The main focus of benefits is to focus on stability, health, wellness, and lifestyle. These benefits are there to make the employees life’s more comfortable and enjoyable, not necessarily cash incentives. However, there are cash incentives offered as-well. Incentives are the drivers of employee performance, as short term incentives are cash bonus based on performance, or rather long term incentives being stocks in the company you work for. How we will implement this is through transferring your average paycheck to a salary. Meaning a 40-hour work week at 11.40 is $456 a week before deductions. The math equates to a base salary of 21,888. From there employees will be able to receive benefits or incentives based upon work efficiency. We will have assigned goals to achieve by set deadlines to determine employee efficiency. All employees in this system are inclined to do more work at a more efficient rate since they are now being rewarded further than their salary or prior their hourly wage. This business function being salary based with incentives and bonuses will take a greater toll on management. Management will be deemed in charge of bonuses and benefits. It will be their responsibility to determine whether said employee deserves certain benefits or certain incentives based on their work efficiency. As management takes on a heavier role in the company it is better for the greater good and is a sacrifice they will have to be willing to

Each employee will be paid based on their capabilities rather than on the characteristics of their job. This will provide an incentive for employees to develop their skills and move into other roles.

“Join the union, girls, and together say Equal Pay for Equal Work” -Susan B. Anthony. Countless women, even here in the U.S. have some sort of the wage gap. The wage gap is the difference between the median earnings of women relative to median earnings of men. In this case, women earn a significant amount less than men. Although the wage gap has gotten smaller over the years, the wage gap still has a long way to go. Women deserve better than just minimum earnings. Full time, working women should obtain the best promotions and benefits. Women that work just as tough and have the equivalent qualifications as men do still earn less, and that is just unacceptable. The wage gap should be abolished on behalf of women of color and their struggle, equal pay is a global problem, equal pay benefits employers and workers, and the wage gap accumulates over time.

Imagine what an extra 20%, or more, in your paycheck could do for you. Maybe it would be the difference between just scraping by and having a little discretionary income. Now, imagine being paid based on your own merit, and not some sliding scale which has historically favored men as the breadwinners of the family. Unfortunately, for most women, equal pay is still a dream. Today, as throughout history, there exists a gender pay gap where women are paid $0.79 to every dollar a man makes. Minority women make even less. Women, of course, have always known this gap exists, but they have had little power to change it.

Base pay will be determined according to the value of the skills and competencies an employee has acquired on the production floor, there will be the incentive for skill development as employees base pay will increase as their skill proficiencies enlarge. This will also create mobility between jobs in the organization as many members will be proficient in numerous jobs.

Hence, person focused pay systems typically have higher average hourly wages than traditional pay systems. Since skill-based pay systems give everyone the opportunity to learn multiple skills, a large investment is made in training and, of course, training is costly in terms of paying trainers and losing production time. Furthermore, the more serious problem is that when individuals are constantly learning new jobs, production losses and problems result because inexperienced people are performing the work. Because employees are always trying to leam new skills under this kind of pay system,

In addition to being cost effective it can also provide incentive for the existing employees to perform better in their current roles to get promoted quickly. This can have a positive impact on the overall performance of the organization

Teachers have and will always have a big impact in everyone’s life and if not everyone, well, at least they did for me. They teach you everything you need to know about a subject and valuable life lessons, so why are they not paid sufficiently enough to make a decent living? Teachers salaries have always been low and I believe it is the time that changes. Being a lawyer, doctor, or engineer is great, but none of that would be possible without the insight of a teacher, I will inform you in this paper on why I believe there is a need for action. I will go over the background of teacher’s salaries, my ideas on what would be best for teachers not just in Texas, but nationwide, and pros and cons on the issues and ideas at hand.

As Masters is continuously getting loss and has poor profit performance since established in 2011, so the firm should identify the problems and understand their customers’ requirements in order to solve and improve it

This would not only be advantageous for the employer but also the employee since it would result in higher wages. Due to this, the worker’s level of motivation and drive to do better would escalate leading to overall productivity of the organization (Salimath and Jones, 2011, p.88).

Despite the fact that the Equal Pay Act has been law since 1963, many problems inevitably arise in the administration of equal pay laws (Fisher). It has been estimated that at this current slow rate of progression in closing the gender pay gap it will be 2068 by the time men and women’s wages are equalized. It is clear that the business case, as well as the legislative case, has a significant role to play (Commission Policy Report).

Negotiating a Starting Salary With internet access available to nearly everyone, job seekers are armed with more information than ever before. Information can be obtained for job openings, job descriptions, and even salaries. Sometimes when filling out an application, a box will ask for a salary desired. Some advertisements ask to send your resume with salary requirements. These are sometimes tough questions to answer.

Employee benefits are a tool used by businesses to attract potential applicants, improve employee satisfaction, reduce turnover and maintain competition. Benefits that most employers offer include, but are not limited to, medical and dental coverage, time away from work, retirement, and additional assistance during life changing events. The majority of employers in the United States offer benefits to their employees and include an annual enrollment yearly to select benefits and make any needed changes.

Pay and rewards attract and retain employees. Having the right pay and benefit for employees motivate them. This helps employees feel valued and can remove animosity between employee and employer. Training and development has a positive impact on employees, this shows investment from the employer and enhances career progression.

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.