Competitive Compensation Systems
The market for labor can be quite competitive, and it is incumbent on human resource professionals to set the market appropriately, depending on their strategy. For companies that require the best professionals in order to thrive in the marketplace, they may need to come in at the top end of the market for total compensation, whereas a company with a strategy focused on delivering cost leadership might need to pay employees at the low end. However, there are times when low pay does not make for a more efficient workforce, so it is important to understand the market for labor in a sector. As an example, Costco pays at the high end, which allows them to skim the cream of the manual retail labor pool, which in turn allows the company to deliver a higher standard of service than many competitors. Those competitors paying at the low end ultimately receive higher turnover, lower quality of workers and less dedicated workers -- and there are costs associated with this that are not necessarily built into the calculation of total labor cost.
When considering the market for a competitive compensation system, a company needs to understand what the market demands and values, in order to create the best possible compensation system. As an example, many tech workers are younger, and prefer a work environment that supports their creativity. They are swayed by pay, but maybe less so by benefits, at least until they start to have families. So total compensation plans have to be oriented in a way that attracts the type of worker that...
EXECUTIVE COMPENSATION CLASS CASE Green Loaf Grocery Executive Compensation Class CaseCompensation Proposal DevelopmentFrom the onset, it would be prudent to note that there are a wide range of factors that influence the compensation package of the various employees of a firm, including top executives. These factors are inclusive of, but they are not limited to; the performance of the company (i.e. with regard to the bottom-line), the various labor laws
compensation packages and benefit plans which Adobe Systems Inc. offers to its employees against their employment services, good performance at the workplace, and as motivational techniques for their retention and encouragement. The paper also explains the advantages and disadvantages of the key components of these compensations and benefit plans and recommends strategies on how they can be improved for more effective outcomes. Adobe Systems Inc. Adobe Systems Incorporated is an American
Compensation Practices at McDonald's McDonald's McDonald's is an American multinational fast food chain. It was established in 1940 by Richard and Maurice McDonald as a small BBQ restaurant. The current McDonald's started growing globally when a business man Ray Kroc purchased this entire fast food chain from the owners and began franchising it to private investors in the local and international markets. McDonald's is headquartered in Oak Brook, United States and currently
Market Orientation of Medical Diagnostic Units Dissertation for Master of Health Administration i. Introduction ii. Objectives iii. Description iv Administrative Internship v. Scope and Approach vi. Growth vii. Methodology viii. Hypothesis ix. Survey Questionnaire x. Research Design xi. Observation and Data Presentation xii. Test provided xiii. Analysis of findings Marketability of Patient Satisfaction Importance of Employee Satisfaction xiv. Conclusions and Recommendations xv. Bibliography xvi. Notes xvii. Appendices Market Orientation of Medical Diagnostic Units
Equitable Compensation The objective of this study is to examine fair and equitable compensation and to utilize critical thinking in discussing issues from two perspectives and those being the perspectives of both employee and employer. The writer's own concepts will be critically examined concerning compensation and benefits issues. Defining Fair and Equitable In order to examine the issue of fair and equitable compensation it is necessary that the words 'fair' and 'equitable'
Effective Compensation PlansComponents of an Effective Compensation PlanThe various components of an effective compensation plan include more than just the base salary. For instance, the Base Salary is the fixed amount of money that an employee receives. This forms the crux of an employee's compensation, and should be in line with the industry standards and appropriate for the employee's role and responsibilities. However, there is more to compensation than the
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