Compensation is the total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. Compensation is based on: • market research about the worth of similar jobs in the marketplace‚ • employee contributions and accomplishments‚ • the availability of employees with like skills in the marketplace‚ • the desire of the employer to attract and retain a particular employee for the value they are perceived to add to the employment relationship
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different stakeholders of a company compensation system and the human resource department provides them within and outside the companies. They are as follow: Employees‚ line managers‚ executives‚ unions‚ and US government. Stakeholders is performance-based compensation that focuses everyone in an organization on long-term while providing unlimited compensation opportunities for those who make it happen. This will create a strategic planning and compensation in an organization. (Higgins‚ 2006)
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Mapping Your Future My degree program at Kaplan University is Associate of Applied Science in Medical Assisting. I am taking online classes here at Kaplan. National median salary for a Medical Assistant is around 30‚550 dollars‚ (www.bls.gov). Depending on what state you’re in the salary will vary. For my state which is Indiana it’s around 28‚800 dollars‚ (www.bls.gov). I am sure that being employed somewhere for a very long time you salary might rise a little. I am not sure at this moment
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Merging Compensation Strategies Article Review/ Critique Assignment #1 MGT 645 Personnel Compensation Practice and Process Merging Compensation Strategies The article suggests that everyday HR issues such as employee compensation may be put on the back burner as countless financial and legal priorities take the center stage. Research suggests that HR needs to get involved in the earlier stages of mergers and acquisitions to ensure its success. There are four stages in the
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Trident University Module 1 Session Long Project MGT411 - Advanced Topics in Human Resource Management Dr. Laura Poluka December 25‚ 2013 The compensation model differs between each organization aiming towards increasing their consumer market share based on their targeted industry. Let ’s take a look at the different influences in association with compensation and position equity with the business enterprise. -What factors influence the calculation of base salaries? The main influence in calculating
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The military compensation system‚ like many others‚ is a multilayer package comprised of direct compensation‚ indirect compensation‚ and additional considerations not afforded to most civilian sector employees (Bricka‚ 2016). As the civilian sector continues to graduate its compensation system to accommodate the labor economics of today’s society‚ the military fails to trend in the same direction. The current military compensation system is adequate to most but is outdated and in need of reform
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Total Compensation Methods Total Compensation Methods Analyzes the effect of benefit programs on employees and organizations The distinction between compensation methods and benefits is that benefits extend beyond the basic compensation of time and services rendered. Benefits are either the result of regulations or an optional strategy for an employer. Similar to certain forms of compensation like commission‚ benefits have business and volume driving properties. Where benefits diverge
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The first chapter discusses the basics of financial management. How critical is financial decision to social welfare? Reflect on the oil spill disaster in the gulf. Is it all about making money? Financial decisions are extremely critical to social welfare. Many individuals have the state of mind that emphasizes the belief of how social welfare can be pursued through exercising one’s choice and making provisions to obtain the means to be financially stable. The world is increasingly becoming
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Joyce‚ Good point on a potential impact on information technology in the workplace. While the manufacturing industries take a hit‚ it seems like the the individuals that are employed are working harder or longer hours than they did in the past to achieve the bottom line. There is no doubt that technology‚ automation‚ foreign competition have increased productivity. On a positive note technology can make people more wealthy by freeing up resources to address more problems‚ satisfy the consumers
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Rapid fire debate: 4 one minute rounds > presentation‚ rebuttal‚ response‚ and summery. First person to speak has choice of perspective. Opponent must take opposing views. Final power point: stuff Claim Type Questions Types of Support Organizational Strategy Fact Did it happen Does it exist Is it true Is it a fact Inductive reasoning Quoting Authorities Chronological Topical Definition What is it What is it like How do we clarify it N/A Topical Compare/contrast Cause What is the
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