Human Resource Management: Compensation

According to all the facts we have on the Fit Stop, we chose that the best suitable organizational performance pay plan for employees would be employee stock plans which are a plan through which employees acquire shares in the Fit Stop. We have chosen the three main employee stock plans i.e. employee stock bonus plan, employee share purchase plan and employee stock option plan. (Long, 2013)

According to the recently released Employer Cost for Employee Compensation of June 2017, release by the Bureau of Labor Statistics, the average compensation per hour worked in the United States in the month of June was $35.28. The wages and salaries of these workers were a total of $24.10 per hour correspondingly accounting for 68.3% of the cost. The benefits averaged a total of $11.18 per hour likewise reporting for 31.7% of the cost. (Bureau of Labor Statistics, 2017) I incorporated an attached a pie chart to show the total compensation for all works in different industries, based on the hourly compensation, civilian workers as well as their corresponding percentages of the average $35.28 wages and indirect compensation.

* Health and life issuance is provided by the company at a cost of $950 per year per employee.

The Human Resources and Compensation Committee consists of three or more directors who must all be outsiders, unrelated and independent with one of the members of the Committee. This committee is responsible for any appointments, promotions, terminations and performance assessments for senior leadership team to include the CEO, monitors the succession plan developed and executed by CEO, approve pension plans for the organization, and reports on occupational health and safety matters. The committee does include the CEO but when matters of CEO compensation are discussed it mandates that the CEO must leave the meeting (Human Resources and Compensation Committee Charter, n.d.).

The type of organization I have chosen to design a package for is a newly opened medical supply store. The corporate office for the medical supply stores will be located in Lawrenceville, GA. This organization will sell medical supplies to medical facilities as well as to the public. The organization will sell online in addition to have few stores throughout the Metro Atlanta area. This company will have 5 locations and will have a total of 300 employees. Each location will be in charge of the online selling for their zone of 30 mile radius.

This paper will analyze the agency’s compensation for employees. A rationale on the cost and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. The effects of the increase on benefits for the agency will be discuss and a chart depicting the increase for each percentage will be provided. The trend of the agency over the past five years will be reviewed and an analysis explaining the trend for expenditures will be prepared.

Human Resource Professionals also design and install incentive pay systems. Incentives are pay systems that reward employees for their efforts beyond normal performance expectations. In order to pay incentives, organizations measure employee performance at three levels; Individual level, Group level, and Organizational level. Individual level incentives are merit pay, skill-based pay, competency-based pay, piece rate pay, standard hour systems, employee suggestion systems and commissions (Heneman & Gresham, 1998). Merit pay is provided to employees for their individual behavioural contributions to organization. In skill based pay, pay increases are based on skill mastery. It is used by organizations in order to improve organizational

I would like to discuss some of the plans I have established for the company. The points that I will be discussing today are: formulating a remuneration policy, recruiting and selecting qualified employees, design and implementation of a compensation and performance management system, ensuring equal employment opportunities, and developing effective organization and leadership.

These factors must be taken together in developing a package for a firm such as ours. A small but growing company specializing in high end food delivery is in the process of expanding to a new facility. This will require new hires and more responsibilities for long-term personnel. Therefore, a new compensation approach is required.

Employee compensation and benefits provides many different alternatives for employers to reward and retain their employees both near and long term. It is standard set of programs that are designed to reward and motivate employees to perform at exceptional levels as well as retaining these good employees for many years. Employee compensation and benefits has been an ongoing discussion of the Financial Accounting Standards Board (FASB) for quite some time. One key area is not only to provide guidance, but to simplify a complicated process. While there is a wide range of benefits offered by employers, the three of the areas of compensation and benefits that will be analyzed will be stock compensation, pensions and other post- retirement

Expatriate employees would include the C.E.O. The compensation packages will be done differently than what the local hires would be. The base salary will include a minimum of 5 years of experience and offer a salary of 120,000 Rubles. Salaries may vary depending on the actual number of years of experience. It will be maxed out at 350,000 Rubles. According to Coleman services article on expatriate compensation packages, “These expenses include, but are not limited to, relocation and living allowance, country risk payments, complete medical and travel insurance for all family members, corporate cars (often with personal drivers), total coverage of apartment costs etc. Add to these a foreigner status with all inherent visa proceedings, and you’ll get a very costly asset.”1

Sprott Resources Corporation, (Toronto Stock Exchange: SCP) a publicly-listed private equity firm focuses, on natural resources with current investments in agriculture, energy exploration, mining, energy production and services.

The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediate

Inside of the Sales and Marketing office, the 4.8 percent expansion in compensations, compensation, and rewards drove the 4.5 percent division work costs. Of the considerable number of divisions, workers in the Sales and Marketing office have the most noteworthy occurrence of impetus related remuneration. With inhabitancy, RevPAR, and benefit levels hitting record-breaking record levels, it is accepted that Sales and Marketing division work force could win critical rewards in 2014.

InterClean's expansion into the Puerto Rican market place is subjected to a series of challenges, including the creation and implementation of a compensation plan based on the specifics of the local market. Based on this, as well as based on the features and objectives of the firm, the compensation plan to be implemented within the new location is composed from a combination of financial and non financial incentives. The mixture of both types of incentives ensures financial stability for the firm, as well as motivation and satisfaction for the employees.