FLORES‚ NASTASSJA NICOLE J. 2LM2 Compensation is a methodical approach to provide monetary value‚ financial return‚ tangible services and other benefits that the employees received as part of their employment relationship. There are 2 types of compensation that can be given to the employees; monetary and non-monetary. Monetary includes wages‚ salaries‚ bonuses‚ insurance plans‚ social assistance benefits and paid absences. Non-monetary involves meaningful and challenging works‚ recognition
Premium Employment Wage
Fairness and Honesty The ability to recognize ethical issues is the key to understanding business ethics. An ethical issue is an particular problem‚ situation‚ or opportunity that requires a person or organization to choose from among several actions that may be evaluated as right or wrong‚ ethical or unethical (Ferrell). The best way to evaluate the ethics of a decision is to look at it from different viewpoints. Although many business issues seem straightforward and easy to resolve‚ often times
Premium Ethics Morality
[pic] Royal Holloway University of London MSc International Management Discuss the challenges to effective compensation in MNCs and how consistency and equity of compensation can be achieved. Introduction In today’s increasingly competitive environment‚ businesses are globalizing their firms in order to maximize their profitability and compete effectively. This globalization is exasperated by the availability of cheap labour‚ raw materials‚ increased market share and competitive
Premium Culture Best practice Expatriate
The word ‘equity’ can be seen to have a wide range of meanings- to many it is a synonym for ‘fairness’ or justice’. Those within the legal community recognise equity as the body of rules developed and applied by the Court of Chancery; a court previously presided over by the Lord Chancellor with rules developed under his authority. The law of equity developed due to the inflexibility of the common law. Before the development of equity‚ The law was rigid (which was often cited as a weakness) for example
Premium Common law
Compensation Most organizations have formulated a certain strategy regarding compensation policy and made the relevant necessary decisions in order to set the basis of payment‚ differentiate payment within a specific job‚ and pay above market rates similar to market compensation rates or below market compensation rates. These decisions which are important by those who manage compensation systems according to Milkovich‚ Broderick‚ (1989) are the following. Compensation’s role is very important in
Premium Employment Supply and demand Salary
Justice as Fairness John Rawls’s theory regarding justice is concluded with the idea of justice as fairness. Justice‚ according to Rawls‚ includes a conception of the knowledge that “all social goods are to be distributed equally unless an unequal distribution of any or all of these goods is to the advantage of the least favored” (Princeton Readings‚ 697). His theory prioritizes three principles: freedom‚ equality‚ and the difference principle to solidify his claims. Rawls’s attempt to reach an
Premium John Rawls A Theory of Justice Social contract
Thinking about fairness and inequality there are broadly shared beliefs about what is socially just and unjust‚ and what is fair and unfair. Here is the basic problem: we observe some empirical case of social inequality : some people are better off than others or their lives are more fulfilling than others or they are healthier than others. These are observations. And we ask: is the observed inequality just or fair? Does the inequality violate some principle of justice? Now‚ some inequalities
Free Economic inequality Poverty Egalitarianism
products is there a product in the Indian market which can make a women or man fairer in fewer days‚ we will find out by reviewing these fairness creams. Since nearly every product in the market claims to making you fair from Shahid Kapoor to John Abraham and from Katrina Kaif to Kajole selling Olay products. The market for beauty products is vast but the market for fairness creams I think occupies 90% of the space. Long from the days of Britisher’s have always loathed dark skin thinking the white is always
Premium Human skin color Skin Medicine
Fairness in the workplace American society is slowly‚ but surely‚ moving towards equality in the workplace. In the past decade laws have been passed that prohibit discrimination in hiring‚ retaining and promoting employees based on race‚ gender‚ disability and religious beliefs. Although not all groups have been included yet‚ the movement towards a more just workplace is evident. Nowadays‚ almost every single employer will have the sign "Equal Opportunity Employer" under the name of the
Premium Affirmative action Discrimination Employment
monetary (cash) reward that is contingent on discretion‚ performance or results achieved. There are different types of variable pay plans‚ such as bonus schemes‚ sales incentives (commission)‚ overtime pay‚ and more. An example where this type of compensation plan is prevalent is the real estate industry and real estate agents. A common variable pay plan might be the sales person receives 50% of every dollar they bring in up to a level of revenue at which they then bump up to 85% for every dollar they
Premium Employment Employment compensation Wage