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Compensation Essay Examples

Essay on Compensation

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Building an Internally Compensation System

An effective internal compensation system will require careful planning as it will play a significant role even more so in workforce planning. The paper will go over the strategic process that will be implemented to provide a road map to ensure that the correct processes are in put place to facilitate the increased in the workforce. Necessity for Compensation Systems According to Martocchio (2017), internally consistent compensation systems undoubtedly outline the comparative value of each job among all jobs within…...

The three types of Compensation and Benefits

Compensation and Benefits comes in many different forms. The major goal for compensation and benefits is to reward employees for services provided by an individual for the benefit of the organization. It’s a set of programs, aiming to achieve and attract capable workers to a particular business. Compensation and benefits also helps motivate employees towards superior performance and retaining these services for a long period of time. There is a wide range of different types of compensation and other benefits.…...

Stakeholders Compensation System

There are five 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) Employees, are an important part of any organization or company.…...

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Compensation of special groups: A Sports Sales Plan

Of the above information, what is most important in your design of a sales incentive plan for the three sales staff? How does this information affect your plan design? In order to increase the sales there should be an analysis that will identify how to create a plan that will motivate employees to sale more premium tickets which are more expensive but it will bring an ultimate balance of maximizing profit based on the sales. If all premium seats are…...

Compensation Strategies

Executive Summary This report will look at 3 different compensation systems that our company can develop and roll out within our company for our employees and future employees. Compensation is one of the most important and rewarding factors for our employees. Employees rely on their compensation to pay their rent or mortgage, food for their family, vacations, education for their children, and prepare for their retirement life. How compensation is paid can determine the quality of employee you obtain and…...

Compensation and Benefits Strategies

A strategic plan for employee compensation determines how much you want to pay employees and what type of employees you want to attract. Your compensation plan entails a variety of aspects including pay scales, reward programs, benefits packages and company perks. A successful strategic compensation plan allows your business to compete in the market for the best employees in your industry (Lister, 2013). In order for this medium sized construction business to structure itself and be market competitive then research…...

Compensation and Benefits Recommendations

No matter the size of the organisation, there is a requirement to evaluate an individual business' compensations and Benefits. Each business will be distinct; seldom will 2 companies have the same benefits. These advantages will show employees, and future staff members, what it is worth to work for the business. In this recommendation, it will outline different parts of the payment and identify the pay act that this bundle will follow. Market Examination Developing appealing payment package is an uphill…...

A study of Compensation Management

In spite of the multiple advantages and benefits of settlement management and its effect on staff member's efficiency, it can not still be said that having settlement management policy is a remedy for success in appraising, and handling worker's efficiency. It is therefore the responsibility of all managers to make sure that the usage of compensating policy meets staff member's expectation in order to have good and efficient performance. The very first standard requirement for effective and functional efficiency system…...

Organizational Objectives and Total Compensation in Different Markets

Organizational Objectives and Total Settlement in Different Markets Overall settlement is a crucial piece of the human resource puzzle. It is the thread that can connect valuable employees to the company and its total success. The laws and policies are substantial in knowing and comprehending in an attempt to apply that knowledge to the general style of the overall payment package a business offers. Working as a federally contracted company for more than 200 workers, particular laws and policies will…...

Compensation and Benefits

This assignment compared and contrasted compensation programs of McDonald’s and Walmart Canada. It look at the Philosophy, Base pay, Short term and Long Term cash incentives, indirect compensation benefits and Recognition programs. The Philosophy of McDonald’s is “Pay for performance” while Walmart promises a lot of career opportunities. McDonald’s compensation program is more suited to encourage young high performance culture. While Walmart rewards more stable employees that will stay with the company for a long term. Compensation System comparison of…...

Employee Compensation and Benefits

Companies today should mirror their compensation and benefit programs with their long- term business strategy and organizational culture. According to Casio (2010), “Pay systems are designed to attract, retain, and motivate employees” (p.421). The most important objective is fairness or to achieve internal, external, and individual equity; and maintain a balance in relationships between direct and indirect forms of compensation, and between the pay rates of supervisory and nonsupervisory employees. Employers must perform job analysis, develop job descriptions, evaluate the…...

Practice of Employee Compensation and Benefits

Black Corporation, an innovative new technology corporation, has just hired John as the director of their Human Resources Department. As HR Director, John has been tasked with hiring an Administrative Assistant/ Secretary for the advertising department and to develop an employee compensation and benefits package that will be used for that position upon hire. He must elaborate on Black Corporation and the type of organization for which he is designing the package and develop an employee compensation and benefits package…...

The need for designing of Compensation Policy

Introduction Organizations should establish and communicate clear principles by which employees are paid. At a minimum, organizations need to ensure that their compensation policy adheres to employment legislation. Policy guidelines should reflect the thinking, values, and basic strategies of the company, and they must be set consciously and thoughtfully by top management. Before setting compensation policies, management should address some basic policy questions:• How will jobs be valued (by content, skills required, etc.)?•How should pay compare to similar positions in…...

The role of compensation and rewards in modern organization

Introduction Compensation is an essential and universal component of the management process of every organization. Most organizations want to fulfill their mission, achieve their objectives and maximize return on their investment, particularly on their human capital. Doing so requires that their compensation philosophy, design, delivery and decisions be balanced, fair, focused, and understood by their employee and potential employee constituencies. Text Role of Compensation and RewardsAn effective compensation system is about much more than base pay. It incorporates a wide…...

The best-fit and the best-practices compensation model

The terms "best fit" and "best practice" are used in strategic human resource management and applied to the specific policy area of reward systems. Each approach attempts to explain the way that HR policies in general and reward policies in particular can lead to greater organizational effectiveness. The "best fit" perspective claims that a firm's reward system should be aligned to support the organization's business strategy in order to achieve competitive advantage. "Best practice" advocates claim that there is a…...

4 objectives of a compensation system

Pay systems translate the strategy into practice in order to achieve certain objectives. The basic objectives are efficiency, fairness, compliance with laws and regulations and satisfaction of the employees. 1.Efficiency consists of:a.Improving performance, increasing quality, delighting customers and stockholders. When the organization improves the performance she will get the benefit from the employees, which will affect the organization's strategy and will lead to the competitive advantages among other competitors and will achieve the upward momentum, and continuous improvement (virtuous circle).…...

Benefit and compensation system of Google

Google Inc. is an American international organization that provides internet related products and services. Cloud computing, advertising technologies, and their search engine are among the most popular services that they offer. Google recently ranked 46th on the 2014 Fortune 500 companies and 1st on Fortune 500's best places to work for. Google was founded in 1998 by Larry Page and Sergey Brin who met at Stanford University and is based out of Mountain View, California. Google began in a garage…...

Compensation and Benefits Strategies Recommendations

In this scenario, Team A has agreed to work with a small business, Landslide Limousine. Bradley Stonefield is our client whom we must develop some compensation and benefit recommendations. Landslide Limousine is a small business with approximately 25 employees that is located in Austin, Texas. First, Team A will conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. Second, recommend a compensation structure. Third, recommend the position in…...

Olympic Athlete Compensation

Purpose The purpose of this research on compensation of Canadian Olympic athletes is to determine how athletes that represent Canada on the National level are compensated and rewarded for the time they put in to their rigorous training to prepare for an event once every four years. Professional athletes in leagues such as the National Basketball Association, the National Hockey League and Major League Baseball are obviously compensated with a large salary to justify all the time they spend preparing…...

The Effect of Laws & Regulations on Total Compensation

There are certain applicable Federal and State laws that do have some type of affect on compensation within an organization, as well as taxes paid on income. The way an organization determines the benefit plan and salaries of its staff are directly related to the guidelines produced from certain Federal and State laws. A law that is well known and is a top priority for organization to adhere to is the fair labor standard act. The owner of the business…...

Organizational Objectives and Total Compensation in Different Markets

Total compensation encompasses all of the resources available to employees such as money, benefits, and services that reward the employee for their services with the company (Virginia Tech). A total compensation package covers may aspects such as extrinsic and intrinsic compensation. Extrinsic compensation is more of the monetary or legal means behind paying employees. Intrinsic compensation is the quality of life at work such as job variety or management feedback. Companies can use their compensation packages to attract certain types…...

Organizational Objectives and Total Compensation

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…...

CEO compensation

Just recently CEO payment packages have high rocketed making lots of people question the validity of their compensation. Many concerns have been risen to discover if CEO payment if excessive. Through this paper we will discuss why we feel CEOs in America are grossly overpaid. We will start by talking about the ethics on the matter and after that the pay-performance connection within companies. We will also touch on the genuine incomes of employees and how America compares to worldwide…...

Compensation package

The market for private-label athletic footwear is projected to grow 10% annually in all four geographic regions during the Year 11-Year 15 period and 8.5% annually in all four regions during the Year 16-Year 20 period. In Year 11, footwear companies can expect to sell an average of 4.84 million branded pairs and an average of 800,000 private-label pairs, although sales at some companies may run higher or lower than the averages due to differing levels of competitive effort. Which…...

Designing Compensation Systems and Employee Benefits

A compensation system has an important role in a company. An ideal compensation system can motivate employees to enhance their job performance. An organization can use adequate compensation to retain talented employees. Retaining talented employees is important because they help organizations grow and earn high profits. A well-constructed compensation system is the key to an organization being successful and prosperous (“Importance of Compensation,” 2007). To further elaborate on the importance of compensation, the differences amongst job analysis and job evaluation…...

Inadequate Compensation

"Compensation for most positions is far below the market average for our region, no annual increases in the last 4 years." Salary.com's survey results show that inadequate compensation is by far the number one reason that dissatisfied employees want to leave their job. It has been proven time and again that fair pay practices benefit not only the employee, but also the employer (by reducing unwanted and unanticipated turnover costs). Employees who are paid competitively, relative to their specific market,…...

Elements of Expatriate Compensation

The sum of pragmatic substantiation on the interaction between reimbursement stratagem and national culture and echelon of trade and industry progression of an economy is virtually not anything (Harvey, 1993). Due to the advent of globalization and the constantly rising total of international business, the Society for Human Resource Management International has observed that several expatriates, nationals and third country nationals whose fate crossed on borderlines felt that the compensation they receive are piously beyond their professional expectations. As a…...

Two important compensation issues are wage-rate compression

A considerably important issue with gender-related experiences is equal pay for comparable worth. Comparable worth defines the idea that men and women share the same values that should be funded equally in pay. This issue has been created by the idea that jobs performed by women are generally paid less than those performed by men. “This practice results in what critics term institutionalized sex discrimination. ” The issue goes beyond whether a female waitress should be paid the same as…...

Compensations and Benefits

Introduction When creating a benefit package for their organization, managers must take into consideration an array of conditions that will affect both the organization and the personnel it employs. These conditions range from external factors such as laws mandated by both local and federal agencies to internal factors such as administrative requirements, cost that stem from purchasing and maintaining equipment and employee incentives. By the end of this paper, I will explain the essential role each of these factors play…...

Compensation Management

Compensation Management is an integral part of the management of he organization. Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. It may achieve several purposes assisting in recruitment, job performance, and job satisfaction. It is the remuneration received by an employee in return for his/her contribution to the organization. It is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. It is a tool…...

Importance of Compensation in a Business Company

Compensation does not refer, however, to other kinds of eployee rewards such as recognition ceremonies and achievement parties. The ultimate objectives of compensation administration are: efficient maintenance of a productive workforce, equitable pay, and compliance with federal, state, and local regulations based on what companies can afford. The basic concept of compensation administration—compensation management—is rather simple: employees perform tasks for employers and so companies pay employees wages for the jobs they do. Consequently, compensation is an exchange or a transaction, from which…...

Career Development Plan Part Iv - Compensation

Now that we have structured our new team, identified their roles, identified ways to manage their performance and created an appraisal system we are now proposing a new compensation plan. This part will outline the plan, describe how it will help motivate employee performance, describe our total rewards program and outline how this program will benefit the individual and InterClean. Account Executive Financial Compensation Plan Compensation structures can be broken down into two distinct categories, financial and non-financial (Cascio, 2006).…...

The Effect of Non-Financial Compensation

The Effect of Financial and Non Financial Compensation to the Employee Performance Arik Prasetya† and Masanori Kato Graduate School of Asia Pacific Studies, Ritsumeikan Asia Pacific University Beppu-shi, Oita-ken, Japan Abstract-- This study aims (1) to examine the employee responses in terms of their performance to an implementation of the compensation policy that includes both financial and non financial compensations, (2) to analyze the influence of both financial and nonfinancial compensation collectively and individually. This research was conducted at PT.…...

Employee Compensation System

The reward or incentive which can be calculated in terms of money is known as monetary incentive. These incentives are offered to employees who have more physiological, social and security need active in them. The common monetary incentives are:Pay and allowances. Regular increments in salary every year and grant of allowance act as good motivators. . To get increment and allowance employees perform to their best ability.Profits sharing. The organization offer share in the profits to the employees as a…...

Evaluate the existing compensation plan to determine if it is the most

Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale During the hiring process when deciding on a potential candidate, and coming to a decision, the new hire must agree with our terms. Sprint operates on a market-based salary compensation plan; this is the method they use to determine salary distribution. Sprint sales department contains commission. We know in today's world to live comfortably you will have to have a base…...

Cape Breton Wall Compensation and Benefits

The cape Breton workers receive in the production department the following hourly wages: trainee 7 dollars / hour, assistant 9 dollars / hour and printer 11dollars / hour. Yearly increases are calculated based on the cost of living formula. According to the case info these wages are considered fair and even competitive against the wages of similar jobs in the area. The salary increases are based on linear career development. While it was not mentioned in the case study how…...

Compensation And Employee Motivation

Compensation and motivation are two things which go hand in hand in business management. Motivation is important in any field, whether it is a business, armed services or even in sports. On the other hand compensation is an effective lever used world wide to inspire and motivate an individual. It orbits around a common principle of taking extra than the current market standard and giving a performance of hindered and ten percent. It is seen that without motivation an individual…...

Compensation essay

Compensation Introduction      One of the most difficult functions of personnel management is that which concerns compensating the employees fairly and equitably. However, for a Christian businessman and entrepreneur or anyone in the leadership strata with the power to influence business or salary administration, there is the assumption that more that is expected (Noreen, 1988). This paper will discuss the Christian imperative surrounding compensation management in the light of the revelation of scriptures in stark contrast to the secular option.…...

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