Hrm 430 Course Project

One of the important aspects of business management is having a proper compensation system. Compensation ensures that the staff of the company obtains the results of their efforts. Compensation is a cost to the enterprise and, therefore, a proper remuneration model must demonstrate its ability to produce returns. Also, since compensation is what the employees get in exchange for their services, the type used must be one that will motivate the employees (Belcourt & McBey, 2015). Henderson printing company is a mid-level company. Therefore, it requires a very critical remuneration system that will help it to survive. This memo explores the compensation models that Henderson printing operates as well as suggests the necessary changes.

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).

List your current source(s) of income (e.g., salary from job, interest from savings, alimony/child support, even parents)

According to Schutt (2008), sampling is defined as a subset of population used in a study to be a representation of the population as a whole. My final project is a pre-hire assessment which analyzes potential risky pattern behaviors and emotions in the work place. One of the most important considerations related to sampling that will need to be addressed in my final project is defining the population that will be taking the assessment.

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

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 paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

The purpose of this report is to determine a company’s optimal managerial strategy, and analyze and critique the ‘fit’ of an organization’s compensation and rewards strategy with their optimal strategy. The employer selected for this report is Four Seasons Hotel Limited.

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.

Making a good compensation plan will motivate the managers. Bad compensation plan could influence the company’s development and damage the shareholders’ value (Gordon&Kaswin, 2010,p2). The XXX Ltd want to design a compensation plan which can attract and retain the executives needed to achieve and its objective of establishing an industry-leading company with high operational performance and maintain shareholders’ value. The issues addressed in this compensation plan is how to protect shareholders’ value via the compensation contract and compensation plan components: Base salary, cash compensation& benefit,. Nevertheless, in order to determine the different portion of the each component, basic salary survey and performance associated with target accomplishment should be guided the payment model selection.

Organizations are creating and adopting innovative benefits in order to improve their overall compensation strategies. Compensation strategy defines how an organization plans to reward its employees for their time and efforts. An effective compensation strategy enhances (1) talent management, (2) supports an organization’s business objectives, and (3) provides organizations with a return on their investment. Therefore, in order for innovative benefits to enhance the competitiveness of an organization’s overall compensation strategy, the benefits must align with these three goals.

Compensation is how a company decides what is important to meet their company’s goals. There are three components when it comes to compensation. Direct, indirect, and nonfinancial are the three ways of letting the employees know the company’s values, while still letting the employees feel important. When many employees feel like they are part of the process of making the company a success, they are more likely to work harder. Companies need to be more strategic when it comes to setting up the operations of the company and the benefits they offer to their employees. The company will be more successful if they meet their strategic goals and reward the employees for their hard work. Many companies have used different compensation philosophy when designing their business.

In the current economic situation, companies are relying on strategic compensation as a new way to motivate, engage and retain their employees. Strategic compensation is a tool organizations use to improve motivation and increase performance, while linking its workforce with the company’s objectives. Compensation when used strategically, it becomes a power tool that gives firms a competitive advantage (Snell & Bohlander, 2013). When designing a compensation plan, the company

Human Resource Management (HRM) has never been as significant as it is today. Companies want to attract, retain and motivate brains to meet objectives. Today Humans are regarded as one of every company’s assets so they need to be efficiently and effectively managed. One of the tools companies use to attract, retain and motivate its people is Compensation Management. In this hub, I shall define compensation and benefits along with their advantages for a company and its workers. My dream job will be Compensation Manager in HR department. Compensation managers plan, direct, and coordinate how and how much an organization pays its employees. Benefits managers do the same for retirement plans, health

The need for organizations to adapt to growing competitive markets has determined the emergence of new ways to motivate their human capital in a global context, an organization seeking to survive, must focus on achieving a reasonable level of commitment and solidarity among its employees. Compensation is the gratification that employees receive in exchange for their work. It is the element that allows the company to attract and retain the human resources and the employee meet their material needs, security and ego or status and varying compensation schemes acquire increasing importance in organizations.