Six Dangerous Myth About Pay

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).

Minorities encounter unequal pay who have same qualifications as the standard group in America, which are the white Americans. The minority group with the largest pay gap are the Hispanic and Latina women who receive only 54 percent of "what a white man were paid in 2014" (Hill, n.d., para 8). Hill continues to express those who are affected by the pay gap, she states that the "pay gap is far worse for women of color". Furthermore, According to Hill (para. 10-12), education is a great way to increase earnings and decrease the pay gap, however, the "black and Hispanic women still earn less than their white and Asian peers, even when they have the same educational credentials." Furthermore, this indicates that with the same qualifications and

The first lesson we learnt was the importance of treating employees fairly, especially in terms of wages. Employees who are content and treated fairly are productive and will evidently drive the bottom line of the company. Their productivity will be high, knowing their wage is reflective of their work and they feel valued in the company. Not only did employees experience pay dissatisfaction if they perceived their pay as unfair, they were also less motivated to achieve the organization’s goals. (HRM 212) In Quarter 6, we increased the wages for Level 3,4, and 5 workers. However, we received feedback that notified us that our Level 1 workers

A recent survey conducted by Mercer Consulting Firm found that salary is the reward component most profoundly appreciated by employees; however, just 55 percent are happy with what they earn. When employees believe, they are being paid short of what

The closer you look into the world, the more secrets you will unlock. If you were to look closely in world history, you would see racism and inequality. If you look in art, you can see racism and inequality. Inequality has not been eradicated, there is still a heavy divide between races in our nation, the United States. As article one stated, 88 percent of blacks believe the nation still needs to make changes to benefit equality, but 43 percent do not believe these changes will occur. Different races have different views on the changes for equality. Article 1 states the 53 percent of whites believe the nation needs to change to aid the fight for equality. The other 47 percent believes that the country has changed enough to support equality.

women. About 42 million women live near or below the poverty line, and about 28 million

“I have mentioned the way the hiring process seems designed, in some cases, to prevent any discussion or even disclosure of wage- whisking the applicant from interview to orientation before the crass subject of money can be raised. Some employers go further; instead of relying on the informal “money taboo” to keep workers from discussing and comparing wages, they specifically enjoin workers from doing so.” (207)

Employee’s in the NHS such as nurses, administration staff and porters are more likely to be motivated by the pay because they won’t be earning as much

These three principle clarifications for money disparity demonstrate the trouble in indicating one reason for imbalance over others. Analysts' accentuation on unraveling reasons for money imbalance is pertinent to comprehension the issue, yet it likewise highlights the many-sided quality of variables that add to work showcase disparity. Salary imbalance has nobody cause. All things considered, any approach arrangements that address disparity must match this subtlety and recognize the different elements that add to

In Peter Eavis’ article “Executive Pay: The Invasion of Supersalaries” the conflict of CEOs and top executives outrageous pay grade is discussed. Even though the “compensation machine” of Corporate America is running smoothly, there are multiple negative and dark undertones. In fact, many people believe that these shocking salaries are the roots of inequality within America. Currently, some CEOs are being compensated millions and millions of dollars as their normal annual salary. Even though the current executive compensation system focuses on performance and can “theoretically constrain pay,” there is nothing stopping the companies from giving their CEOs more. According to the Equilar 100 C.E.O Pay Study, “the median compensation of a

Depreciation is always considered a product cost for external financial reporting purposes in a manufacturing firm.

Suppose the marginal product of labor is 10 and the marginal product of capital is 8. If the wage rate is $5 and the price of capital is $2, then in order to minimize costs the firm should use

This report explores the issue of the pay that top executives make, and the reasons why they do. It also suggests improvements that can be made to make the system better. High Pay Seems Small When Compared To Company Profits Many companies pull in profits that are extremely high. When an employee of such a companies salary is compared to the amount of profit that the company earns, it starts to seem reasonable. It only makes sense that if the employee is directly responsible for the success of their company, then they deserve to get their payback. It seems ironic, but many salaries even look small once compared with a companies profits. Top Executives Are Under A Lot Of Pressure Being the CEO of a

Some organizations are unwilling to show their reward systems and pay policies (Lawler, 1995). Many Human Resources professionals believe gender pay gaps to be resolvable through the monitoring of pay levels and communication (Report on Salary Surveys).Greater pay transparency has been a great benefit to the board, employees and managers as they now know what is happening across the business and they are able to confidently justify their actions (Commission Policy Report).All market-related supplements are recorded and reviewed separately from basic salary to ensure openness and transparency. Regular research market rates within the various labor markets in which they operate is undertaken improving transparency would also help to improve talent development, as employees would be able to see what they could earn if they wanted to move to another division and upgrade their skill set. (Commission Policy Report).

A direct cost can be traced to a product or service which includes: Direct labor- which is the cost of the labor that’s directly connected to a product or services. Direct labor is sometimes called touch labor, since direct labor workers typically touch the product while it is being made.( Ray H. Garrison, Eric W. Noreen and Peter C. Brewer p 39-40) An example of direct labor is an assembly line worker. Labor cost that cannot be physically traced to the creation of products, or that can be traced only at great cost and inconvenience, are considered to be indirect labot.( Ray H. Garrison, Eric W. Noreen and Peter C. Brewer p 40) Direct material are those materials that become an integral part of the finished product and whose cost can be traced to the finished product.( Ray H. Garrison, Eric W. Noreen and Peter C. Brewer p39-40) Manufacturing overhead is the third element so manufacturing cost, it includes all costs of manufacturing except direct materials and direct labor. Manufacturing overhead includes items such as indirect materials; indirect labor; maintenance and repairs on production equipment; and heat and light, property taxes, depreciation, and insurance on manufacturing facilities. Only cost associated with operating the factory are consider to be manufacturing overhead cost. A company also incurs other costs associated with its selling administive functions, but these costs are not included as part of manufacturing overhead. Only those