With human resource management becoming the most comprehensive subject when it comes to the management of people in organizations, it is imperative to reiterate the importance of worker compensation in the confines of managing labor. The chief purpose of this term paper is to analyze the Soergel (1) report on the state of employee compensation in the U.S. Based on the report that was presented by the Labor Department of the United States; there were not changes in the patterns of employee compensation in the country. Therefore, it is quite necessary to explain the trend and the implication for work input and the upcoming performance of the labor market as a whole.
Overview of the compensation report (Labor Department)
The dynamics in the contemporary economic arena signifies the creation of forces that lead to the burgeoning of the cost of living. The heightened cost of life requires that the employees implement changes in the compensation schemes to allow the workers to have wages that can meet their needs. However, the report released in June 2015 by the Labor Department indicated minute changes in employee compensation. According to Mui (para. 1-4), the labor data reflects changes whereby the increase of wage for workers is somewhat stagnant compared to the ever increasing number of benefits. The statistics indicate an increased of only one percent for a period ranging from December 2014 to March 2015. The report by the Department of Labor matches with the observation made by the Bureau of Economic Analysis (BEA) about the disposable income. The report from the department that came out in April indicated that there was only a 0.4 percent increase in the d...
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... show the trickling down of the practice of worker rewards from to top managers to rewarding work and employee performance in across all the levels of employment. The reason for such broad-based programs of reward is the inculcation of a culture of performance that drives improved organizational output (Cohen para. 1-5).
The labor market practices paint a picture where there is a search for the standards of awarding the workers for each unit of input. All factors signify the focus on other aspects of labor compensation part from the traditional wage factor. The greatest challenge could revolve around the setting of a neutral ground for non-wage compensation, considering the dynamics of completion in the labor market.
Cohen Patricia. “One-Time Bonuses and Perks Muscle Out Pay Raises for Workers.” The New York Times, 2015. Web. 05 Jan. 2015. .
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