Internal and External Equity Comparison Internal and External Equity Comparison Total compensation is be defined as the rewards, which employees receive for their labor. A well designed compensation package will attract skilled employees, reduce turnover, and increase employee productivity. Two factors that affect a compensation plan is internal and external equity. “Internal alignment, often called internal equity, refers to the pay relationships among different jobs/skills/competencies within a single organization. The relationship forms a pay structure that should support the organization strategy, support the workflow, be fair to employees, and motivate behavior toward organization objectives” (Milkovich & Newman, 2009, para.
Once the project starts work on the project will be performed according to the schedule provided in the approved project plan. The Project Manager will obtain approval from the Project Sponsor for any schedule changes which will impact the project’s completion milestone. All project work will officially begin on January 1, 2013, and be completed July 1, 2013. In conclusion, creating a charter is the most important aspect of a project, it allows everyone to be held accountable for their actions along with their responsibilities. If the project charter is done correctly, it will broaden the consumer base for the company and References: Hill, S (2009) Marketing Management retrieved on January 10, 2013 from http://www.stsc.hill.af.mil/crosstalk/2000/12/smith.html Smith, W (2010) Project Initiations retrieved on January 12, 2013 from http://www.1000ventures.com/business_guide/crosscuttings/project_stakeholders.html Mulcahy, R (2009) What is a Project Charter?
Describe the components of an executive compensation plan. Explain how these components can help support organizational strategies, attract candidates to the executive team vacancies, and retain the other current executives. (Points : 30)
HR will select individuals based on there experience, performance appraisal and a pre-screening interview. If applicants pass the pre-screening by HR the Vice President will interview the candidates. Employee records will be readily available as all candidates are being hired internally. The Vice president and HR are in the process of developing a compensation and promotion plan that will consist of a base salary and bonus structure. The training program will focus on the new sales strategy and center around the short and long-term goals of the company.
Compensation and Benefits Plan HRM/531 October 3, 2011 Instructor Patrice Cloutier Compensation and Benefits Plan Compensation and benefit plans can widely vary from organization to organization. Many companies choose what compensations and benefits they can give to their employees, by aligning them with the organization’s mission statement. There are certain benefits that an employer cannot deny such as social security, family medical leave act (FMLA), and workers compensation. These are guaranteed to employees by our government and cannot be denied for any reason. Compensation plans usually align with business priorities to reap rewards.
It is the unique and proprietary way you attract, retain and motivate employees through both monetary and nonmonetary return provided to employees in exchange for their time, talents, efforts and results. (Apr 2006). What are some of the other ways that an employer can reduce turnover all the while increasing employee satisfaction? The model described by World at Work (Apr 2006) fosters ideas that companies can use to align organizational and individual goals toward business success. For example: Money is not everything Vision and
Incentive pay, (which for the scope of this paper has been designated lump sum bonuses paid annually) is a monetary gift provided to an employee based on performance. It can be used as a way to entice the employee to continue delivering positive results. (businessdictonary.com) From the employees perspective base pay offers economic security. They know the amount they will be paid and the expected hours they will work. This makes it easier for employees to budget effectively in their personal lives and provides consistency in income.
HSM 220 Week 4 Assignment – Designing a Reward System Assignment: Designing a Reward System • Due Date: Day 7 [Individual] forum • Create an employee reward system for a human service organization. • Write a 1,050- to 1,400-word paper in APA format detailing the methods of determining what aspects of the work should be monitored and rewarded. • Include how you will address the nine major factors of motivation on p. 131. • Indicate how you will ensure that o basic needs are met. o competitive benefits are offered.
BUS 303: Human Resources Management This paper will reflect the HRM compensation and benefits and issues that may occur. It will go into the many levels that take place within HRM. It will discuss the potential impact to your future career plans. Human resource management deals with more than just hiring and firing employees within a business. When you think about HRM what is the first thing that comes to your mind.
Total Rewards Question: Describe each of the top five (5) advantages of a total rewards approach. The success of an organizations workplace will depend on managing costs and growth to address its business needs. Total rewards can help meet the needs and wants of today’s employees, and at the same time refocuses an organizations rewards system away from just cash and stocks (WorldatWork, 2007). In organization, there are five advantages of having a total rewards approach which are increased flexibility, improved recruitment and retention, reduced labor costs and cost of turnover, heightened visibility in a tight labor market, and enhanced profitability (WorldatWork, 2007). A total rewards approach allows an organization to have the flexibility to remove itself from the one-size-fits-all mentality and offer employees a mixture of reward packages that meet the employee’s needs.