Essays on Compensation Plan

Compensation strategy of an organization is essential in ensuring a competitive advantage over rivals. In the contemporary business world, companies face increasing pressure to offer high-quality products and services. Compensation strategy is important to employees and employers. Workers often depend on salaries, wages, as well as benefits for income provision. Compensation practices differ in various companies. Managing compensation is a primary mechanism for decisions in the job market. Proper compensation management is crucial in improving organizational performance. Most companies adopt compensation strategies that enable employees to produce high-quality work. Companies such as Baker Hughes have a strategy aligned with ...

Sustaining employee performance at the workplace goes beyond simply encouraging them to work longer hours by requiring them to report early and leave late. How an employee feels impacts on how well they can perform the work and thus the organization should invest in strategies that help employees to feel better about their job. Employees put in a lot of efforts to ensure that the organization achieves sits targets and thus need to be motivated throughout the process. The two positions chosen include chief finance officer and chief technology officer at the electric car automaker, Tesla.

Performance Management Systems

The process of ...

Development of Performance and Reward Management system in Nokia

Performance and Reward Management are very critical functions of Human Resource Management especially in Multinational firms which employ a diverse workforce. The performance Management and Reward management systems in these organizations have to address country specific issues to make them more effective. Well formulated policies for performance and Reward Management achieve important HRM objectives such as motivation, employee satisfaction and loyalty and low employee turnover. However changing workplace environment and external factors necessitate that these policies are reviewed and reformulated regularly to keep them aligned with organizational strategies as well as external environment. Due to the global implications of ...

Compensation is the payment offered by an employer to an employee in exchange of the services received from him. Mostly compensation is monetary but it may include certain non monetary facilities such as housing, conveyance, insurance etc. Compensation is further divided into two general types: Direct and Indirect compensation. Direct compensation includes base wage, incentives, bonus, leave encashment etc. while indirect compensation is designed to provide additional benefits such as social security, health insurance etc and does not vary with performance. Designing a compensation plan that is satisfactory to all is a major challenge for the Human Resource Management ...

When a company dismisses the employee either permanently or temporarily for several reasons, then it is called layoff. In the past, the term layoff was understood for the temporary dismissal of the employees but nowadays it also includes the permanent dismissal. There can be several reasons for temporary dismissal of the employees like economic conditions, economic cycle, production shifts and several other reasons. The employees who are temporarily laid off can join the organization back when the situation improves, or their behavior improves as per the organization requirement. Seasonality nature of the work can also cause the temporary layoff. ...

Background Information

For this assignment, the Case under review is a Sole Proprietorship Family Business Organization founded in 2001. The business is a large corporation operating in the Dry cleaning sector. The company has its decision makers as the owners and managers with an established Human Resource Department that is tasked with the responsibility of taking care of employees who are hired for pay depending on the amount of work they render to the company and according to the employment laws. The business organization is currently at the Maturity stage. The business is dedicated to thriving in its business environment by ...

A truly good Sales Compensation Plan is called to keep the current salesmen and motivate them to work effectively. Moreover, the plan must be also suitable for the company’s financial opportunities, meaning that small firms may not afford large salaries and incentive payments. In one of the Harvard Business Reviews, and ideal plan is determined to be a contextual—tailored to the type of company’s business and the stage of its growth (Roberge, 2015, n.p.). There are also some criteria that must be present in every sales compensation plan. Specifically, the plan must be simple and clear ...

Sales Management MKT-566-MBOL1

iFetch Sales Management Plan

Company’s background

iFetch is a family startup company, launched in Austin, Canada in 2013. The firm’s motto, mentioned on the web site states “IT’S PLAYTIME”, which perfectly corresponds to the main product it creates: a play tool for dogs, which automatically throws fetch, and a set of extra balls to be played. Except for the fun for home pets, the firm delivers a bunch of free hours for the dog owners. The firm was launched as an online store, which is why it is named as iFetch (goifetch.ca/). Clearly, that it is oriented on the ...

Organization of Unions

Management of the organization ensures that the wellbeing of the employees is addressed in an effective manner and when the management fails to do that, the employees turn towards the formation of union in order to ensure that their concerns are addressed by the organization. In this manner, it is encompassed that if management facilitates the employees in an effective manner then employees would be organized effectively and would incorporate the organizational citizenship behavior. The federal agencies are formed in order to ensure that the concerns of employees are addressed and the labor laws are practiced by the organization, ...

[Date: mm/dd/yyyy]

The student possesses the effective persuasive skills in order to shape the decisions of other in accordance with his inclinations. The student is also found to be a critical thinker and a good planner because the student is able to determine his course of life by means of identifying what he really wants to achieve. Goal identification is necessary to determine the future inclination and as it is clearly identified by the student on account of acquiring higher studies from the United States, the student has planned the practice of a specific approach in order to persuade ...

Implementation of Compensation and Benefit System

Compensation relates to paying someone an amount or in kind in return for work done for you. In an organization, it refers to the sum an employer provides to its employee for doing the work. The compensation is rendered as a result of industry's trends, job description, competition from close substitutes, etc. A compensation package comprises of not only monetary payments but in-kinds also to have a claim on goods and services offered by the firm (Buhl, 1989). These benefits, as well as other non-compensation systems, are used to motivate employees and generate benefits from leveraging their capabilities in ...

International Finance

1 a. Discuss the corporate control of your business. Explain why your business in Mexico is exposed to agency problems. b. How would you attempt to monitor the ongoing operations of the business? c. Explain how you might be able to use a compensation plan that limits the potential agency problems? d. Assume that you have been approached by a competitor in Mexico to engage in a joint venture. The competitor would offer the classroom facilities (so that you would not need to rent classroom facilities), while your employees would provide the teaching. You would split the profits with ...

Following the guidelines of the course ID guidelinesStudent’s NameUniversity

Introduction Job planning is an essential factor for the success of an organization in the competitive business environment. It is important to design a compensation plan that will help to motivate an employee toward his job to improve the productivity of the organization. The compensation package is the necessary element for the success of human resource management. It helps in appraising the performance of the employees and keeps them happy with their job. The paper has been developed to understand the job of a Human Resources Representative for the PenFed Credit Union and prepare a job description for the ...

Introduction:

With the growing possibilities of work opportunities, employees have multiple jobs to choose from. One of the key influential factor to take up the decision of a job change is compensation. It motivates the employees to fulfil the expected roles and objectives assigned to them. Strategic compensation differs in such a manner that here the employee is not considered just as an overhead. The employee’s salary and related monetary benefits are directly related to the strategies that have been formulated to achieve the company’s crucial objectives that ensure the profitability and sustainability of the firm in the ...

Merkle began as a small data processing company. David Williams Merkle purchased the small company in 1988 and since then, David has remained at the helm of the company’s leadership. When he purchased Merkle, William was only 25 years old (Merkle, 2016). However, the young entrepreneur would beat all the odds by growing the company to have more than $382 million in revenues by the end of 2014. The company employs at least 3000 employees who are located in the more than 18 offices that Merkle operates in the United States, London, and China (Merkle, 2016). Over the ...

Introduction

The report presents discussion and analysis of compensation strategies of Nucor Corporation. The organizational structure significantly impacts the compensation system of an organization that affects its ability to attain strategic goals. If the compensation to executives is not aligned with the organizational culture then it may lead to adverse impact on the firm’s performance and lead to other consequences. Several studies indicate that the organizational culture has a significant impact on compensation as well as the firm’s performance. The firms offer different types of compensation to their executives that may affect the compensation structure. However, they are ...