Hrm Homework

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.

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).

The senior leadership within Harrah Entertainment, Inc. feel compelled to, and recognizes the need to look inward at its staff to better equip and motivate them with a meaningful compensation strategy to support and achieve their overarching goals. The method currently in place is a customer-satisfaction driven gain sharing bonus plan (Delong & Vijayaraghavan, 2003). The question at hand, are they dealing the right deck of cards to their employees to continue to meet and exceed the goals? In this paper, key players within

Compensation is a critical aspect of every organization and appropriate consideration and strategic planning must be conducted in regards to compensation in order to ensure success of the organization’s mission statement. I believe that most managers fail to recognize the importance of compensation in the strategic planning process and write it off as something that they have little input or value added. They fail to consider that they have the responsibility to analyze compensation in the strategic planning process in order to select the appropriate compensation plan that will allow them to meet the organization’s mission with the least amount of resources possible. Any organization, whether it is

In the contemporary business environment, compensation strategy is an underlying HR (Human Resources) practice to build a competitive effective organization. Compensation strategy is a set of HR implementation practice to achieve effective organization. The role of compensation is to balance the overall motivation scheme applied within the organization and the implementation of smooth compensation strategy assists in achieving efficient HR process, which includes performance management, recruitment, and staffing. In the United States, many business organizations are facing the magnitude of changes to enhance better performances, enhance flexibility as well as cutting costs to achieve better HR performances. Thus, organizations are also facing the challenges of pace and magnitude of changes within the contemporary technology environment, and thus, management is implementing compensation strategy to enhance value within organization.

The relationship between executive compensation and firm performance is a topic of major concern amongst academics, professionals, and regulators. In an effort to identify a relationship between executive pay and firm performance, scholars have conducted research since 1925 and have established that compensation packages are the primary means of incentivizing managers to achieve certain financial targets or goals. These goals include certain performance measures that can be broken down into three main categories: accounting based, measures, market based measures, and non-financial based measures. Additionally, compensation packages have become an increasingly researched topic due to the surge in levels of compensation in

Plastec needs to assess its current compensation system and identify its business objectives. By taking a look at the current pay system and assess the level at which it supports the objectives and the personnel necessary for the business. Some specific objectives can be extracted from the strategic plan such as quality productivity, service, team-work, cost reduction and so forth. After completion of their own internal review Plastec needs to compare its reviews against other competitors in the business. Various other organizations have fairly decent compensation packages such

Compensation refers to any direct or indirect payment in wages (Gerhart & Milcovich, 1992). The three main functions of compensation systems are to attract employees, retain employees, and motivate desired behavior or performance. A common view is that relative pay level impacts attraction and retention while individual differences in pay impacts motivation. Having a good compensation policy/processes and ensuring that they support the organization’s business strategy is important for the success of any organization (Milkovich & Broderick, 1991). There are many different factors that impact the modification or development

Reengineering has radically changed corporations: one element of organizational change that is often overlooked is compensation strategies. Most companies still compensate employees the way they did decades ago. However, these pay strategies no longer work in process and team-based cultures. The authors identify four work cultures (functional, process, time-based, and network) and explain how to align pay strategies with each one.

In today’s ever increasing competitive business environment, Human Resource practices with business outcomes in mind is a necessary first step in aligning business goals with employee motives, a well-rounded compensation plan precedes attainment of these business goals(Martocchio 3). As can be seen by this statement, compensation is a major concern for all players in the business world today. As a matter of fact, if a company fails to properly manage their compensation package they will find themselves being left behind by the competition. In particular, what exactly does being left behind in compensation and benefits mean? It stands that other companies will have an advantage in attracting high performers who can create an impact for

There is a lot of talk about compensation among organizations and employees in today’s work environment. Questions such as, what is the cost to the organization and what will be the organizations return on their compensation investment, are common among questions being asked among organizations. Because of all this, there has been a variety of different pay compensations put into place in the work force. The following paragraphs will talk about one company, Bumpbie, and how a strategic compensation plan, integrated properly into the company, can help to drive the company objectives.

Like every other strategy, to come up with the best strategic compensation plan requires putting together a number of factors. The plan must be in line with the company’s overall organizations business strategy and it should aim at helping accomplish it. Secondly, it should put the company in its best position while it comes to competing with other organizations for the best persons in the labour market. Thirdly, it should help retain and preserve the company’s best employees as well as motivate them to continue desiring to steer the company to greater heights. As the compensation plan accomplishes this, it should also promote equality among the employees andtheir efficiency in performance.

REWARDING EMPLOYEES THROUGH COMPENSATION AND THE ROLE JOB ANALYSIS AND HR PLANNING HAS ON THE ORGANISATIONS PERFORMANCE

to line up with the organization business strategy, but also with what people are looking for. If you provide it and maintain it, you will see the result in the company being productive, growth and employees motivated and happy. Noe, Hollenbeck, Gerhart and Wright mentioned it, “the pay and benefits that employees earn play an important role in motivating them. This is especially true when rewards such as bonuses are linked to the individual’s or group’s achievements”. When it comes to compensation company need to put into place compensation and incentives that will drive, motivate and challenge employees. When they have these types of compensation in place this will enhance the employees to do their best. Also it will make them push

Employee compensations refer to the sum of all the benefits and rewards granted to an employee due to their employment with an organization. The development and implementation of an appropriate compensation system will help an organization attract and retain the most talented and qualified people to help realize a company 's mission and goals. According to R. Wayne Mondy (2014) compensation is one of the largest motivators and concerns of employees. Further, comprehensive compensation packages have been adopted by nearly every business as an effective technique in overall success of an organization and employee satisfaction.