When Human Resources are preparing compensation plans they first have to classify the job and determine the classifications for each position. The Human Resources department established a point method which is according to DeCenzo (2013), “The process that breaks down the jobs based on identifiable criteria and the degree to which these criteria exist on the job.” ("Chapter 10, Compensation Plans"). The categories can include education, job responsibility, and skill. Points assigned may differ because it’s based on the importance of the criteria to successful performance of the job. When comparing compensation plans for a store manager and clerk there are going to be different plans established because the store manager has more responsibility than the store clerk does, and it can require higher education requirements than the clerk’s position. This is important to determine so the right compensation plan can be created for each job category. The compensation plan for a store manager is going to be a higher percentage than a store clerk. When comparing the differences in the job the compensation plans could differ in different ways such as the store manager being paid on a salary base and the store clerk being paid hourly. This compensation plan for the manager can be a negative and a positive. The store manager would be paid regardless if she was there or not which is a positive, however the store manager can be required to work more than 40 hours a week and not be
G eneral Observations 3 rd Writing Assignment: O utdoor Sporting Products, Inc. 9 A pril 2013 Most said compensation plan was not a motivator. This is the more correct answer, based the on the sales results and the compensation structure. You submitted a wide variety of opinions... it reflected some good analysis and reflection. There was a general problem with seeing the issue with the guaranteed earnings. The results are generally not positive. Look at the earnings/sales. Some students…
XXX Ltd. Executive Compensation Plan Prepared by: Remuneration Committee Introduction Executive compensation plan is referred to the contract between a company and its management executives that aims to encourage and motivate the executives for the achievement of the company’s visions and objectives (Hassen, 2014). The existence of executive compensation plan arises from the conflict of interests between principal and agent. Principal who is aka as shareholders do not involve in the…
Compensation and Benefits Strategies Recommendations Team A MGT/521 Human Capital Management February 5th, 2015 Dr. Andrea Diese Landslide Limousines Compensation and Benefits Strategy Recommendation This paper provides an analysis of a proposed benefits and compensation package for Landslide Limousines that is comparable to companies that are similar in size and scope in Austin, Texas. Team A proposes a compensation structure and position in the market, as well as a total compensation and benefits…
towards individuals instead of a formal compensation scheme for many years. When his two sons, Howard and Jeffrey joined the business, they saw the necessity to turn their father’s rather spontaneous and unpredictable compensation style into a more professionalized and transparent approach. This gave rise to the LEAP plan which will be discussed in detail during the course of this case study. While certainly being more sophisticated than the earlier compensation practices, two executive employees, Bruce…
Total Compensation Methods Paper The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations…
EXCHANGING VIEWS SERIES, # 4, JUNE 2006 COMPENSATION AS A RETENTION STRATEGY MARIAN COOK FOREWORD FROM EXCHANGE PRESIDENT ShoreCap Exchange (“Exchange” or “SCE”), a non-profit sponsored by ShoreBank Corporation, was established to help build stronger local banks and microfinance institutions (MFIs) that serve the poor in developing rural and urban economies, primarily in Africa and Asia and to a lesser extent, in non-EU Eastern European countries. To achieve its goals, Exchange uses a blend of…
AND BENEFITS Compensation and Benefits in the Twenty-first Century Abstract Team platinum will explore compensation and benefits in the 21st century. Any review of total compensation must include the crucial areas of health and retirement benefits and financial compensation, as well as discuss the implications of pivotal changes in the market and demographics which impact organizations and overall performance management issues. There are several different compensation and benefit strategies…
FIN4332-Test 1 Notes Chapter 34 – Golden Parachute Plan |The golden parachute plan is a |compensation arrangement that provides special severance benefits to executives if the| | |corporation changes ownership and covered executives are terminated | |If company is target for acquisition, |executives expect parachute-type compensation arrangements for self-protection | |Within limits…
University of Southern California, the author of many books on compensation, believes that “employees value themselves in relation to the market place and if a competitor were to offer higher pay it is likely that employee will change companies” (Wilson, 2003). As we look towards the future this has…
Compensation and Benefits Plan Larry Allen, Jr., Scott Dozier, Naim Tabriz Fazlulla Khan, Natalie Prigge, Patti Rabacal HRM 531 November 19, 2012 Professor Pamela Jones Learning Team D’s proposal includes the research and summary on the Technical Support Escalation Engineer position’s compensation and benefit plan for the job analysis on the Technical Support Escalation Engineer position at Force 10 Networks, Incorporated in San Jose, California (AllBusiness, 2012). Compensation and benefits…