This website uses cookies to ensure you have the best experience. Learn more

Compensation Paper

1311 words - 6 pages

Compensation and Benefit Strategy of an Organization
DeVry University
Nov 7, 2013

This paper is to identify the challenges in the compensation and benefits system within an organization. This system is meant to attract potential candidates to an organization that are looking for individual that meets their qualifications. However, there are changes being made in our society, with competitive advantage, and it is getting complicated for companies to attract potential candidate. Compensation is a complicate system because companies have to retain their employees once they are through the door. Compensation varies among employees due to their level of education, experience and their ...view middle of the document...

The challenges that are face within BAGS INC. are incentives and benefits, for its lower level employees. The company does not provide healthcare for their hourly employees. However, upper management, are paid by salary and are provided with healthcare and incentives. Bags Inc. will need to reevaluate their compensation and benefits system to accommodate their hourly employees. Nevertheless, note that 30% of the hourly employees have benefits from outside of the company, but those that do not, the company plans to reduce full time employees to part-time to accommodate the benefits. In addition, it’s getting complicated in retaining their employees due to lack of incentives and rewards programs. There is not enough recognition for our employees, and this is where the company lacks. Because it’s a small business, the company might not have the financials for it. However, there are reward and incentive programs that are cost effective, and creative. Mr. Nelson, in Secrets of Successful Employee Recognition, states “involving employees-especially in decisions that affect them-is both respectful to them and practical. People who are closest to the problem or customer typically have the best insight on how to improve a situation,” (Nelson). Recognition does not necessarily mean that gifts or monies are always involved; just the simplest gesture helps in acknowledging that the employees’ opinion matters. Furthermore, Disney, one of the most profitable companies, has created many incentive and recognition programs for its employees. One program, the Spirit of Fred named after one of their own employee, Fred, who started as an hourly employee had worked his way up to a salaried position, by acquiring training from five different individuals. The name FRED became the acronym for Friendly, Resourceful, Enthusiastic and Dependable which are the values of Disney. Any employees that acquire these values are recognized with a plaque. Bags Inc. must strategize elements that can create these programs to recognize their employees. The strategies that Disney utilizes in creating recognition program, is by the demonstrating it within their own employees, by going above and beyond and making a difference not only to their cast members but also to their guests. Disney values their guest opinions, and love to build memories for them. When their employees develop these values, this strategy rubs on other employees that build memorable experiences.
The strategy that I propose is the organization should follow is to address its benefit challenge, by creating a rewards program that will depict the achievement of their employees. The reward program will not only recognize the employee’s achievement but will show the appreciation of their hard work and loyalty from the company. In addition, feedback from their employees will demonstrate the employee’s opinions matters. The INC. article states,” In order to reap benefits such as increased productivity, the entrepreneur...

Other Papers Like Compensation Paper

Assignment 2: Compensation Plan Outline

301 words - 2 pages Assignment 2: Compensation Plan Outline Using the same company you researched in Assignment 1, evaluate the company’s compensation plan to determine how it could be improved. Write a six to eight (6-8) page paper in which you: * Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale. * * Determine the most beneficial ratio of internally consistent and

Compensation Management Essay

1922 words - 8 pages Compensation Management HR 434 “Conducting Job Evaluations” by Carmen Campbell for Professor David Gebhardt My position pays what? How does my job rank among other jobs in the area? Responsibilities which encompass a job determines compensation, from which, a company will pay an employee’s for their time, skills or services used to complete assigned work. Job evaluation consists of factors which describe the responsibilities

Compensation Research

2158 words - 9 pages Business Research Report Manufacturing Compensation Strategies Assessment Code: RWT1 Student Name: T Student ID: Date: Mentor Name: Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Merit Pay 5 Job Based Pay 6 Skill Based Pay 7 Recommendations 8 Conclusion 8 References 9 Executive Summary After examining

Exec Compensation

1505 words - 7 pages Concerns about economic equality have risen in recent years and have even erupted into protests such as the Occupy Wall Street movement in 2011. A significant portion of the outrage was centered on topics such as Executive Compensation and it’s disparity to the average workers wage. Critics of the executive compensation structure wonder how well the current system of paying executives is working and if it could be improved. Many questions are

Wgu-Rwt1 Compensation Report

2147 words - 9 pages Business Research Report Compensation Strategy Presented to: Assessment Code: RWT1 Table of Contents Executive Summary 3 Introduction 4 Research Findings 4 Finding Number 1 4 Finding Number 2 5 Finding Number 3 5 Recommendations 6 Conclusion 7 References 8 Executive Summary This report provides an analysis and evaluation of three different compensation strategies for

Asr Management Compensation Contracts A Problem

425 words - 2 pages Although the Conceptual Framework views the primary use of accounting numbers as decision making, we still see accounting measures used in contracts for management compensation. why do you think that companies use accounting numbers in management compensation contracts? (4 marks) The conceptual framework is a set of interrelated concepts that define the nature, purpose and broad content of the general-purpose financial report that

“The Minimata Litigation Is An Example Of The Failure Of Law And Lawyers In Japan”

1441 words - 6 pages the administrative compensation system despite its defects.The high profile Minamata Case is a great illustration of this. This paper will In essence, the case showed the perception of judges about the unequal bargaining power between victims and large companies and how the Japanese judiciary has helped create a pro-active approach to environmental pollution cases.
 Part I – General Rules of Tort Liability

The operation of current tort

Using Eva To Align Management Incentives With Shareholders’ Interests

594 words - 3 pages achieved; it should definitely not include any uncertainty about the monetary value the bonus will have. This means that we favor cash or cash equivalents over stock options.3” If equity is not the solution, what can owners do to better align managers incentives with the objective of maximizing firm value? Its proponents suggest that Economic Value Added (“EVA”) is the answer. I will explore in this paper the rationale for using EVA to align management incentives with a firm’s wealth creation over time. In the process, I will present two leading perspectives on how to implement an EVA-based incentive compensation schem

Challenges For We Energies

2089 words - 9 pages Yvette Bailey DeVry University Professor: Patricia Meunier-Muenks HRM-430-67386 Compensation & Benefits Compensation Challenges for Wisconsin Electric April 16, 2016 Executive Summary The point of this paper is to look at the compensation challenges inside of Wisconsin Electric (WE Energies) and make a pay methodology that will benefit the organization, as well as the representative. With the steady change in today's business

Shared Capitalism

1084 words - 5 pages With the rising popularity of shared capitalism in the United States, it is worthwhile to analyze the effects this trend and the workplace theories that correspond to it. The purpose of the paper is to show not only how forms of shared capitalism in the workplace can increase overall employee compensation, but how several labor theories relate and support the outcomes of shared capitalism. More specifically, three theories will be extrapolated

Accounting 202 Term Paper

510 words - 3 pages Accounting 202 TTH 11:00-12:30 Paying People to lie Michael’s C. Jensen’s paper explains that the use of budgets or targets to measure an organization’s performance and compensation leads to counterproductive effects within organizations. Jensen believes that the solution to this problem is not to completely eliminate the budgeting systems, but instead to change the way performance is measured, the way rewards are given, and the way

Related Essays

Executive Compensation Essay

1788 words - 8 pages problem that how shareholders ensure that top executives want to maximize their wealth. This paper explores the principle for compensation, makes an attempt to design a new compensation package to the chief executive officer of Nike, Inc., and finally compare the different between the existing pay package and the new one. I. Introduction Nike, which originally named as Blue Ribbon Sports, is the largest manufacturer of the athletic footwear

Executive Compensation Essay

2530 words - 11 pages liability in terms of losses. In this paper the implications of executive compensation surrounding the financial crisis will be debated. Firstly, the types of executive compensation will be discussed and the implications of them. Secondly, how executive compensation contributed to the financial crisis will be conferred and thirdly the legal improvements and current process will be analysed. To aid understanding, articles and examples will be

Compensation Essay

953 words - 4 pages Employee Compensation that Encourages Performance By Kate Greene, SPHR The strategy my neighborhood kids use to get customers for their lemonade stand is not unlike what many employers use to get employees. The kids scream “35 cents a glass” over and over, louder and louder. Would they have more success if they used signs, knocked on doors, yelled in a more even tone of voice, sold from a rolling wagon, etc.? Similarly, employers that

Compensation Essay

1591 words - 7 pages that affects Canadian companies operating in the US • Provides another reason to measure HR performance. • Under the legislation, disclosure requirements include: requirements include: • Executive compensation • Pension plans • Whistleblower protection - These requirements bring about pressure for measuring HR Reasons for Measuring HRM Effectiveness 1. Labour costs are most often a firm’s largest controllable cost. 2. Managers