Compensation Philosopy Week 3

In: Business and Management

Submitted By villagomez
Words 537
Pages 3
Compensation Philosophy Assignment Wk 3
By Humberto Villagomez

Compensation is the total amount of the monetary and non-monetary pay provided to an employee for his or her work. Compensation can be based on market research about the same worth of similar jobs in the marketplace, employee contributions, and accomplishments the availability of employees with similar skills. Compensation can also include payments such as bonuses, profit sharing , overtime pay, merit programs, or even sales commissions. Also compensation can come in non-monetary forms such as stock options, company paid housing, or company paid car.
Compensation philosophies are created by the Human Resource Department in collaboration with other departments within the organization. This philosophy is based on many factors. These factors include Companies financial position, the size of the organization, objectives, compensation surveys, qualified applicants based on the economy and the organizations overall current circumstances.
A good compensation philosophy supports the organization strategic plans, business goals, objectives, and reward strategies. Most compensation philosophies support the following: * Identify the organization pay systems or programs * Identify how pay systems help promote the organizations business strategy and human capital needs. * Good compensation systems attract more people to join the organization. * Motivate employees to perform at their best. * Define how an organization plans to pay and reward completely, based on business conditions and competition.
Companies rely on strategic ways on getting information like compensation surveys. They use these surveys set pay and recruit the best applicants and to retain high valued employees. Compensation professionals create market competitive pay systems based on four activities: *…...

Similar Documents

Compensation and Benefits Week 3

...Week 3 Assignment There are many aspects of a business. Every business needs employees who must receive some sort of compensation. Compensation is offered by the employer to the employees for their work and effort that they invest into the company. Compensation isn’t only a salary, it can include commission, overtime pay, a chance to buy stock, and bonuses. Okay, so you get hired that means you will get paid, but how is it determined what you will receive for pay. First and foremost every state has a minimum wage they have to pay. Second how much does the company have for salaries, and most importantly employees level of skills, knowledge, and how much of that they can use in their position. The FLSA (Fair Labor Standards Act) tops the list. The Act dictates five key compensation laws that govern child labor, equal pay, minimum wage, overtime pay, and recordkeeping requirements. These rules are particularly relevant to non-exempt employees. Familiarity with FLSA is essential for all small business owners. ( Compensation Philosophy is basically the breakdown of the employees compensation. Why they get paid what they get paid. It is usually put together by the Human resource team, management, several consultants, and some employees. A lot of it is depended on how difficult it is to have a specific position filled. Obviously the economy plays a big part, competitors, and the size of the organization.......

Words: 515 - Pages: 3

Devry Hrm 430 Compensation and Benefits Week 3 Assignment

...HRM-430 Week 3 Assignment Compensation embodies both the intrinsic and extrinsic rewards employees obtain for accomplishing their jobs. Collectively, both intrinsic and extrinsic compensation refer to a company’s total compensation system. Innate compensation replicates employees’ psychological mind-sets that stem from accomplishing their duties. Extrinsic compensation consists of both financial and nonfinancial benefits. Organizational development professionals promote intrinsic compensation through effective job design. (Martocchio 4) Compensation is based on the following: • market study regarding the value of comparable jobs in the marketplace, • employee contributions and achievements, • the accessibility of employees using comparable skills in the marketplace, • the need of the employer to appeal and retain a certain employee for the value they are recognized to add to the employment relationship, and • the profitability of the company or the funds available in a non-profit or public sector setting, and thus, the ability of an employer to pay market-rate compensation. “Compensation moreover comprises payments such as bonuses, profit sharing, overtime pay, recognition rewards and checks, and sales commission. Compensation can also consist of non-monetary perks such as a company-paid car, stock options in certain instances, company-paid housing, and other non-monetary, but taxable, income items.” (Heathfield) Overview of Compensation Philosophy A......

Words: 812 - Pages: 4

Annual Compensation Week 3

...main(String[] args) { /* * The following lines create the SalesClass object called SalesClass. * This will use the output of a double method, "Utils.getDoubleInput". * The creation of the the SalesObject is through the execution of the * SalesClass constructor that is dependent on a nested call to the * Utils.getDoubleInput method which needs a string input to run. The * string in this case is "Enter the annual sales:" * The variable salesDouble is retruned and displayed as the calculated * total annual compensation amount. * A new object is then created with the PotentialClass. This will use * the salesDouble value to create a table of potential annual * compensation adding $5,000 to to the salespersons total annual * compensation and keep adding $5,000 until the calculation reaches * 150% of annual sales. * */ SalesClass SalesObject = new SalesClass(Utils.getDoubleInput("Enter " + "annual sales: $")); System.out.println("Total annual " + "compensation: $" + Utils.numFormat(SalesObject.salesDouble)); // PotentialClass PotentialObject = new // }// End of main method }// End of controlling class class Utils { // Begin class Utils /* * Method numFormat formats number to ##,##0.00. * Input: single argument of type double. * Output: return value of type String containing formatted input */ static String numFormat(double dec) { return new DecimalFormat("##,##0.00").format(dec); } // End of numFormat method within class Utils /* *......

Words: 938 - Pages: 4

Hrm531 Hrm/531 Compensation and Benefits Strategies Recommendations Week 3

...HRM531 HRM/531 Compensation and Benefits Strategies Recommendations Week 3 Download 100% accurate A++ and most economical answer from here Complete the Compensation and Benefits Strategies Recommendations task as described in the Email from Traci on the Atwood and Allen Consulting Page. Hello, For this task, I need you to work with a team. You will only be able to work with one client, though, so everyone in your team must agree on which client to work with. I need you to develop some compensation and benefit recommendations for the client. Don't forget to check the Client Communications link to see a copy of my communications with the client regarding this issue. In your recommendation, make sure you do the following: Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective. Recommend a compensation structure. Recommend the position in the market. Create a total compensation and benefits strategy. Consider the use of performance incentives and merit pay to recognize and engage employees. Identify laws related to the benefits and pay program. Your recommendation should be no more than 1,750 words. Please have this to me by the end of the week. Download 100% accurate A++ and most economical answer from here http://www.homeworkmarket...

Words: 274 - Pages: 2

Hrm 531 Week 3 Compensation and Benefits Strategies Recommendations

...A++PAPER; HRM 531 WEEK 3 COMPENSATION AND BENEFITS STRATEGIES RECOMMENDATIONS Complete the Compensation and Benefits Strategies Recommendations task as described in the Email from Traci on the Atwood and Allen Consulting Page. Learning Team Assignment: Compensation and Benefits Strategies Recommendations Purpose of Assignment For this task, Traci has asked your team to develop compensation and benefits strategies for your client. It is important to understand the relationship of compensation and benefits to achieving business objectives and employee attraction and retention. You will also need to consider the increasing cost of compensation and benefits and appropriate actions management may take to maintain or reduce this cost factor. It is important that any business have a compensation and benefits plan that not only attracts and helps to retain quality employees, but also allows the business to survive financially. Resources Required Week Three e-mail from Traci and Week Three client communications Includes results of a market evaluation Recommends a compensation structure Recommends position in the market Includes a total compensation and benefits strategy Includes the use of performance incentives and merit pay to recognize and engage employees when appropriate Identifies laws related to benefits and pay programs The recommendation......

Words: 266 - Pages: 2

Acc 201 Week 3 Acc201 Week 3

...201 WEEK 1 CHAPTER 1 AND 2 PRACTICE EXERCISES Complete the following practice exercises from Chapter 1 and 2 and submit them to your instructor. This assignment will be graded as a completion only to allow you to transition into the subject matter during the first week. The instructor will post the answers to these exercises by the end of Day 6 for you to check your accuracy and comprehension on the subject matter. Exercises: 1-2, 1-4, 1-9, 1-12, 1-18, 2-1, 2-3, 2-19, 2-22, 2-25.  ACC 201 WEEK 1 MEMO TO BLAIR Complete the writing assignment, ATC 1-4 from Chapter 1 and submit to your instructor.  ACC 201 WEEK 2 DQ1 FRAUD Discuss in general the ethical issues when employees are tempted to defraud their employer or when companies defraud the public. What sort of situations can lead to this behavior? What are the costs of fraudulent behavior? What kind of controls can help prevent ethical problems? Cite an example of unethical behavior (not necessarily limited to fraud) that you are aware of from personal experience or have read about that is related to business. After you have posted your original thread be sure to respond to at least two other students’ original threads.  ACC 201 WEEK 2 DQ2 DEBIT CREDIT Read and answer Chapter 4, Question 21 on the effects of debit and credit memo’s on the Cash account. Explain in 200 words. Respond to at least two of your classmates’ postings  ACC 201 WEEK 2 CHAPTER 3 PROBLEMS Complete the following problems from Chapter 3......

Words: 1071 - Pages: 5

Abs 415 Week 3 Abs415 Week 3 ABS 415 WEEK 1 DQ 1 (ASH COURSE) Week 1 DQ 1 Discovering Strengths in Leadership In a 250-300 word post, evaluate why it is important for leaders to know their strengths.  Do you think leaders should spend equal time learning about their weak points?  Respond to two classmates'  postings.  ABS 415 WEEK 1 DQ 2 (ASH COURSE) Week 1 DQ 2 Ethical Leadership After watching the Ethical Leadership: Why Should We Care About Value Leadership video, assess why positive attitudes are essential for leaders.  In addition, share how the filters of the value system impact the attitude of an ethical leader.  Lastly, why is leadership more concerned with people than management.  Respond to two classmates' postings.  ABS 415 WEEK 2 DQ 1 (ASH COURSE) Week 2 DQ 1 Developing Emotional Intelligence in Leadership Do you think it is appropriate for a leader to spend time developing a team’s emotional intelligence (EI)? Why or why not? What would be the advantages/disadvantages? Discuss specific circumstances/influences/parameters that may impact a leader’s decision to spend time fostering the development of EI.  Your initial post must contain a minimum of 250-300 words. Respond to two of your classmates’ postings. ABS 415 WEEK 2 DQ 2 (ASH COURSE) Week 2 DQ 2 Elements of Emotional Intelligence in Leadership Evaluate which of the four......

Words: 1419 - Pages: 6

Acc 423 Week 3 Acc423 Week 3

...ACC 423 Complete Course ACC423 Complete Course Click Link for the Answer: ACC 423 WEEK 1 DISCUSSION QUESTION 1 Why do companies offer stock options?  What is the experience of either your organization or an organization that you are familiar with when it comes to stock option compensation?  Should stock option compensation be included as an expense when calculating an organization’s net income?  Explain why or why not. If so, how should the amount of expense be calculated? ACC 423 WEEK 1 DISCUSSION QUESTION 2 What are the differences between basic and diluted earnings per share?  What are the differences between the numerator and the denominator in the basic and diluted earnings per share calculations?  What actions can an organization take in order to improve their earnings per share?  What is the experience of either your organization or an organization that you are familiar with when it comes to any of these actions?  As an investor, do you evaluate a company as a potential investment using basic or diluted earnings per share? Explain why. ACC 423 WEEK 1 INDIVIDUAL ASSIGNMENT OWNERS EQUITY PAPER Resources: Intermediate Accounting and Electronic Reserve Readings Prepare a 700- to 1,050-word response to the following questions:   ·         Why is it important to keep paid-in capital separate from......

Words: 2142 - Pages: 9

Hrm 531 Week 3 Compensation and Benefits Strategies Recommendations

...HRM 531 WEEK 3 COMPENSATION AND BENEFITS STRATEGIES RECOMMENDATIONS A+ Graded Tutorial Available At: Visit Our website: Product Description HRM 531 Week 3 Compensation and Benefits Strategies Recommendations Compensation and Benefits Strategies Recommendations In modern business different types of resources are used to accomplish company goals and compete in the marketplace. None of the other resources are as diverse and difficult to control as the human resource. Humans are needy and greedy. They need benefits and desire compensation. This makes it hard to control and maintain a stable workforce. This is why companies offer benefit packages and compensation to employees. Landslide Limousines is no exceptions to compete in the transportation marketplace they must maintain their employees and hold their skill personnel. In this paper, several recommendations benefits and compensation packages shall be made for Landslide. Results of a Market Evaluation On account of tight competition, hiring qualified and experienced limousine drivers in Austin, Texas for a small start-up business is challenging. Austin has a large number of competing limousine businesses operating in or near the Austin area. 441 competing companies in Austin create a number of issues when it deals with human resources. Among the problems one could expect in this market......

Words: 594 - Pages: 3

Hsa 530 Week 3 Hsa530 Week 3

...Complete Course Click Link for the Answer: HSA 530 Week 1 Discussion "Changes in Human Resource Management (HRM) and Employment Law"  Please respond to the following: * * From the scenario “Learnscape 1: More Help Needed – Now!”, examine the role of human resources in health care organizations. Suggest a key characteristic that is required by HR to establish effective relationships with line managers, indicating the likely impact to the organization. * * From the scenario “Learnscape 2: Tough Dad Approach”, recommend a strategy that HR can use to address complaints related to a specific employee rights issue. Provide support for your recommendation.  HSA 530 Week 2 Discussion "Human Resources Activities and Relationships"  Please respond to the following: * Analyze the HR function you believe to be the most important to the overall success of the organization. Provide one example to support your rationale. * * From the scenario “Learnscape 3: The Silent Group”, analyze the role that line managers in health care organizations play in developing HRM. Provide an example to support your analysis. HSA 530 Week 3 Discussion "Job Descriptions and Employee Training and Development"  Please respond to the following: * Go to the Joint Commission’s Website located......

Words: 3978 - Pages: 16

Fin 534 Week 3 Fin534 Week 3 FIN 534 Week 1 Discussion Discussion 1: An Overview of Financial Management A. What were the principal causes of the recent financial crisis (it is known as the Great Recession)?  Would you include Government policies that encouraged housing purchases for those who could not afford them, artificially low interest rates implemented by the Federal Reserve, banks and mortgage brokers who were greedy, the failure of Government regulators to provide proper oversight to the banks and other financial institutions, individuals who borrowed and spent more than they should have, or some other causes? B. From the e-Activity, examine ethical behavior within firms in relation to financial management.  Provide at least two (2) recent (in the last 5 years) examples (other than Enron, WorldCom, and Bernie Madoff) of companies that have been guilty of ethics-based malfeasance related to financial management.  What were the specific sanctions that were imposed and explain why the sanctions and penalties were appropriate?  C. How do you describe the significant changes that have occurred in the CFO (chief financial officer) position in recent years?  What changes do you think will occur in the future?  Provide specific examples that are supported by at least two credible references accompanied by proper reference citations.  (See the Instructor Insights section of the classroom for some reference materials.) FIN 534 Week 2 Discussion......

Words: 11930 - Pages: 48

Eco 550 Week 3 Eco550 Week 3 ECO 550 Week 1 Discussion "Supply and Demand" Please respond to the following: * From the scenario for Katrina’s Candies, identify some key factors that you believe have the greatest impact on the demand for (and the supply of ) Katrina’s Candies.  Use the graph below to distinguish between "changes in demand and/or supply" and "changes in the quantity demanded and/or quantity supplied". What could account for the initial change indicated in this market? Will Katrina's price (P) be increasing or decreasing as a result, and what is likely to happen to their volume of sales (Q)?  ECO 550 Week 2 Discussion "Estimating Demand and Its Elasticities" Please respond to one of the following: * From the scenario for Katrina’s Candies, examine the procedure Herb will use to estimate the demand model developed in the scenario for Week 1. Would you expect to find elastic or inelastic demand for products within the industry relevant to Katrina’s Candies ... and why?  What factors do you believe will be most influential when making pricing decisions for Katrina's products? * (For those who like math): Data has been collected from 15 regions where Widgets were sold last month. See table below: Region | Quantity Sold | Price of Widgets (in dollars) | Median Income (In thousands of dollars) | Pricie of Zuggies (in dollars) | 1 | 20 | 14 | 30 | 15 | 2 | 25 | 13 | 30 | 15 | 3 | 15 | 15 | 35 | 10 | 4 | 30 | 12 | 28 |......

Words: 7019 - Pages: 29

Bus 515 Week 3 Bus515 Week 3 BUS 515 Week 1 Discussions "Understanding OM" Please respond to the following: Compare and contrast an existing organization’s three major functions (i.e., finance, marketing, and operations), and then justify the interdependence that operations have to finance and marketing. Provide examples to support your rationale. BUS 515 Week 2 Discussions "Operation Strategy and Competitiveness" Please respond to the following: Choose one existing business operation and analyze its strategy. Suggest the competitive priorities that the business used in the development of its operations strategy. Evaluate how well or how poorly the chosen strategy supports that business’ vision, mission, and business plan. Provide support for your rationale. BUS 515 Week 3 Discussions "SCM" Please respond to the following: Select three (3) problems that brick-and-mortar organizations face as they transition toward becoming virtual organizations. Debate whether the operations of virtual organizations exacerbate brick-and-mortar organizations’ existing problems or whether they create new problems. Provide specific examples to support your rationale. BUS 515 Week 3 Assignments Assignment 1: Vice President of Operations, Part 1 Due Week 3 and worth 200 points Scenario: Imagine that you are the vice president of operations at a production or service organization. You......

Words: 1882 - Pages: 8

Acc 317 Week 3 Acc317 Week 3

... ACC 317 Week 1 Discussion "Corporate Tax Resources" Please respond to the following: According to Meyer (2015), clients have business plans and dreams but may have no clue how to structure a company, and they likely don’t know how this important structural decision can affect them down the road.  Please review the article below and the reading for the week and examine at least one (1) advantage and one (1) disadvantage of choosing the corporate structure for income tax purposes. How to help clients pick the best entity for their business. ACC 317 Week 1 Homework 1 Homework * Chapter 17: 28, 38, and 45 * Chapter 18: 33 and 44 ACC 317 Week 2 Discussion Executive Compensation” Please respond to the following. In the article in titled Executive Compensation: What's Reasonable?   by Philip Garrett Panitz, the author cautions CPA’s in advising clients on the tax issue of executive compensation. The author suggests that the deductibility of executive compensation is one of the biggest and potentially most dangerous tax issues facing corporations.  Read the article and examine why you think excessive compensation continue to be an issue raised by the IRS in closely held corporations. ACC 317 Week 2 Homework 2 Advanced Federal Taxation Homework: * Chapter 19: 32, 42, and 51 ACC 317 Week 3......

Words: 3530 - Pages: 15

Week 3

...Week 3 1) Index- A file that relates key values to records that contain those key values. 2) Systables- The portion of the system catalog that contains table information. 3) primary key- A minimal collection of columns in a table on which all columns are functionally dependent and that is chosen as the main direct- access vehicle to individual rows. 4) foreign key- An column or collection of columns in a table whose value is required either to match the value of a primary key in a table or to be null. 1. Define entity integrity and referential integrity Entity integrity is the rule that no column that is part of the primary key may accept null values. Referential integrity is the rule that if table A contains a foreign key that matches the primary key of table B, then the value of this foreign key must either match the value of the primary key for some row in table B or be null. 2. Can a view be a form of security? Explain! A view can be a form of security because you can control what data can be rendered in that view therefore protecting what’s not seen in that particular view. 3. Provide example of CREATE TABLE command. When would you use this command? I see (SmallCust table, into precedes From) but do not know what to do with these commands. I don’t know how to exactly write them please provide some examples of how exactly these should look. 4. What is the difference between DROP and DELETE commands? It depends on if your using the drop index or drop......

Words: 349 - Pages: 2