Hr Report

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).

Career development is comprised of three main objectives. The first objective is to meet human resource needs in a timely manner throughout the life of the business. The second objective is to provide information about open positions and opportunity for growth to the organization’s employees. The last objective is to use existing programs to develop and manage employee careers to match organizational plans and goals.

Clear compensation practices tied to identifiable markets and employee performance should be established to improve employee understanding of how their compensation is determined.

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

While creating a compensation plan Human Resources (HR) must consider some factors. Legal issues will involve laws like: 1938 Fair Labor Standards Act, this determines which employees are exempt or non-exempt based on the salary basis and duties act, 1963 Equal Pay, this states equal pay and

All base salaries will be set with in a range depending on experience, education, qualifications and position. These salaries will be set according to the market percentiles at similar organizations. All salaries will be reviewed for competitiveness on an annual basis and adjusted if the market and financial performance allows. Adjustments will be based off of performance reviews, experience, and overall contribution to the organization. Unless there is an exception from the CEO all salaries will remain on or below market target numbers. Incentive pay awards will be given to those who reach the pre-determined performance goals listed. All compensation plans will focus on improving performance and achieving strategic goals. Pre-determines

Organizations benefit from career development systems, as they allow for a better understanding of the current and future staffing needs for an organization. Consequently, they ensure the organization is as efficient as possible when recruiting and selecting talent. Also, by creating these plans, key talent can

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:

This study shows the career paths within human resources. It gives an overview of each human resource specialty by explaining in detail of possible duties conducted. It also discusses the strategic human resource planning conducted by a recruiting and selection specialist, training and development specialist, and compensation and benefit manager. Each specialist may conduct his or her duties separately or may cover all areas depending on the size of the organization.

Hi Steaven, I enjoyed reading your post, it was very informative. You are absolutely right most companies compensation departments is a developed part of human resources, the organization I currently work for is set that way. Compensation plays a vital role also with recruiters. Recruiters know that the very best candidates may have multiple offers and that you have to act quickly to successfully land them. Unfortunately, sometimes compensation doesn’t seem to be aware of the negative consequences associated with a failure to respond rapidly. It can takes compensation days, and in some cases weeks, to approve a final offer. For organizations with lengthy processes, the added delay from compensation means that all too often top candidates will

I lifted about 40kgs of weight as my one rep. max but I don’t feel this data was very accurate, it was not that I couldn’t lift anymore wait but I couldn’t perfect the technique of a bench press, as I only lifted 40kgs I got rated a novice this is understandable as I did not fully understand the technique.

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.

Google’s human relations and human resource management styles have changed the way that companies will be managed in the years to come. Google’s model of motivation and leadership tears down the traditional scientific management theory which focuses on results rather than the employees who deliver those results. The Vice President of People Development at Google stated that the company’s strives “to create the happiest, most productive workplace in the world. It’s less about the aspiration to be No.1 in the world, and more that we want our employees and future employees to love it here, because that’s what’s going to make us successful” (Smith,2014). Google shows employees they are valued and constantly motivates them in the workplace by creating a culture that fulfills their needs in all aspects. The office design, the management style, policies, and perks/benefits all put the employee first.

The HRM activities includes recruiting candidates, selection, orientation, managing their behavior, performance appraisal, compensation, training and development, handling legal issues of employees, and safety (Suttle, 2016). These activities help the company to gain sustainable competitive advantage. From recruitment to safety of employees, HRM department is responsible to handling and managing employees activities. Moreover, the department also provide various career development opportunities to employees for engaging them as longer perspective (habeeb, 2009). Within the Enterprise, the HRM activities presented and focused to attract existing employees and retain them for longer duration. They provide opportunities for career development so in this way they are retaining them respectively. Their goals are achieved in competitive manner by the help of HRM activities because of managing activities in proactive

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.