Human esources Pay Package
Employee Compensation Plan

Target Job: egistered Nurse (N) in a Hospital

Hillcrest Hospital is a 496 bed hospital located in Mayfield Heights, a Cleveland Ohio Suburb. Hillcrest is ranked in the nation's top 100 in cardiac care. It is part of the Cleveland Clinic system. The mission of the hospital is to provide nationally ranked healthcare to the surrounding community. It holds clinical excellence, safety, ethics, integrity, individual responsibility, respect for diversity and caring for others as key tenets (Hillcrest Hospital, 2012a). Its vision is to service as an example of state-of-the-art medical facility in every department that delivers consistent high quality service to Northeast Ohio (Hillcrest Hospital, 2012b). The Cleveland Clinic system is one of the best renowned systems in the nations in a number of specialties in which they operate.

Hillcrest Hospital strives to put their patients first and looks for enthusiasm in employees. They have high expectations…...

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References

Bureau of Labor Statistics. Occupational Outlook Handbook, 2010-2011Edition. Registered Nurses. Retrieved from  http://www.bls.gov/oco/ocos083.htm 

Hillcrest Hospital (2012a). Mission. Retrieved from  http://www.hillcresthospital.org/AboutHillcrestHospital/Mission/tabid/574/Default.aspx 

Hillcrest Hospital (2012b). Vision. Retrieved from  http://www.hillcresthospital.org/AboutHillcrestHospital/Vision/tabid/575/Default.aspx 

Hillcrest Hospital (2012c). Hillcrest-Hospital-Jobs. Retrieved from  http://www.clevelandclinic-jobs.com/go/Hillcrest-Hospital-Jobs/28206/

Employee Contributions 30/05/2015
Two methods an H professional could use to determine incentive pay

Legally mandated benefits that the company must currently offer to its employees

Additional benefits that should be considered for its employees

Efficiency of common techniques for communicating compensation plans to employees.

Ethical risks of incentive pay and recommendations to mitigate the risks.

Two methods an H professional could use to determine incentive pay

There are a number of methods that are generally used by companies to link work, output and expertise to the remuneration of the employees. In this section we examine two methods that can be used by the company to create more loyalty among the employees to stay back in the company through the increasing in pay.

The reward management practices would help the company to determine the amount that would be paid to the employees. The underlying principal is that the company would be able to develop a policy that…...

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References

Hoffmann, F., Inderst, R., & Opp, M. Regulating Deferred Incentive Pay. SSRN Journal. doi:10.2139/ssrn.2284337

Rosenbloom, J. (2001). The handbook of employee benefits. New York: McGraw-Hill.

Rosenbloom, J. (2011). The handbook of employee benefits. New York [u.a.]: McGraw-Hill.

Schraeder, M., & Becton, J. (2015). An Overview of Recent Trends in Incentive Pay Programs. The Coastal Business Journal, 2(1), 18-25.

Merck Compensation
The author of this report is asked to analyze and summarize the compensation plan of Merck Corporation, how it can be better, what they are doing right and what they are doing wrong. Inclusive in that will be an overall evaluation of their current plan, the beneficial ratio of internally consistent and market-consistent compensation systems, an evaluation of the current pay structure, two overall recommendations that the author of this report feels that Merck can and should undertake and the types of employer-sponsored retirement plans and/or health insurance plans that Merck makes use of as compared to that of competitors like Johnson & Johnson and others. While Merck, like most other companies, should always work to fine-tune and perfect their compensation plan, Merck is actually going quite well as made possible by their market and internal research as well as its wealth of resources and options that they can…...

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References

Herper, M. (2013, April 17). Merck Could Return To Greatness If CEO Can Leave His Own Past Behind. Forbes. Retrieved February 28, 2014, from  http://www.forbes.com/sites/matthewherper/2013/04/17/merck-could-return-to-greatness-if-ceo-can-leave-his-own-past-behind/ 

McIntyre, D. (2013, December 5). Can Walmart and McDonald's Afford a $15 Minimum Wage?. Yahoo Finance. Retrieved February 28, 2014, from  http://finance.yahoo.com/news/walmart-mcdonald-afford-15-minimum-111559234.html 

Merck. (2014, February 28). Merck.com. Merck.com. Retrieved February 28, 2014, from http://www.merck.com

Thurm, S. (2013, March 20). 'Pay for Performance' No Longer a Punchline. The Wall Street Journal. Retrieved February 28, 2014, from  http://online.wsj.com/news/articles/SB10001424127887324373204578372444079319544

Performance Management Process and the CEO
Critique and evaluate considerations that are traditionally used to determine CEO compensation

Many reward compensations adopted by the CEOs of this era contain five primary components: limited stock grants, limited option grants, payouts for incentive plans, annual bonuses, and salary. While the amounts of bonuses, compensation and perquisites found in not-for-profit sectors may pale in comparison to those in the for-profit world, they generate combined reactions. Their existence can ignite debate, especially in periods of shrinking budgets and increasing costs. However, the ability to hire, maintain, and compensate CEOs is essential in all sectors, and is mostly achieved using a variety of executive compensation plans. The issues around the design of these systems in both the business and not-for-profit areas are similar (Bhattacharyya, 2011).

The last two decades have witnessed a drastic transformation of the executive compensation in many organizations. Compensation of top executives has expanded considerably…...

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References

Bhattacharyya, D.K. (2011). Performance management systems and strategies. Dehli: Pearson.

Bebchuk, L.A., & Fried, J.M. (2004). Pay without performance: The unfulfilled promise of executive compensation. Cambridge, MA: Harvard University Press.

Blazey, M.L. (2013). Insights to performance excellence, 2013-2014: Understanding the integrated management system and the Baldridge criteria. Milwaukee: Asq Quality Press.

Chingos, P.T. (2004). Responsible Executive Compensation for a New Era of Accountability. Hoboken: John Wiley & Sons.

Forensic Rehabilitation Counseling
Labor Market Surveys In Forensic Rehabilitation Counseling

The article elaborates the concept compensation system for workers in California. The author argues that the opinions of vocational experts should meet standards of motivational satisfaction. This principle operates on the view that operational decisions by the court should focus on upholding the ruling by administrative body in case evidence supports material concerns from the administrative body with a reasonable base of the decision. I agree with the clarification that labor markets exist for some jobs as recommended by the vocational experts although labor market surveys (LMS) must be undertaken to establish substantial evidence. The surveys avail the necessary details involved in the determination of whether employers can consider employees with medical limitations against their current abilities and skills vocational training. Further, the civil cases established through labor market surveys offers invaluable demonstration of the available employment opportunities in specific occupations in…...

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 mere base salary.Thus, there are Bonuses and Incentives, which can be described as the performance-based compensations that reward employees for meeting or surpassing their targets. They can be provided in various ways: cash bonuses, stock options, profit-sharing, or other forms of incentives. On top of that are Benefits, which include items such as health insurance, retirement plans, vacation time, and other perks. Some companies also offer unique benefits, such as wellness programs, onsite childcare, or student loan assistance, in order…...

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References

Allen, T. D., Golden, T. D., & Shockley, K. M. (2015). How Effective Is Telecommuting? Assessing the Status of Our Scientific Findings. Psychological Science in the Public Interest, 16(2), 40–68.

Brunner, B., & Kuhn, A. (2014). The impact of labor market entry conditions on initial job assignment and wages. Journal of Population Economics, 27, 705-738.

Employee Comp
The future that is fast heading our way is often thought to be associated with creative technologies and businesses that do online services. But this is definitely not the full picture. Many traditional businesses are also being impacted in regard to what will be expected about some of their core operations, including in regard to how they treat and motivate their employees. Basic manufacturing is no different. In order for companies like ours to be ready for the future, we have to look seriously at the ways in which we recruit employees and keep them here once they sign on. With 120 employees whose skills encompass a broad range of talents -- some basic skills others tied to quite sophisticated technological abilities -- we have the chance to position ourselves to be ahead of the curve as the entire field of payment, rewards and recognitions is examined yet again.…...

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REFERENCES

Barton, H. And Laux, J. (2010). Executive pay inefficiencies in the financial sector. The Journal of Applied Business Research. Vol. 26, No. 4.

Carpenter, S. (2007). Design the right compensation plan for your business. Entrepreneur. Retrievable from  http://www.entrepreneurship.org/en/resource-center/design-the-right-compensation-plan-for-your-business.aspx .

CompuData Surveys (2009). The real effects of today's economy on the manufacturing industry. Retrievable from  http://www.compdatasurveys.com/Files/News/Manufacturing%20Whitepaper.pdf .

Scott, D. And McMullan, D. (2010). The impact of rewards programs on employee engagement. WorldatWork. Retrievable from  http://www.worldatwork.org/waw/adimLink?id=39032 .

By opening stock options to middle management and employees, it was assumed that better employee performance would be incentivized. As company stock prices go up, it creates a greater spread between the option price when it was granted to the employee and the hypothetical sale price at the end of the vesting period. Consistently better performance over a longer period of time would yield greater reward when the option is exercised. However, as Hall and Murphy again point out, "even if employees can increase the value of the firm, their share of that gain through their option holdings is very small. Combining this enormous free-rider problem with the risk imposed on employees through stock-based pay, it seems obvious that cash-based incentive plans based on objective or subjective performance measures can provide stronger and more efficient pay-performance incentives."
Despite many early statements in the life of the practice that employee stock…...

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References

Calomiris, C. a. (2004, 01-08). Options Pricing and Accounting Practice. Retrieved 12-13, 2010, from Should We Expense Stock Options:  http://docs.google.com/viewer?a=v&q=cache:tDxxxPDG3cwJ:www0.gsb.columbia.edu/faculty/ccalomiris/papers/Options%2520Pricing%2520and%2520Accounting%2520Practice.pdf+Stock+options+are+an+expense&hl=en&gl=us&pid=bl&srcid=ADGEEShtdjeKitOxVfuENYIeyxgGdUiOjraoDHCLwH-WWxt9w30pnL310kAkP21iDHhBpErxlJ6mC_GQS6NEu7L3UGdc6T1ky33N1e7CFGL_NSZAn5ntALxB4KVgA2vjEiww911f6x4d&sig=AHIEtbRx6dSwLFzFHZnpHTpV0lsNIVpCYw 

Core, J. a. (2001). Stock option plans for non-executive eployees. Journal of Financial Economics (61), 253-287.

Engel, E. a. (2001, Jan.). The Roles of Performance Measures and Monitoring in Annual Governance Decisions in Entrepreneurial Firms. Retrieved 12-13, 2010, from an Analysis of Executive Compensation, Ownership, and Control in Closely Held Firms:  http://docs.google.com/viewer?a=v&q=cache:5vp-iWjpPb4J:faculty.chicagobooth.edu/ellen.engel/research/egh-rev-11_2.pdf+%E2%80%98%E2%80%98Stock-based+pay+in+new+economy+firms%E2%80%99%E2%80%99.+Journal+of+Accounting+and+Economics,&hl=en&gl=us&pid=bl&srcid=ADGEESifIyqUeDNwUoNkeDagDN_o40V-Jd9R56ECpswKKWzRQRdz_dZzpDHfcmTAKvZCDwZPpz9ZtR51HmXhCZ408jF-cv485C4m1xIxTy2zfTfQ4rp_g-4KFhIUdwKFVtmNCOWy82W5&sig=AHIEtbQapxbbbr0z-APPf2sdFQgWOYglLA 

Glater, J. (2009, March 26). Stock Options Are Adjusted After Many Share Prices Fall. New York Times, p. B1.

Compensation and Differences in Pay
Reasons for Differences in Pay

The reasons for pay differences include:

Good performance that warrants increased compensation - EX, GS

Organization Loyalty - GS, PE

Experience - amount of time with the organization; - EQ

Education and professional qualification level, training, and skills - EQ

Negotiation made when recruiting

Seniority in the office environment - EQ

Need for retaining employee through compensation - PE

Hard work; - EX, GS

Personal traits in commanding respects and motivating others - EQ

Acknowledgment or preferential treatment from a manager.

Expectancy Theory

The difference in compensation resulting from the good performance that warrants increased compensation and hard work draw relevance from the expectancy theory. Expectancy theory argues that employees have an expectation that the effort they put in work tasks, and the performance that yields will be valued. The expectation of valuations of the outcomes influences an individual motivation in task performance. Where the outcome is appreciated through value given, the employee's remuneration…...

Compensation and Performance management: Two Sides of the Same H Coin
While it is unquestionably part of a human resources manager or director's job to ensure that the company achieves some level of cost savings -- and definitely cost benefit -- in its human resources expenditures, this does not mean that keeping compensation packages at the minimum possible level is the ideal target to shoot for. The well-being and satisfaction of employees is important not only to ensure ongoing loyalty and productivity, but also for intrinsic and ethical reasons. When making cost-saving decisions in regards to human resources compensation, then, certain steps and measures must be taken.

First, effective appraisals must be conducted to determine where cost savings is appropriate, and where it is unwarranted. This process must begin with a purposeful appraisal design that is in keeping both with legal and ethical requirements and that is explicitly geared towards the issue…...

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References

DeCenzo, D. & Robbins, S. (2009). Fundamentals of Human Resource Management. New York: Wiley.

McNamara, C. (2011). from Field Guide to Leadership and Supervision. Accessed 7 February 2011.  http://www.managementhelp.org/emp_perf/perf_rvw/basics.htm

Compensation in Wachovia Bank's Base Employee Tier
Bank Teller Pay

Compensation in Wachovia Bank's Base Employee Tier

Banking Industry Practices

etention ates for Tellers

Opportunity Cost for Promotion

Enabling Cross-Selling

Consideration of Drawbacks

Compensation of tellers at Wachovia Bank is closely tied to turnover rates. Employee turnover is costly because resources must be expended to replace employees who leave. ecruitment and training can be expected to be approximately one-third of an employee's salary. In the banking industry, the turnover rate for tellers also impacts the bank's ability to efficaciously cross-sell investment products. High turnover rates of promotable employees contribute to increased expenditures by the human resources department since searches must be orchestrated with outside executive search consultants. The banking industry is in survival mode. In order for Wachovia Bank to survive in this industry, we must take care of our frontline. The frontline of Wachovia Bank is our tellers. A recommendation to implement a tiered increase in teller…...

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References

Careers: Teller, (2011). Wells Fargo / Wachovia [Web] Retrieved  https://www.wellsfargo.com/careers/fit/opportunities/teller 

Hourly rate snapshot for bank teller jobs, PayScale. (n.a., n.d.) [Web] Retrieved http;//www.payscale.com/research/U.S./Job=Bank_Teller/Hourly_Rate

Looking for research on the cost of staff turnover? (2011). LinkedIn. [Discussion] Retrieved  http://www.linkedin.com/answers/management/business-analytics/MGM_ANA/ 

612746-20209499 [Chartered Institute of Personnel and Development (CIPD) in the UK]

Given the long hours and the large quantity of information the employees at the Fit Stop will have to acquire, it is only natural for the management to offer the a wide series of incentives aimed to increase their performances and ensure the complete satisfaction of customers' needs, all to the overall benefit of the organization. Founder Susan Superfit could offer a fixed payment plan, plus sales commissions, plus other financial and non-financial incentives. She should also constantly analyze the markets as to identify new trends in rewarding the staff but also to identify the strategies implemented by the competition.
eferences

Wyatt, W., Compensation Trends in Canada, Watson Wyatt Data Services Canada, http://watsonwyatt.com/lastaccessed on April 19, 2008

Compensation: Outline and Definitions, H Guide to the Internet, 1998, 1999, 2000, last accessed on April 19, 2008

Pay Systems, ACAS, etrieved from www.acas.org.uk/media/pdf/p/0/B02_1.pdfonApril 19, 2008

The Fit Stop, Strategic Compensation in Canada, Case for Analysis

2008 Industry…...

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References

Wyatt, W., Compensation Trends in Canada, Watson Wyatt Data Services Canada,   on April 19, 2008http://watsonwyatt.com/lastaccessed 

Compensation: Outline and Definitions, HR Guide to the Internet, 1998, 1999, 2000, last accessed on April 19, 2008

Pay Systems, ACAS, Retrieved from www.acas.org.uk/media/pdf/p/0/B02_1.pdfonApril 19, 2008

The Fit Stop, Strategic Compensation in Canada, Case for Analysis

Compensation and Benefits Package for a Secretary
A pharmaceutical company has recently hired a new director for its human resource department as part of its initiatives to enhance productivity and organizational success. The company is also seeking to hire a new secretary for the H department and develop an employee compensation and benefits package for this position. This package will be utilized for the position of secretary for the H department once a suitable candidate is hired. Generally, pharmaceutical companies hire educated and highly talented individuals because of the nature of their operations, which requires high academic qualifications. In essence, the need for high academic qualifications for this industry is fueled by the fact that these professionals deal with patients whose needs are constantly evolving. The development of a suitable compensation and benefits package for a H secretary in this pharmaceutical company requires examining compensation and benefits packages in the pharmaceutical…...

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References

Bureau of Labor Statistics. (2014, January 8). Occupational Outlook Handbook -- Pharmacists. Retrieved from U.S. Department of Labor website:  http://www.bls.gov/ooh/healthcare/pharmacists.htm 

"Human Resources: Compensation, Benefits & Reward." (n.d.). All About Careers Ltd. Retrieved December 11, 2015, from  http://www.allaboutcareers.com/careers/career-path/human-resources-compensation-benefits-reward 

UCSF Human Resources. (n.d.). Chapter 11: Employee Development & Training. Retrieved University of California, San Francisco website: http://ucsfhr.ucsf.edu/index.php/pubs/hrguidearticle/chapter-11-employee-development-training/

Compensation Strategy for a Limo Service
The compensation strategy and benefits strategy for a limousine service in Austin, Texas will represent an essential component to the overall business strategy. The projected annual net revenue for the first years of the business is a negative fifty thousand dollars. Therefore any potential savings in employee compensation might represent something that could reduce this financial burden. Furthermore, any amount of compensation that would go beyond the planned amount would increase the company's loss. Creating an efficient strategy for compensation and benefits will be exceedingly important in the company's first year because it is expected to operate at a loss.

The compensation and benefits strategy will also be important because it will largely influence the quality of the candidate pool that the company will have to select its employees from. Higher wages will draw more qualified candidates and a lower compensation package might reduce the amount…...

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References

CCLAustin.com. (2015, July 25). Limousine Driver. Retrieved from Indeed:  http://www.indeed.com/cmp/1821,-LLC/jobs/Limousine-Driver-caa563266df09236?sjdu=QwrRXKrqZ3CNX5W-O9jEvc_0arWZVL8kBZq_BJ55IeacX4zQS5v9EEfHtSBIrvbSgRNqfatL5qHmPK9ugjQ-5w 

Pay Scale. (2015, July 2). Limousine Driver Salary. Retrieved from Pay Scale:  http://www.payscale.com/research/U.S./Job=Limousine_Driver/Hourly_Rate

New Trends in Employee Compensation and Benefits
This essay examines new trends in compensation and benefits. The essay discusses the impact of benefits offerings for both employer and employee, and reviews recent trends and discusses their significance.

Reasons for working vary from individual to individual, and compensation is usually among the most important reasons. However, many people list other factors that are almost equally important to them. These factors can range from opportunities to develop new skills, to an experiencing a sense of community, to more tangible benefits such as provisions for retirement. Currently benefits programs account for approximately one third of the average worker's total compensation, based on the size, profitability and philosophy of a particular employer. Programs that are effectively designed and promoted work to the advantage of both employers and employees (ish).

Compensation packages have changed significantly over the years. They no longer consist of a flat percentage increase once…...

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Works Cited

Gioia-Herman, Joyce. (2011). Trends in Employee Benefits. Engine Builder Magazine. Web. 3 March 2012.

Society for Human Resource Management. (2011). 2011 Employee Benefits Research Report. Web. 3 March 2012.

Wish, Fred. (2012). Trends in Employee Benefits -- Beyond the Fringe, Benefits Plans for Today's Workforce. Web. 3 March 2012. .

Zoo Media Group. (2012). New Trends in Employee Compensation. Web. 3 March 2012.

Local Governments: Challenges and Innovations

Introduction

Local governments play a critical role in delivering essential services, fostering economic development, and addressing community concerns. However, they also face a myriad of challenges that can hinder their ability to effectively meet the needs of their constituents. This essay will explore some of the key challenges confronting local governments and discuss innovative approaches to address them.

Fiscal Constraints

One of the most pressing challenges for local governments is fiscal constraints. Many municipalities are experiencing stagnant or declining revenue streams due to factors such as the global financial crisis, population shifts, and reduced state and federal aid. This....