Satisfied employees help a company’s productivity stay high. Therefore, compensating an employee’s work for something they find valuable is very important. Compensation can be a myriad of things. In the more traditional compensation packages money would be a large part called a base salary. Benefits are generally included like health, welfare and retirement. If the company is large enough they may offer a profit sharing plan as well. However, there are non-monetary ideas that would help increase WHB&D’s quality of work and the quality of employee satisfaction. In order to help this firm improve its’ compensation package the original package must be reviewed.
WHB&D is a small company that is mainly ran by older employees. One day the father will retire and his son would take over the accounting firm. The first thing the business should do is offer wages that are equal or greater than the competitive rate. Right now employees are beginning to feel stagnant and underpaid. Not only are current employees unsatisfied the four partners are having a difficult time filling the two positions that have become available. WHB&D pays well below the standard competitive amount. Young, industrious job candidates aren’t attracted to their job posts because they don’t see room for growth. For those that are looking for their first job in their field it would seem like the perfect job. However, the partners don’t want someone inexperienced, they practically want CPA’s to do the bookkeeping on a bookkeeper’s salary. For many that are bookkeepers they either did not go to college or they just obtained a bachelor’s in accounting. Certified public accountants have passed a rigorous test and have put in hours of work to receive their title. Wages...
... middle of paper ...
...ounger employees are benefit off insurance because many are planning to have children in the near future. One of the largest problems the accounting firm has is that they do not pay the competitive wage for what is expected of staff accountants. The company is losing a lot of potential job candidates with the wages they are offering. In order to create longevity for the firm the entire compensation package needs to be analyzed and restructured.
WHB&D would benefit from compensation restructuring because they would help increase their likelihood of getting high quality new hires. It no longer can just work for the employees that currently work there, goals must be created for what the future of the firm will look like. Although, the compensation package being offered right now and the lack of overtime pay is creating animosity between bookkeepers and the partners.
Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may have not been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor.
The situation at the Twin Oaks Hospital is a conundrum that every human resource function would not like to be involved. It is a scenario that has the potential to derail the services of the medical facility. The primary issue, in this case, is remuneration. Employees are demanding an improved wage system that reflects on the services that they offer. In the claims, there appears to be an array of disparities that the line managers must give a response. Seemingly, there have been some grumbles over the wage structure. Employees who give the same value of services are paid varying amounts of money. Ordinarily, if workers discover such a disparity, they are likely to stage a go-slow in protest. There is,
Deciding which pay form to use when compensating employees is extremely important to a company. Many things are taken into consideration: labor costs, the correlation between performance and pay, customer service, and the ability to attract and retain employees which is extremely important to FastCat’s need for innovation. We believe a single pay structure coincides with our single based plan for the organization. We want to keep things simple and understandable to all areas of the organization. This strategy will allow employees to understand how their performance and the performance of others relate to the success of the company through specific measures. It is also important that the strategies align with the objectives of FastCat. We beli...
In April 2010, KK BB, the CEO of Marshall & Gordon, a leading public relations firm met with the firm’s leadership committee off-site in Miami. This off-site brought together Marshall & Gordon’s executive committee, practice and regional heads, and senior HR officers to discuss on redesigning the firm’s compensation system. A global advisory taskforce, under the direction of an external consulting firm, had spent three months collecting and analyzing data. Marshall & Gordon hired external specialists to design the new performance management program. The specialists proposed that the senior managers and human resource form a global advisory unit together with Marshall & Gordon partner to represent the firm’s five regions of the firm and lead the design process. The advisory unit surveyed all consultants in February in order to understand their way of thinking about the fairness, worth, and effect of the current performance management system. Majority of the interviewees responded to the corporate surveys implying that the subject was topic was especially exciting to them. Interviews gave insights on present and prospective business plans and direction. The survey also showed that specific focus across certain employee populations should be given. Six current hires from key competitors were also interviewed to comprehend competitor pay practices and compensation program structures. Further focus groups discussions and key information interviews enabled the taskforce’s to understand the needs of certain groups within Marshall & Gordon’s worker population. The survey culminated with the taskforce conducting interviews of 20 partners and principals togeth...
A fair and equitable compensation plans should factor in what employees perceive as valuable based on each employee particular situation. Such rewards should provide a balance of intrinsic and extrinsic benefits. Perks and benefits can make or break a company's ability to attract and retain workers in any industry and not just the fast food industry. Providing benefits such as health insurance benefits such as paid holidays and paid vacation time, will show employees that they are valued team member of the company.
...r investigate what sort of rewards or fringes would their employee’s desire compared to the old method of monetary incentives for the beneficial for the company”.
Many of Harrah’s employees deemed the goals set by Winn’s current incentive program to be unrealistic; on the other hand, others felt a sense of entitlement for bonuses. Therefore, Winn’s job is to provide a recommendation to Gary Loveman, on how to motivate and get employees energized. In order to motivate the employees, Winn had implemented an incentive pay plan to rewards Harrah’s employees in all of its properties for improving customer service. The company’s purpose for incentive program was to implant a competitive mindset in its employees as well as to show the employees that they are core of the...
Bill Bailey should base his decision by keeping in mind Stacey Adams’ Equity Theory of Motivation. This theory explains how motivation is affected by people’s perception think they are treated by management. If an employee perceives him/her inequitably underpaid (outputs), relative to others with similar qualifications such as education or work experience (inputs), their motivation will suffer and their performance could decrease so as to eliminate perceived inequities (Schermerhorn, 2011).
Corporations are looking for new ways to improve employee performance as well as remain competitive. Pay for performance is one method some businesses are utilizing to improve employee performance. Performance-based compensation exists when compensation is tied directly to that portion of an individual’s performance that can be effectively measured. There are a number of ways in which this may be accomplished and a number of examples as well how it is applied. One of the oldest examples is taken from the ancient Egyptians, where slaves working in the pyramids were given bread for superior performance. Payment of commission for sales production is one of the methods used today.
Remuneration management is defined as the sum received for an employment or service delivered, this includes the money received on a monthly basis as well as benefits given as rewards (investopedia,para.1 ). Individualism need to be taken into account when implementing these remuneration structures or reward schemes, equal pay plays a role in balancing earnings among the diverse workforce (Shen, Chanda, D’Neetto and Monga,2009,p.241). The Woolworth’s Holdings uphold remuneration policies which have the purpose of making sure to attract and hold on to the best talent, that they are congruent with the strategies of the company and are the determinants of performance during the short and long phases. The policy considers the board members and the employees. This policy manages employees of the company by giving...
Holland Enterprises is on an innovative planned trend, to invite and maintain the utmost talented employees and to decrease opportunity. The Human Resource Department had the responsibility that has initiated a winning team with a different compensation strategy. The compensation strategy contains of financial pay, and in thoughtful rights of imports and amenities. Holland Enterprise employer’s duties guarantee that their drivers recognize that they are motivation, they obtain the implements they want to be effective in their employment with Holland Enterprises. Their obligation founds an idea and marks accurate potentials.
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assuming the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by my city’s largest employer, Holland Enterprises, this paper presents a revised compensation and benefit strategy that suits the firm. This proposal describes how an effective compensation and benefit system could contribute to organizational effectiveness in the firm, the principle components of the revised compensation and benefit system for the
Tomax Corporation has 400 employees and wishes to develop a compensation policy to correspond to its dynamic business strategy. The company wishes to employ a high-quality workforce capable of responding to a competitive business environment. Suggest different compensation objectives to match Tomax’s business goals.
Compensation for today 's average worker has always been a highly sensitive topic for any employer. Determining fair compensation can be a overbearing task as there are many contributing factors that make up the general pay scale. When determining pay a company must always consider the hourly amount, the benefits that may be offered, any incentive that could potentially be incurred and ensuring that their employee have an established work life balance. For an employer to be successful in determining compensation for their associate they must remain grounded around 1 key principle. An employees compensation is determined by expertise, education and the daily duties performed by the employee.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay