Compensation Strategy In An Organization
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Compensation Strategy In An Organization
Compensation Strategy Select an organization with which you are familiar and describe the type of compensation strategy it uses.
Guided Response:
Be sure your response is between 200-300 words and includes at least two scholarly references, one of which should be our course text. Respond to at least two classmates’ posts.
I need to respond to these two student’s discussion
Reply to Katise Aiken
An organization I am familiar with is Peoplease. This company has been around forever twenty years. We are a small company with about 60 employees. I am a Payroll Specialist and I have been with this company for over 11 years. The company provides services such as payroll, HR, benefits, and tax for mainly trucking companies all over the United States. The strategy that fits this company is the “total rewards strategy, including compensation, benefits, work-life effectiveness, recognition, performance management, and talent development” (Weathington, 2016. Ch. 1.2). When I first started at this company, the perks are what drew me to this company. The starting pay was decent, especially with no experience. We got a fairly good raise each year in addition to a nice size bonus. The benefits are exceptional. All Single medical coverage is paid 100% by the company. The coverage includes dental, medical, vision, and life. They offer tuition reimbursement for courses taken that is related to your job.
Our company, as well as our clients, recognize employees for doing a good job. With being recognized there is also a reward given whether it’s money or a letter recognition. The 401K plan is great, it consists of a match up to 4%. If a company keep the focus on compensation strategy that can and will build morale and with keep the employees motivated to do their job. “Compensation represents by far the most important element in the employment relationship and is of equal interest to the employer, employee and government” (Bhatia, 2010. pg. 2). Keep in mind compensation strategies will help motivate, but will also attract new good and qualified candidates to the company.
Bhatia, K. (2010). Compensation management. [electronic resource]. Mumbai; Himalaya Pub. House, 2010. Retrieved from: http://eds.b.ebscohost.com.proxy-library.ashford.edu (Links to an external site.)Links to an external site.
Weathington, B. L. & Weathington, J. G. (2016). Compensation and benefits: Aligning rewards with strategy [Electronic version]. Retrieved from https://ashford.content.edu (Links to an external site.)Links to an external site.
Reply to Ana Rojas
Hello professor and classmates.
The organization with which I am familiar with is a Bank but have never worked there. The type of compensation strategy it uses is through salary, bonuses, vacation, sick days, 401k, commissions, and insurances. As it says in our text is an excellent strategy “to keep the new potential hire focused on performance and not distracted by personal matters” (Weathington & Weathington, 2016, Sec. 1.2). This organization has a desirable approach to recruit the right employees. This technique will avoid absences, turnovers and the temptation to take advantage to request more of what is set.
They offer salary depending on the experience and market. They make an appointment specifically to negotiate with the possible future employee before any decision.
Bonuses are always on the table. Every employee who goes to a general doctor will receive an amount of $300-$700 annually. There are other types of written test about a daily routine that they can go and get a bonus.
Vacation is paid for three weeks. In case that an employee does not use it, the money is transferred to them.
They give around ten days for the sick days.
The 401k works by taking whatever the employee wants from 1% to 6% from each check. The bank doubles the amount of each dollar. This amount could be retired in cases that employee leaves for the total amount and in any case.
Commissions work in a private matter. However, chargeback is applicable. This action means that if the customer terminates the offer the employee needs to pay the points back to the organization. This system applies for the next six months people enrolled. After that no chargeback is applicable.
Insurance plan is great. It offers health in vision, dental, general and specialists. They can cover the whole family. The fee is around $600 monthly for all.
Compensation is one of the Bank’s strengths. However, I have heard that some of the bonuses as the one for medicals are not available anymore starting this year and some others will discontinue because their system is interested in incorporating another technological strategy with fewer employees. Another reason could be because of the recent financial crisis our country and society has been experiencing (Proctor & Murtagh, 2014). Many organizations were obligated to implement this cut. Previous employees from the bank say that the rate of commissions and bonuses were multiple times better before than what is today.
Reference
Proctor, R. & Murtagh, J. (2014). Incentive compensation for bank CEOS and CFOS before and after the financial crisis. Journal of Legal, Ethical and Regulatory Issues, 17(2), p.61. Retrieved from http://bi.galegroup.com.proxy-library.ashford.edu/global/article/GALE%7CA397579854/9b3aaa91dafaf767eb0a184e7eceb4d4?u=ashford
Weathington, B. L. & Weathington, J. G. (2016). Compensation and benefits: Aligning rewards with strategy [Electronic version]. Retrieved from https://ashford.content.edu
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. 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The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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