Two Key Takeaways

The aim of this paper is to examine the compensation challenges within Owens & Minor and create a compensation strategy that will benefit not only the company, but the employee.

The course project is designed to provide you with a real-life practical application of an organization’s Human Resource benefits program. You will create a written analysis of a real-world organization’s benefit plan design with suggested opportunities for improvement that use the concepts and knowledge introduced in this course.

The first lesson we learnt was the importance of treating employees fairly, especially in terms of wages. Employees who are content and treated fairly are productive and will evidently drive the bottom line of the company. Their productivity will be high, knowing their wage is reflective of their work and they feel valued in the company. Not only did employees experience pay dissatisfaction if they perceived their pay as unfair, they were also less motivated to achieve the organization’s goals. (HRM 212) In Quarter 6, we increased the wages for Level 3,4, and 5 workers. However, we received feedback that notified us that our Level 1 workers

This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

This paper will discuss Tuition Reimbursement and how it will benefit both the Sue’s Things Company and the employees that work there. It will be able to open new positions, giving the employees new opportunities to move ahead and make more money, and bring in new workers to replace those who have moved to a higher position increasing the workflow for the business and bringing in more profit for everyone.

“Compensation represents both the intrinsic and extrinsic rewards employees receive for performing their jobs.” Martocchio, J.J. (2013) A Human Resource Management Approach. Compensation as most know is the hourly or annually paid. Compensation consist more of just hourly or annually pay. Organizations create monetary compensation process to reward their employees for their job performance. Monetary compensation is the core of

Some company pays educational institutions directly for expensive, intense training programs that require payment up front (O’Reilly, Brendan 2001). Today, nearly 15 percent of our domestic workforce is enrolled in college and university coursework, more than half seeking advanced degrees. Our participation rates are three times the national average for companies with similar programs. And, participants' retention rate is double that of all employees (Cassidy, John F. 2004).

Even though there are employees that love their jobs, he needs to pay attention to those who do not due to little relationship between performance and pay, not enough opportunities to develop skills, lack of good benefits package and no room for growth. Kelecton is at risk of experiencing high turnover rate because a good percentage of their workers feel like they are not getting paid according to their performance. Fair compensation leads to feelings of worth and allegiance that translate to an employee's shift in thinking from the job as a stepping stone to a rung in the career ladder, “maybe this is a place I want to stay; maybe this is an industry that I can move ahead in; maybe this is not 'just a job' "--these are the ideas we want to foster (Goldberg, 2017). Paul needs to put the pay situation in mind and fix it. He can consider the compa-ratio suggested by Mathis et al. Compa-ratio is the pay level divided by the midpoint of the pay range (Mathis, Jackson, Valentine, & Meglich 2017, p. 436). Also, knowing that 89% of employees felt that there were few if any opportunities to improve their skills, Paul should act fast and come up with a plan such as training inside the company as well as outside. Paul should provide his employees with training online or even cross-training. According to Shaheen, Ghayyur & Yasmeen 2014, The employees training and development at the workplace

As difficult times tend to loosen these binds, many employers find that reminding employees of the dollars and cents value of that relationship can provide a little fresh glue (HRO Today - Human Resource Outsourcing Today).” Employees have to consider not looking at just the base salary if there are non-monetary benefits, perks and extras to consider as well. Unions have a significant effect on those who are in unions and those who aren’t in unions in relation to total compensation plans and benefits. Unions in their bargaining for the employees can potentially increase the salaries, increase the benefits as well as encourage or help an organization offer up additional perks. Unions allow for equality within the lower and middle class sector, those who work in more labor intensive careers and those who are limited in the degree they hold by fighting for those workers to ensure some amount of fairness. Unions can impact the salaries of an industry that doesn’t have a union in a particular building because the unions are in the industry the worker would be paid a more because of that even though the union may not be physically in the building. The biggest impact that a union has on a total compensation package is the perks or additional benefits of employees by bargaining for leave with pay, which ends up

The success of companies in today's market place is a process that involves the way business practitioners manage its workers and the financial resources and structures. The management of employees, structures, and financial resources includes the development and establishment of effective compensation strategy. Actually, the lack of a sound compensation system has negative impacts on the company's ability to recruit and retain competent and best-qualified employees. Consequently, compensating workers represents an important practice of a company's human resource management (Martocchio, 2013). Wal-Mart is not only a cultural but also a business phenomenon that operates in a competitive environment that is very unique. The company has grown steadily since its inception to an extent that it has become the number one ranked firm on Fortune 500 for four consecutive years. The success of the company is attributed to sound business practices and strategies throughout the years. Currently, the firm has over 1.3 million employees in America, making it the largest employer in the United States. In addition to being the biggest corporation worldwide, Wal-Mart's ability to attract and retain qualified employees is based on its compensation strategy.

Every area that we discussed in this course has improved my understanding of the value that I bring to my role within my organization as well as my ability to create positive change. Due to my increased knowledge of accounting, I can now analyze our

• Measure and manage the “soft” skills as well as the hard skills. In addition to rewarding output, profit, and sales etc., provide recognition and reward for ‘how’ the work gets done, the people skills that contribute to a better climate and greater satisfaction.

To obtain the desired education degree for the human resource career field, human resource management students must learn and complete various subjects during the education program as they would need to employ various skills in their practical life. Candidates studying the Human Resource Management discipline gain an insight into courses like Employee Compensation Management, Perspectives of Management Labor welfare, and Organizational Behavior (R. Palaciso, personal interview, 18 July 2010). The Employee Compensation Management course provides an analysis of the techniques and principles used to develop and instigate direct and indirect compensation programs and reward systems that are cost-effective. This course teaches students, as human resource, to attain and draw a highly

3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 Financial incentives Rewards and recognition Training Career advancement Flexible working