The 's Time Off Policy

How this system works is employees are paid a standardized salary which entitles extra benefits and or bonuses on the side. The main focus of benefits is to focus on stability, health, wellness, and lifestyle. These benefits are there to make the employees life’s more comfortable and enjoyable, not necessarily cash incentives. However, there are cash incentives offered as-well. Incentives are the drivers of employee performance, as short term incentives are cash bonus based on performance, or rather long term incentives being stocks in the company you work for. How we will implement this is through transferring your average paycheck to a salary. Meaning a 40-hour work week at 11.40 is $456 a week before deductions. The math equates to a base salary of 21,888. From there employees will be able to receive benefits or incentives based upon work efficiency. We will have assigned goals to achieve by set deadlines to determine employee efficiency. All employees in this system are inclined to do more work at a more efficient rate since they are now being rewarded further than their salary or prior their hourly wage. This business function being salary based with incentives and bonuses will take a greater toll on management. Management will be deemed in charge of bonuses and benefits. It will be their responsibility to determine whether said employee deserves certain benefits or certain incentives based on their work efficiency. As management takes on a heavier role in the company it is better for the greater good and is a sacrifice they will have to be willing to

Henderson printing is a mid-level company. The company operates some compensation models for its personnel. Through these models, the employees receive rewards for the labour they render to the enterprise. Henderson printing pays its employees by giving them regular salaries for their services. These are direct payments for the work they do in this company. Secondly, the employees are given pay raises even though this depends on the employee’s initiative to ask for a pay rise from the owner (Davis, 2013). Lastly, the employees are also accorded some merit bonuses every Christmas time. The merit bonuses are based on their contribution to

As mentioned, a key L.L. Bean response to their strengths and weaknesses was to provide a mixture of traditional and non-traditional rewards to the employees. In conjunction with base compensation, the organization provided performance-based bonuses, profit sharing, and healthcare benefits as forms of traditional rewards. These traditional awards are closely aligned to monetary awards since these benefits are commonly used and expected in today’s business environment. Although the effectiveness of monetary rewards is questionable, at minimum these rewards provide a direct reciprocity to the employee for their

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).

Superior’s current policy of seven vacation days and five sick days a year for the employees is not ideal for emergencies and for an unscheduled occurrence that may require the employee to take a day off. The policy, as written right now, does not give Joan Jackson enough time to properly staff the areas when an employee calls the morning of shift and states he/ she cannot make it to work today. Right now, employees are using sick days to whatever his/ her need is that day, which is more than likely not in regards to the employee being sick. When an employee calls off the morning of work, without any prior knowledge, it will affect the entire company and will make it hard to cover that shift. Also, if more than one employee of that same

While gathering the research for this paper I came across numerous compensation strategies. As with anything in life, we find a lot of possibilities, however there were three main structures that jumped to the forefront.

Multi-national companies have started to focus on their HR departments and initiated benefit plans and employee schemes for their workers. These schemes are ‘supposed’ to reflect the amount of care and responsibility that firms have for their workers but the reality is that these schemes are simple mechanisms to

The role of a Human Resource department is ever changing in today’s volatile business environment. Over the years HR have become strong strategic partners within an

The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee.

To change the Caveman-like policy on paid time off (“PTO”) to the new unlimited PTO means to eliminate “vacation days” and “sick days” or a specific number of days given to employees to take off each year. Instead, company would allow employees to take as much as they need without being docked any pay. Before moving on to choosing the more suitable PTO policy, we do a research and analysis to have a better understanding about the new unlimited PTO policy.

Employee benefits are a key aspect of an organization’s total compensation package (Martocchio, 2010). An employer’s total compensation package is defined by Martocchio (2010), as “both the monetary and nonmonetary rewards” offered by an organization (p. 7). The most visible aspect of any total compensation package, is core compensation (Martocchio,

I believe that when it comes the leave policy, it will decrease unscheduled time off. The change in the policy leave from seven vacation days and five sick leave to twelve days PTO will be a welcome move for Superior’s employees as they can emulate their unscheduled leave to their managers at least two days in advance so that the manager has a reaction time to plan that days schedule. When it comes to decreasing the unscheduled time off, it is binding to apply a policy that gives one a lay out on emulating their offs in advance to her/ his management team so that there can be options when the time comes. The duty or power will fall on the worker to emulate the time off for only emergency conditions. It can also aid in the process of one leaving early and making it harder for others when they leave.

Most health care analyst believes that health benefits provided by employers are provided as part of the overall compensation paid to workers. Because of the rising cost of the health care benefits, employers’ shares of

Dunlap’s salary was just over $500k and he took no bonus. But he received a substantial stock option and award package. The restricted stock award component was to vest in two years, meaning that Dunlap’s compensation would be closely linked to the company’s stock performance for that time. Although the short term profits benefited shareholders, no incentives to create a long term, profitable company existed. Sunbeam’s performance-based incentives brought greater motivation to Dunlap to increase the firm’s stock value by any means necessary. He created remarkable shareholder value, in part by cutting half the company's 12,000 workers and closing many plants. Generally speaking, the first compensation package was excessive, but it linked the CEO’s and stockholders’ goals. It was not well designed, but it was congruent with Sunbeam’s business model of maximizing shareholder profits, but it drove an unhealthy behavior.

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.