Total Compensation Methods Paper

Words: 1900
Pages: 8
Open Document
Total Compensation Methods Paper The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to the organization’s success. (Noe, Hollenbeck, Gerhart, and Wright, 2004) Some examples are wage and salary administration, incentive pay, insurance, vacation leave …show more content…
Potential employees see this benefit as a company making an investment in them, resulting in less turnover and more loyal employees. Other types of compensation plans that most organizations offer are forms of paid leave and vacation. (Noe, Hollenbeck, Gerhart, and Wright, 2004) Some of the most common forms of paid leave are holiday pay, sick days, comp – time, and flex-time. Paid leave benefits both the employee and the employer. Paid leave can be used as a tool to retain employees and recruit potential employees that will bring new ideas and aid the company in earning a profit. Paid time off also allows employees to spend quality time with family and handle personal obligations; thus ensuring a positive impact on the company as the employee morale will undoubtedly increase.
Still other compensation methods that look good when recruiting talent are childcare reimbursement and tuition reimbursement. Although it is not typical for a company to compensate an employee for childcare, some companies have plans in place to aid the employee with the financial impact childcare has on working parents. This benefit also shows an employee that the company cares about family. Additionally still, tuition reimbursement programs allow an employee to further their education. Companies will pay for a percentage (if not all) of an employee’s tuition costs as long as the classes are related to the employee’s job. In
Show More

Related Documents: Total Compensation Methods Paper

Week Six Research Paper: Financial Statement Anaylsis

Week Six Research Paper: Financial Statement Anaylsis Christy Vaflor DeVry Univeristy ACCT 312 Professor James Ridilla December 7, 2014 Week Six Research Paper: Financial Statement Analysis Introduction The company I have chosen for my financial statement analysis is the Walt Disney Company. All amounts stated are in millions unless stated otherwise. The Walt Disney is a diverse worldwide company with operations in media networks, parks and resorts, studio entertainment, consumer products and interactive…

Words 952 - Pages 4

Essay on Compensation: Management and Retention Strategy

EXCHANGING VIEWS SERIES, # 4, JUNE 2006 COMPENSATION AS A RETENTION STRATEGY MARIAN COOK FOREWORD FROM EXCHANGE PRESIDENT ShoreCap Exchange (“Exchange” or “SCE”), a non-profit sponsored by ShoreBank Corporation, was established to help build stronger local banks and microfinance institutions (MFIs) that serve the poor in developing rural and urban economies, primarily in Africa and Asia and to a lesser extent, in non-EU Eastern European countries. To achieve its goals, Exchange uses a blend of…

Words 7119 - Pages 29

Essay on E35Acquisition and Eliminating EntriesBargain Purchase amounts

Investment in Sherman 2,980 Merger expenses 40 Cash 2,790 Gain on acquisition 230 Calculation of gain on acquisition: Fair value of Sherman = $2,500 + $100 + $100 + $250 + $30 = $2,980 $2,980 – $2,750 = $230 gain b. Consolidation working paper elimination entries: (E) Stockholders’ equity–Sherman 2,500 Investment in Sherman 2,500 (R) Inventories 100 Land 100 Other plant assets, net 250 Long-term debt 30 Investment in Sherman 480 Note: Acquisition costs are expensed separately…

Words 1205 - Pages 5

Compensations and Benefits Essay examples

Benefits and compensation of employees Saim Montakim Professor: Barbarann Ott Stony Brook University…

Words 1635 - Pages 7

Essay about Chapter 11 Strategic Pay Plans

STRATEGIC IMPORTANCE OF TOTALEMPLOYMENT REWARDS Total employment rewards: integrated package of all rewards (monetary and non-monetary, extrinsic and intrinsic) gained by employees arising from their employment. Encompass everything that employees value in the employment relationship. There are a variety of models to define the elements of total employee rewards. See below: WorldatWork conceptualized the total rewards model within 3 categories: 1) Compensation (extrinsic)  monetary 2) benefits (extrinsic)…

Words 5024 - Pages 21

Bond and Common Stock Essay

Circle the letter to indicate the best answer. If it is a computational problem, show the computations beside the problem. You will receive NO credit for an answer that is unsupported by computations. Print the assignment on unlined paper and print on both sides. This assignment is due February 22. 1. The recording of nonconvertible bonds at the date of issue is the same as the recording of straight debt issues. A) True B) False 2. A company should allocate the proceeds…

Words 2167 - Pages 9

Cake Consulting Essay

C.A.K.E. Consulting Caring, Acting, Knowing, Experiencing Total Compensation 3255 (S50) Phase I Raman & Harveen Ferhana Chaudhary Rachit Jain Daniel Lal Raman Sidhu Henry Wang EXECUTIVE SUMMARY C.A.K.E. Consulting is a consulting firm that specializes in compensation and rewards system management. Our current client, Duplox Copiers Canada Limited, is experiencing serious performance problems including: * High employee turnover * Decreased employee morale * Increase…

Words 13854 - Pages 56

Essay about Hrm 599 Week 3 Assignment 1 a Growing Small Business Hrm599 Week 3 Assignment 1 a Growing Small Business

Write a five to six (5-6) page paper in which you: 1. Provide a brief summary, in your own words, of your selected company’s overall business strategy. Next, determine the direction you visualize the company growing within the next five (5) to ten (10) years. Hint: Review the common…

Words 3649 - Pages 15

SylSpring2015 Online Essay

regulations the need to support creativity, innovation, and learning at both the individual and organizational levels the need to recruit and select people who match organizational requirements, in a competitive labor market the need to manage compensation and other rewards to attract, retain, and motivate organizational members the need to manage an increasingly diverse workforce the need to develop and manage a variety of flexible working arrangements, including part-time and contract employment…

Words 1943 - Pages 8

Allied Office Product Case Study Essay

Question 1 Activity Based Service Cost for the TFC business Activity | Total Activity Cost ('000) | Activity Driver | Usage | Actual Cost | Storage | $ 1,550 | Number of Cartons | 350,000 | $ 4.43 | Requisition Handling | $ 1,801 | Number of Requisition | 310,000 | $ 5.81 | Basic Warehouse stock selection | $ 761 | Number of Requisition × 2.5 lines | 775,000 | $…

Words 1343 - Pages 6