How Healthcare Is An Important Industry That Is Always Needed

Continuous and life-long learning- Unlike other professions in healthcare field one has to keep in pace with the updates going on, know the new technology,

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

As a human resources consultant, instilling knowledge into organizations regarding laws affecting compensation plan is asked of frequently. BioTeq Industries is no different; it is a biotech company that is in need of help with their compensation plan. BioTeq is a federal contractor with an average of 200 employees, and is looking for guidance and information regarding laws and regulations that may have an effect on the organization’s compensation plan. The remainder of this paper will explain how certain laws and regulations may affect

Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to

An example of a compensation manager job is to ensure we are getting the best benefits possible and reasonable pricing.

The United States is full of opportunity, individual choice and freedom than any other country (Cline, 2007, pg. 9). It is outrageous to think that our medical care would not be considered the best of any nation. However, the United States quality and overall healthcare fall dead last in comparison to eleven countries. A country rich in opportunity spends more money on health care than any other nation has one of the poorest health systems (The Commonwealth Fund, 2014, pg.26 ). This spending on healthcare predates the 2010 Patient Protection, and Affordable Care Act’s (ACA) intent is to reverse the incentives that drive up the costs (Sultz & Young, p 33). According to a comparison made by Baribault, decent medical care is available in other advanced countries at lower healthcare costs than the United States.

Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,

The intent of this assignment is to develop a user-friendly tool that may be applied in the workplace to document Compensation processes and to guide a practitioner in completing the critical steps of each process. The purpose of this assignment is to assist in describing each component of a compensation management system, to develop a practitioner's guide for several of the key compensation management tasks covered in HR511 Total Rewards.

The four key issues that are discuss in this section that will shape the work of compensation and benefits professionals in the future are fallout from the “Great Depression”, rising wages in China, challenges in health care reform, and workforce demographic shifts (Martocchio.2013. p359). Of these four issues my top two are the fallout from the depression and challenges in health care reform. After researching the two, I have concluded that the issue and challenges in health care creates the greatest uncertainty for compensation professional. In 2010 The Patient Protection and Affordable Care Act (PPACA) was signed into law. The purpose of the law is to decrease the number of uninsured people in America. The enacted healthcare reform has influence

This is the essential concern of the human services industry as CBO estimates that PPACA incorporates diminishment in Medicare of over $700 billion amid the 2013-2022 period, principally through marginally decreasing the trajectory of using increments anticipated that former will PPACA. Singular recipients are not straightforwardly affected, the vast majority of the expense investment funds originates from diminishing future installments to healing facilities and other administration suppliers in respect to past benchmark gauges. Payroll expense base to 1.35%. Separated from these variables there are different difficulties, for example, diminishing inpatient volume, expanding expense for supplies and staff which can get greater because of insufficient subsidizing. Uninsured Americans are more averse to have general health awareness and use preventive administrations. They are more inclined to postpone looking for consideration, bringing about more restorative emergencies, which are more costly than progressing treatment for such conditions as diabetes and hypertension.

To obtain the desired education degree for the human resource career field, human resource management students must learn and complete various subjects during the education program as they would need to employ various skills in their practical life. Candidates studying the Human Resource Management discipline gain an insight into courses like Employee Compensation Management, Perspectives of Management Labor welfare, and Organizational Behavior (R. Palaciso, personal interview, 18 July 2010). The Employee Compensation Management course provides an analysis of the techniques and principles used to develop and instigate direct and indirect compensation programs and reward systems that are cost-effective. This course teaches students, as human resource, to attain and draw a highly

A very contentious issue arising within public domain is that of compensation and its repercussions on overall society. Over the past 3 decades executive compensation has ballooned while the average worker continues to see only modest gains in income. The average annual earnings of the top 1 percent of wage earners grew 156 percent from 1979 to 2007; for the top 0.1 percent they grew 362 percent (Kaplan, 2012). In contrast, earners in the 90th to 95th percentiles had wage growth of 34 percent, less than a tenth as much as those in the top 0.1 percent tier. Workers in the bottom 90 percent had the weakest wage growth, at 17 percent from 1979 to 2007. If inflation averaged just 2% a year over this period, the gains of the bottom 90% would be negative. In 2007, average annual incomes of the top 1 percent of households were 42 times greater than incomes of the bottom 90 percent, and incomes of the top 0.1 percent were 220 times greater. This is an increase of 1400% and 4700% respectively since 1979. These statistics do not bode well for the health care industry which is currently undergoing immense change. With the healthcare reform currently underway, many changes will be made to entitlements and overall compensation. Entry level workers in particular will have a fundamentally different compensation package then prior generations. Due primarily to a combination of excessive spending, deficit reductions, and an aging population, alterations to compensation will occur. The extent

Healthcare is an option that a lot of people need and want as a benefit of their places of employment. Healthcare is necessary for people to be able to live a healthy lifestyle. Everyone is in need of healthcare at some point in their life and healthcare is something that is needed to help reduce the out of pocket cost to the patient. Medical care is necessary but can be very expensive and those out of pocket expenses can add up. Simple procedures can cost anywhere from hundreds of dollars to thousands of dollars. Healthcare options help reduce the cost that people pay out of pocket for these necessary but expensive procedures.

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.

The organization for which I am designing the compensation package is a company that offers internet solution to customers in the domestic US market and the global market. The position that I am hiring is that of a company secretary. The secretary will be required to work in the office of the human resource manager and will handle all the papered and paperless documentation. The position comes with numerous benefits and packages as outlined herein.