The focus as such now falls on responsible governance (Muller, 2012).
Chapter 13 questions
1) Strategic importance of benefits
Today, the dynamics of the business environment are suffering dramatic challenges, emerging from various fields. Customers for instance become more demanding; the domestic and international competition intensifies; the technologies rapidly evolve and there is increased social pressure towards environmental sustainability (Brooks and Weatherson, 2000). In such a setting, it is imperative for the economic agents to rely on their staff members to help address these challenges. Today then, the employees are no longer just the force operating the machines, but they are the most valuable organizational asset (Mayo, 2001). In the creation and implementation of the benefits, it is essential for the employers to consider the differences between the motivating factors of various employees.
2) Health care costs
The health care situation in the United States has been growing more and more severe as the medical act become more solicited, as well as more expensive. The aging of the population, the increasing living standards or the technologic advancements all increase the costs of health care (Weinberg, 2007). And these costs are reflected at the level of employers, who are less and less able to ensure full medical coverage for their staff members, and this materializes in employee dissatisfactions, pressures and even conflicts between employers and employees.
The issue of the rising health care costs nevertheless is one of national importance, with ramifications obvious not only within the business climate, but at the level of the entire society. In such a setting then, it is believed that a solution should also be supported by the state, rather than...
Compensation Philosophy Introduction Compensation philosophy refers to the approach that a company takes to determining compensation. Total compensation is a mix of pay and benefits, and the structure that the pay takes as well. The compensation philosophy should be aligned with the company’s overall strategy. For example, Wal-Mart pays at low rates in order to help it compete on a low cost basis – a lower cost of doing business is conducive
This plan will help a company to cope with the challenges of having a high rate of employee turnover since the employees with get satisfaction in their work places from the bonus of their hard work. All in all, reward and appraisal are important tools used to ensure that employees are motivated and dedicated to their work hence retaining them and improving of the company's productivity. Therefore, every company should
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Compensation is a sub-discipline of Human Resources Management and has become even more critical for organizations in the 21st century. Compensation, of course, is the salary or pay an employee receives from an organization and may fall into four categories: 1) Guaranteed Pay (fixed), 2) Variable Pay (Performance or results based); 3) Benefits (Medical, etc.), and 4) Equity-Based Compensation (Stock or organizational programs). There are many forms of compensation, many
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