Implementation Plan For Improvement Of Work Life Plan

The organization selected for analysis and evaluation is American Lake Credit Union. This organization is composed of two main branches, both located in Tacoma, Washington. In contrast to banks, Credit Unions are smaller organizations and are directed by members who are selected via a vote to serve in an all-volunteer board of directors for the organization (Scott, and Johnston, p.2, 2011). Specifically, this credit union was founded in 1948 and has grown since then. (C. Fitzer, personal communication April 7, 2014). For instance, although the organization is small in size through a partnership with a credit union network, it is able to provide general financial services at diverse locations

Provide support for managing finances in a way that promotes active participation and safeguards the individual.

Weyerhaeuser uses a pay for performance system and utilizes a performance management process (PMP) to evaluate employee’s annual performance and that performance rating is used in calculating the individual’s merit pay increase. Over the years, Weyerhaeuser’s pay for performance compensation strategy has undergone several changes and improvements. The company utilizes merit increases where an individual’s yearly increase is based on how well they have performed against objectives. Performance management is directly tied to compensation in a pay for performance system and is based on how well an individual performs during the year against specific, measurable goals is tied to how much they will receive in a merit pay system. According to Milkovich, Newman and Gerhart (2014, p. 337), ‘a merit pay system links increases in base pay (called merit increases) to how highly employees are rated on a performance evaluation.” How well your merit pay system works and is seen by the employees as effective, fair, and a tool to increase motivation and retention is based on how well performance is actually measured and the ability to quantify performance. Though there are challenges with the merit pay system, Heathfield (n.d., par. 9) shares, “even with the limitations that exist in the awarding of merit pay, merit pay is your best opportunity to ensure that your outstanding performers remain with your company and continue to make their

In the essay The Merits of Meritocracy David Brooks mentions, that meritocracy is the social system that gives opportunities and advantages to people on the basis of their abilities rather then reasons such as wealth or seniority. He believes that people more or less deserve what they get, those people who do not work hard or build up their skills should not expect rewards. He also argued that in school and in the workplace Americans need to focus on achievement, dedication, continuous improvement, and hard work. People have to succeed through there performance: those who work hard should win praise those who don’t work hard will suffer the consequences. A persons country of origin should be no excuse at all.

Merit pay is a short-term, pay-for-performance plan, with a typical life span of three to four years, in which employers provide rewards, usually in terms of a raise for past performance, for employees who perform their jobs effectively, which will lead to higher performing employees which will in turn lead to a better work environment and higher overall productivity. The concept of merit pay is most often mentioned in the context of educational and/or government civil service reform. With a merit-based pay system, the employer pays, with the idea that the employer will reward more productive employees with merit increases. This concept came about in an attempt to sustain high performance levels in the workplace linking merit increases, or increases in base pay, to employee performance ratings, which are taken at the end of a performance year, usually by a direct supervisor. Due to the ever increasing changes of supply and demand in business, in order to remain feasible, the merit pay system is expected to change consistently with the needs presented to the companies, whether it be foreign competition, consumer demands, producer limitations, etc.

(Wise 179) Meritocracy is the idea that those who have made it to the top of the power structure done so by hard work and talent. If someone were to fail it is their own fault for being lazy and not trying hard enough. The reality is that this is not at all true, there are many obstacles, no matter how determined you are there will always be an obstacle. We do like to believe that we are in control of what happens in our lives, it is empowering unlike the belief that there are systematic restraints that block opportunities for

In a meritocracy, a person is elected into their position based on their ability and what they are able to do to positively impact the society. With this government in place, it will prevent just anyone from having too much power. By putting people in positions with their strongest abilities accentuated, it will better the country as a whole. A government like this also has a lower risk of corruption. When you ensure that only the people with the right credentials will be in office it prevents a multitude of horrible things from happening to the country. Therefore, citizens will not have to worry if their leaders are only there because of their money and how well they are able to impress people with it. When a country puts everything they have into restraining corruption, it is well on its way to being the best it can be.

Hess. Merit pay systems create unhealthy competition between educators which should be working together to ensure that the best possible educational is being given to every student. If one observes an effective educational institution in operation, one will notice those institutions that are highly rated are essentially partnerships between various educators with various teaching styles and personalities teaming together to impart wisdom on young minds primed for educational molding. The general concept behind merit pay systems makes this type of partnership unattainable. In an article published in Education Week Kim Marshall stated that “When individuals are rewarded, collaboration suffers”. Educators become more concerned with outperforming their counter parts to gain pay raises then working together to educate young minds.

The first problem arises with the nature of merit. Merit can be defined differently for each individual, so how can the standard for reward be defined? Is a sense

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:

JPMorgan Chase and Co. (JPMorgan Chase) is one of the main suppliers of money related administrations on the planet. The organization's buyer and business banking and solid capital sufficiency are its real strengths, even as home loan and commercial banking continue to be a territory of concern. The organization's introduction to the current financial imbalances and extraordinary rivalry might affect the organization's performance. Be that as it may, the little business banking and worldwide asset management business sector could display new development chances to the organization.

The National Federation of Community Development Credit Unions helps low- and moderate-income individuals achieve financial independence by assisting credit unions that serve under-banked communities. The Federation’s members provide financial services to over 4 million customers and hold $32.5 billion in assets. The Federation’s members are classified as “community development credit unions” (CDCUs) – a particular type of financial institution which aims to assist economically vulnerable individuals in establishing financial security for themselves, their families and their neighborhoods. With an emphasis on mission, stewardship and personal interactions, these organizations have served as important lifelines in the

CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).

Recognizing and rewarding high-performance is a key recommendation for any approach when managing any merit pay program (HRIS 2012). Merit pay is a compensation system where base pay increases and is determined by an individual’s performance. Using a merit pay plan is a good way for an organization to reward high performance is one benefit when using merit pay programs. The first step in implementing or improving a merit pay program is to have a solid performance management program, and this is another way a merit pay program is beneficial. Merit pay is a way to be successful and effectively implement merit pay with a uplift in salaries, and this is a third way using a merit pay program is beneficial to an organization. There are some drawbacks when using merit pay programs, such as paying some employees more than others. If you pay high-performing workers more than low- performing employees, the high- performers may stay, causing the low- performers to complain or leave the organization. A second drawback in using merit pay program is that employees become less motivated if not paid to their satisfaction. For example, if employees feel they should be making more money for their performance, this causes them to have low self esteem, and want to find employment at other organization. The last drawback associated with

In 1996, Citibank was an emergent banking institution attempting to increase its market share in the competitive Los Angeles area. In order to do so, the bank’s strategy was to focus slightly less on their financial growth, and much more on providing “a high level of service to its customers”. Management viewed this paradigm shift as “critical to the long term success of the franchise”.