Preview

Organizational Objectives And Total Compensation Research Paper

Good Essays
Open Document
Open Document
813 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Organizational Objectives And Total Compensation Research Paper
Organizational Objectives and Total Compensation in Different Markets
Vaughn V. Van Over
HRM/324
June 22, 2015
Dr. Rebekah Benson
Organizational Objectives and Total Compensation in Different Markets
Compensation laws designed to protect the employees of an organization. A compensation package comprises of monetary and non-monetary benefits to help an organization in retaining the highly qualified, to spark high performance, and to attract quality applicants. Those compensations will vary from industry to industry and from employer to employer within those industries.
The size of the organization and the number of employees will dictate how many benefits are offered in a total compensation plan. The list of benefits is too plentiful …show more content…
It was initiated to aid individuals in obtaining healthcare coverage, even those who were unemployed. “The Affordable Care Act actually refers to two separate pieces of legislation — the Patient Protection and Affordable Care Act (P.L. 111-148) and the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152) — that, together expand Medicaid coverage to millions of low-income Americans and makes numerous improvements to both Medicaid and the Children 's Health Insurance Program (CHIP)” (Affordable Care...n.d.). There are several laws that relate to compensation plans and the different aspects of pay. The first being The Fair Labor Standards Act of 1938. “The Fair Labor Standards Act is responsible for establishing minimum wage, recordkeeping regulations, overtime pay rates and youth employment standards, which affect employees in both the private sector and in Federal, State and local governments” (What you should...n.d.). The Equal Pay Act (1963) was an amendment to the FLSA and restricts any kind of discrimination based on sex for men and women working at similar jobs and in the same …show more content…
These two combined areas will attract better quality applicants and keep those deserving of mention on-board. This company with only 200 employees will begin with a total compensation plan consisting of: competitive pay, health insurance, matching 401(k) contributions, bonus programs based on job performance. Eli Lilly & Company offers their employees so many benefits it makes it easy to choose them as an employer: financial wellness, career development, health insurance, time off, lifecare resource and referral service, on-site child development centers, support groups, no-stress dress code, food services, “free gym membership, Lilly fitness centers, Lilly recreational park & sports and hobby clubs” (One decision…2014) just to name a few. This list is very extensive and far too long to list on this
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Best Essays

    Rwt 1
    • 3982 Words
    • 16 Pages

    Rwt 1

    Performance based compensation plans are monetary rewards that are based on individual performance. The performance norms are based on general ideas of what is acceptable for each job position no matter if the goal is too high or too low for the employees in that position. Bonuses are paid out on a regular basis. Each job goal can be easily manipulated by employees by downplaying job responsibility. This plan has a tendency to encourage risk taking by employees. It can be seen as acceptable to cut corners to increase bonus size. In my opinion this is not the appropriate plan for ABC Manufacturing Co., Inc.…

    • 3982 Words
    • 16 Pages
    Best Essays
    Read More
  • Best Essays

    RWT1 Business Research Report
    • 1775 Words
    • 8 Pages

    RWT1 Business Research Report

    Gerhart, B., Minkoff, H.B. & Olsen, R.N. (1995). Employee Compensation: Theory, practice, and evidence (CAHRS Working paper #95-04). ). Ithaca, NY: Cornell University, School of Industrial and Labor Relations, Center for Advanced Human Resource Studies. http://digitalcommons.ilr.cornell.edu/cahrswp/194…

    • 1775 Words
    • 8 Pages
    Best Essays
    Read More
  • Good Essays

    HRM 517
    • 902 Words
    • 4 Pages

    HRM 517

    The members of this organization share a responsibility to guarantee WKTI Enterprises employees are provided with the best in packages and long term care. The benefits related to the revised Compensation and Benefits package are designed to establish new employees and to reduce the organization turnover rates. Please note that the organization is aware of your efforts and appreciates every member that strives to make this project beneficial to our staff and employees.…

    • 902 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    BUS 310
    • 3150 Words
    • 11 Pages

    BUS 310

    Proposed compensation strategy: The compensation mix consists of three components: base pay, indirect pay and performance pay. The largest part of compensation package in the company will be base pay. The salary will be calculated on monthly basis. In this industry much depends on employees performance: how they treat customers and how they perform their job duties. That is why part of their salary will depend on their performance results. Performance pay will consist of two parts and coincide 10% of total billings. I will give this bonus to technicians, set the goals every two weeks, set achievable goals on the amount of sales and split the bonus equally between the group. In order to work well this plan must be designed with input from employees. Last part of the commission mix is indirect pay plan that will be fixed benefit system where all employees are covered by a standard package of benefits (Long, 2010 p.445). It will include mandatory benefits, health benefits, pay for time not worked and miscellaneous benefits.…

    • 3150 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Good Essays

    Bus 409
    • 877 Words
    • 4 Pages

    Bus 409

    Examination of Ways in Which Laws, Labor Unions, and Market Factors Impact Companies’ Compensation Practices…

    • 877 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    Team Paper Total Compensation Plan 1
    • 1832 Words
    • 5 Pages

    Team Paper Total Compensation Plan 1

    Our total compensation plan supports our key objects in several ways. At Riordan we feel that it is necessary to have a good compensation plan in order to attract the best talent, recruit the best talent, and to keep the best employees. If the employees are happy our turnover rate…

    • 1832 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    P1 Unit 6 Compensation Strategy
    • 342 Words
    • 2 Pages

    P1 Unit 6 Compensation Strategy

    A compensation strategy is one of the many human resources (HR) tools that organizations use to manage their employees. For an organization to receive its money’s worth and motivate and retain their skilled employees, it needs to ensure that their compensation system is not an island by itself. Not only is it important for an organization to link compensation to its overall goals and strategies, it is important that its compensation system aligns with its HR strategy. Let’s face it, if an organization is not paying its skilled employees what they are worth or at least the industry average, the chances are they will find an organization that will pay them for their talents.…

    • 342 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Benefits Plan
    • 1727 Words
    • 7 Pages

    Benefits Plan

    The organization that I have chosen to analyze the benefits plan is Delta Design. Delta Design is a Cohu Inc. organization. “Cohu is a leading supplier of test handling, burn-in and thermal solutions used by the global semiconductor industry, microwave communications and closed-circuit television equipment. In 1972, the name Cohu Electronics, Inc. was changed to Cohu, Inc.” (Cohu, 2008). Cohu Inc. is comprised of five major organizations. These organizations are Delta Design, Rasco, BMS, Ismeca, and Cohu Electronics. Cohu Inc. is headquartered in Poway CA. Delta Design has major offices located throughout the world including California, Philippines, and Singapore.…

    • 1727 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Good Essays

    Ha255
    • 767 Words
    • 4 Pages

    Ha255

    Five key elements should be considered when preparing a compensation plan for an organization. They five key elements include the forms of compensation that will be or can be offered, workforce demographics, the business cycle, the compensation philosophy, and legal and regulatory compliance. The forms of compensation has two forms that can be offered direct and indirect compensation. Direct compensation is all tangible rewards of the working relationship, that is, the sum of base pay plus variable pay (Locke, Jones, & Graham, 2010). Pay received in the form of services and benefits is called indirect compensation (Locke, Jones, & Graham, 2010). The product the organization offers the marketplace is the workforce of any service organization. In the business cycle it is critical for top management and HR professionals to match the compensation practices with what the organization is trying to accomplish (Locke, Jones, & Graham, 2010). the compensation philosophy is considered because organization want to pay to wages like their competitor 's but this might not be possible, therefore three approaches for compensation can be taken into consideration which are market-based pay, competency-based pay, and team-based pay (Locke, Jones, & graham, 2010). When managing compensation systems organizations must follow federal, state, and local regulations and reporting requirements. Some of these important regulations are minimum wage standards and hours worked (Locke, Jones, & Graham, 2010).…

    • 767 Words
    • 4 Pages
    Good Essays
    Read More
  • Best Essays

    Assignment 1 Planning Document
    • 1391 Words
    • 6 Pages

    Assignment 1 Planning Document

    A company’s fundamental purpose and objective of compensation is to provide adequate and equitable rewards to employees at a level that matches theirs skills, abilities and contributions to the company (DeNisi, Angelo S., Griffin, Ricky W., 2008, p. 284. Para. 1). Compensation is the human resource management function that deals with every type of reward that individuals receive in return for performing work – including financial and nonfinancial rewards. Financial rewards include direct payments (e.g. salary) plus indirect payments in the form of employee benefits. Nonfinancial rewards include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others (Cascio, 2006, p.418, Para. 1).…

    • 1391 Words
    • 6 Pages
    Best Essays
    Read More
  • Good Essays

    Organizational Objectives and Total Compensation
    • 428 Words
    • 2 Pages

    Organizational Objectives and Total Compensation

    As a human resource consultant a client has asked me to explain how certain laws and regulations affect total compensation in his organization. The compensation laws are defined in order to create non-discrimination in the compensation provided to employees in the organizations. I will help in explaining the laws and regulations.…

    • 428 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Job Analyis & Compensation
    • 3835 Words
    • 16 Pages

    Job Analyis & Compensation

    Throughout the course of this semester, compensation systems and methods have been evaluated to determine how the compensation processes are utilized to attract and retain employees. Compensation is not only a monetary benefit, but also includes indirect benefits such as insurance, paid time off, disability leave, etc. Both direct and indirect benefits make up a compensation package. Within this paper, similar positions from the private, public, and military sectors have been evaluated with like roles and responsibilities to compare the compensation packages. The following positions have been chosen: Chief Financial Officer for private sector; State Comptroller for the public sector; and Director of Army Budget Office for the military sector. Several factors of the compensation system have been included such as the job analysis, job description, comparable work salary survey, market pay line, pay range, a comparison of each position, an analysis of the differences in compensation, and a career suggestion for a young professional. All of these factors make up the compensation system providing data and analysis to define a compensation package for each position.…

    • 3835 Words
    • 16 Pages
    Powerful Essays
    Read More
  • Better Essays

    Bus 409 Compensation Practice Paper
    • 1922 Words
    • 8 Pages

    Bus 409 Compensation Practice Paper

    Yahoo’s compensation strategy is guided by the need to increase performance. Its best compensation practice and compensated-related challenges are in retaining key employees and attracting new talent while keeping costs under control. Its compensation practices can have a positive or negative impact on the company and its stakeholders. On the other hand, laws, unions and market factors impact the company’s compensation practice. Yahoo’s compensation strategy is a competitive compensation strategy. It does not follow the traditional route; however, it aligns with the values and goals of the organization. (Yahoo- about us, 2014).…

    • 1922 Words
    • 8 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Employee Compensation In The 20th Century
    • 291 Words
    • 2 Pages

    Employee Compensation In The 20th Century

    In the early part of the 20th century, employee compensation was minimal to nonexistent. With a few exceptions most employees were only rewarded in respect of the hours they worked. Any other kind of compensation that had to do with old age, poor health or death was entirely left to the hands of the employee or his family. Vacations if allowed at all were without pay. In 1940 and 1950 we can notice an increase in the acceptance and usage of employee benefits as a form of reward in addition to direct wages. During the end of 20th century this growth resulted in new types of employee benefits being added and existing benefits being expanded. Furthermore employers now had to make more difficult decisions on the method in which these benefits…

    • 291 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Human Performance Technology
    • 437 Words
    • 2 Pages

    Human Performance Technology

    When I first started, the compensation plan was centered on a six month on-going assessment of an Enrollment Advisors overall performance. It covered` everything from student application’s collected, retention, working relationships, communication and finally customer service. Each category is assigned a weighted value. The applications collected and student retention make up 66% of your overall score. The score directly correlates to the raise you will receive. As an employee you want to be in the Always Exceeds Expectations in order to receive the maximum raise, in order to fall in this category you need an overall score of 81% or Higher. This compensation plan was in place with very few changes for 2 years. Although this compensation plan was producing a high production rate it also resulted in losing a lot of valuable employees because they were unable to meet the minimum requirements. As a…

    • 437 Words
    • 2 Pages
    Good Essays
    Read More

Related Topics