Recruitment and Retention Case Study In order to keep up with company growth and meet staffing needs to effectively run the business, Doiturself Home Improvement Supply Store needs to see how the current compensation and benefits package is impacting our recruiting and retention. Currently the compensation and benefits package include base salary, 401k with a 5-year vesting cycle, two weeks vacation and insurance. The initial step I would take, is talk to the compensation team and determine what the going rate is for specific jobs are. This would be determined through salary surveys and doing some research of our competitors. I would then speak with HR Generalist and determine what kind of feedback they have received from others that have left the company as well as employees within the company.
The term compensation is often thought of as the salary one will receive upon offering and accepting a position. As Cascio (2006) states, “The broad objective of the design of compensation programs (i.e., direct as well as indirect compensation) is to integrate salary and benefits
Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). • Employers name • Employees name • Salary • Date of commencement of work 2a) List three key points of legislation that affect employers in a business environment. • Health and safety • Data Protection • Pay and pensions 2b) List three key points of legislation that affect employees in a business environment. • Pay • Pensions • Employment rights and responsibilities 3.
Employees who are happy and engaged are critical business performance. Unfortunately in today’s business world traditional total rewards programs don’t drive employee engagement or happiness any more. Innovative and creative benefits should provide employees with intangible rewards to satisfy the employee’s needs and desires. Satisfied employees are not only happier at work but their productivity is usually far greater than unsatisfied employees. Most organizations are smart enough to realize that it takes more than just money to motivate and make happy employees.
1. List and briefly explain the six steps involved in the design of a point method plan. (15 marks) The job evaluation point method system primarily uses several compensable factors, are numerically scaled, and weighted. Step One: Conduct Job Analysis * A representative sample of benchmark jobs * The content of these jobs is basis for compensable factors Step Two: Determine Compensable Factors * Based on the work performed (what is done) * Based on strategy and values of the organization (what is valued) * Acceptable to those affected by resulting pay structure (what is acceptable) Step Three: Scale the Factors * Use examples to anchor Step Four: Weigh the Factors * Can reflect judgment of organization leaders, committee * Can reflect a negotiated structure * Can reflect a market-based structure Step Five: Communicate the Plan & Train the users * Design evaluation plan and prepared manual * Appeal process can be included to address employees concerns Step Six: Apply to Non-benchmark Jobs 2. What does (a) organizational strategy, (b) flow of work, (c) fairness, and (d) motivating employee behaviors toward organizational objectives, have to do with job evaluation?
Developing countries also benefit as the population get access to employment and the development of new skills, leading to more money being spent helping the economy to improve infrastructure and services improving the quality of life in the country. TNCs that do well in the developing countries raise the status of the country encouraging investment from other well know transnational corporations and most importantly it will improve the country’s economy drastically as valuable export revenues will be earned. On the other hand, most developing countries do not benefit as much as developed countries do, for example, sometimes much of the employment is low paid, low skill and long hours meaning that the country does not develop economically or give the opportunity to develop their skills. Another drawback is that there has been large negative press about TNCs and the poor working conditions in which people operate in; this includes the lack of safety requirements and the long hours of working. Transnational corporations like high profit, and countries where there is less regulations, therefore they often go to countries where there is less ‘red tape’ with regard to safety leading to TNCs
Self-actualization is when someone can see the potential for them to learn something new or even grow in their job to do better things. When someone is trying to satisfy each level of the pyramid they will start at the lowest level. Once they are satisfied at that level they will move to the next, but if they don’t get satisfied at the level they are at they will not move to the next level until they are satisfied. With workers at Wheelworks starting at the lowest level they are automatically satisfied with the base pay because they are not in it for the money.
Alternatively, it finds its sales increasing but profits declining and cannot understand why. Perhaps the company keeps losing competitive bids for products and services and does not understand why. In many cases, accurate cost information is the answer to these questions. Improved understanding of the use of resources and the assignment of their related costs provides a competitive advantage. It helps a company or organization to develop and to execute its strategy by providing accurate information about the cost of its products and services, the cost of serving its customers, the cost of dealing with its suppliers, and the cost of
Unfortunately, very few organizations recognize that their employees are the critical factor in their success or failure (Javad et al., 2010) and their happiness with the organization and their individual job tasks can make or break them. Today, smart organizations understand that a company’s compensation strategy increases the productivity and motivation of employees, directly impacts an employees desire to achieve organizational goals, and makes the organization more competitive in the marketplace – therefore increasing profits. Productivity and motivation of employees within an organization can be increased or decreased by the strategies the organization utilizes. Both monetary and non-monetary compensation strategies can impact employee motivation and productivity including, direct pay, fringe benefits, job training and development, employee job
Coming up with a great idea is hard work, but for those people who for one reason or another who cannot come up with ideas but are great workers, they are not being rewarded. “By putting a bonus system in place, you can create an environment that encourages maximum employee performance and rewards those employees who achieve or exceed company expectations.” (Hose) On the other hand, “As long as bosses don't give honest feedback to their employees, performance review and bonus goals will remain nebulous, obvious, easy, and employees will nail them.” (Brenner, 2011)