Compensation And Benefit Strategies For Current Generation Workforce Business Essay

Compensation And Benefit Strategies For Current Generation Workforce Business Essay Compensation and benefits is one of the many functions of human resource management. Compensation plans have not always been considered a strategic business initiative. However, with the effects they have on recruiting, retaining and motivating people compensation design is a critical element to achieving success. Introduction: Employees are the most valuable assets of any organization. The main purpose of human resource management (HRM) is to manage the development and performance of people employed in an organization. Some of the important tasks of HRM include attracting and retaining employees with the right skills and abilities, match people to the right positions within an organization and to align employees goals and objectives with that of the organizations. All these key tasks are directly or indirectly affected by compensation and benefits plan which the human resource management decides. Compensation and benefits redefines value and success in any workplace. An efficient compensation and benefits strategy is seen as an opportunity by organisations to differentiate themself from their competitors, who may otherwise take away talented workforce. Hence, organisations need to know the evolving needs of the working population to make sure they offer the most competitive package. This paper adopts a general approach which may be relevant to number of different organizations or industries and discusses how the new generation workforce is making an impact and forcing organizations to change their traditional compensation strategies. This paper also examines how companies located in different sectors and countries look at compensation and benefits aspect of human resource management, to attract and retain their highly qualified staff. Finally the paper summarizes and analyses few articles related to HR practices in compensation and benefits, and see if they fit into organizations seeking best practice. Compensation and benefit strategies for current generation workforce: Compensation is a major driver in the success of any organization and it is also true that it is one of the highest expenses for an organization. Therefore, compensation is always under heavy scrutiny by the top executives of a company. Compensation is not only carefully analysed by the management, but also analysed by employees and prospective employees. If properly executed, effective compensation design can improve organizational effectiveness, support human capital requirements of the organization, and motivate the employees to achieve key corporate strategic and financial goals (Ellig, B. R. 2007). Effective compensation and benefits strategy is no easy task, especially with the large organizations and ever-changing demands of the workforce. To construct the most attractive compensation and benefits package, organizations must now tackle the fundamental landscape change in workforce requirements and demands. Employees born in the 60s and 70s (generation X) have ceded place to a new generation of workers (generation Y). A flexible approach to compensation and benefits is now required to satisfy the different priorities of these generations. Planning for the future has long been the motto governing Generation Xs approach to their careers and so, traditionally, generous pension provision has been the key to attracting workers. But for Generation Y, priorities have changed. For instance, in a research conducted last year, just 4% of 16-24 year olds were attracted to their employer because of their pension contribution, compared to 17% of 45-54 year olds (HR magazine, March 2011). Certainly, younger workers are increasingly questioning the customs and traditions of the workplace and now pension plans, previously synonymous wi th security, are considered unstable. In present day environment, employees have become much more educated on the possibilities available to them with sources like online salary calculators, industry chat rooms and so on (Schneider, B., Paul, K. B. 2011). Employees now know more about current market pay levels, new opportunities and how to successfully negotiate compensation packages. Keeping these changes in mind organizations include many other noncash components to the potential cash components to come up with a fair, competitive and an attractive compensation program (Schneider, B., Paul, K. B. 2011). Employee benefits are indirect forms of compensation provided by the organizations to their workforce as part of an employment relationship. To compete for quality employees in todays marketplace, employers must do more than offer a fair salary. Employees also look forward for a good benefits package; in fact employees have grown accustomed to generous benefits programs, and join an organization expecting them. Employee benefits exist in organizations all around the world and the levels and range of these benefits vary between countries. Some of the benefits companies offer can be like company accommodation, company provided vehicles, health insurance, retirement benefits, easy loans and so on. Compensation and Benefit strategies used in organisations: As per Kevin OConnell, there are three primary components in a strategic compensation plan. First, building a solid foundation for the plan to understand the business strategy is required. Where the company is now and where is it heading to in the future, what are its short term and long term goals. This will provide the necessary information needed to construct a solid framework for the design of a compensation plan. Second, understanding organizational capabilities and how the role of compensation plays a key role to achieve organizational goals is critical. This will provide an excellent understanding of what positions are the most critical to a companys future success and the various compensation options available to motivate employees to achieve this success. Third, aligning compensation with human capital management initiatives will help develop a plan that allows the company to successfully recruit and retain employees (OConnell, K. 2007). We will see how different organizations have overcome significant business challenges by re-evaluating and strategically designing new compensation plans. By finding the right balance between organizational goals and employee needs, compensation plans can play a strategic role in the success of a business. Jamba Juice case: Jamba juice was founded in 1990. It is a leader in blended-to-order fruit smoothies and fruit juices. (Source: http://www.jambajuice.com/) Since its inception, it found employee retention as a major problem. It was located in San Francisco bay area and therefore the employees had more options with other employers situated there. A lot of these employers were technology based and offered more generous financial benefits than the food retailer. To tackle this problem, Jamba Juice introduced a compensation plan, called J.U.I.C.E plan which allows the general manager to receive a percentage of stores cash flow depending on their businesss final performance. It allows manages a share in the profits over a period of three years. When the general managers increase the year-to-year sales, money accrues in a retention account, which is payable only in three year cycles. This retention account not only provides short term retention benefits, but also incentives to stay with Jamba. Also, execut ives at managerial positions are offered stock options. And, when assistant managers are promoted, their general managers also receive a cash award of $ 1000 for their development efforts. In a highly competitive industry Jamba was able to successfully reduce turnover. (Mellow Jeffrey, 2011) The MAERSK way: MAERSK not only rewards absolute performance but also focuses significantly on performance relative to peers, says Alex Penvern, Global Head of Group Compensation, Rewards and Executive HR. This had not always been the case. Less than five years ago, rewards in the company were characterised by confidential bonuses, awarded with very little transparency. One of Penverns first challenges when he joined MAERSK in 2008 was to create a scalable, measurable and quantifiable compensation and benefits structure that was understandable and could, over time, be rolled out uniformly across the organisation (Source: http://www.maersk.com/Pages/default.aspx). He spoke to CEOs of each business within the group and focused on the executive compensation structure that focussed on relative distribution. During these conversations he discussed range of different performance criteria, happening in annual sessions which were a part of the performance management cycle. The outcome was a relative performance distribution of the companys most successful and less effective performers. The company believes that our people are motivated by this constant striving to do even better, says Penvern. You can never rest on your laurels or spend too long patting yourself on the back, because you know how hard everyone else is running. We want people who thrive in this atmosphere. This is brought in practice and reinforced by a carefully considered distribution of rewards to the highest performers. Since the introduction of the pay-for-performance scheme, fewer very high performers are securing a significantly larger share of the bonus on offer. The highest performers receive nearly double the bonus opportunity that they did few years back but to earn that bonus they need to keep up or stay ahead of their peers or market. While Penvern discusses the value the company creates in this performance culture, he believes that the transparency of its bonus system is just as important. The lesson is clear. Company has to build employee engagement and drive performance both by having a clear and transparent compensation scheme that links pay and performance and by communicating this consistently in order to reinforce and reinstate the belief that pay and performance are linked. Design and Engineering group in Delaware: A small to medium design and engineering group in Delaware, employs engineers and designers, most of them who are in their 30s. Most of the employees were the primary wage earners in their families and have several dependents. This company pays wages that are slightly lower than those of its competitors, but it offers a fully paid insurance program that includes health, pharmacy, dental and eye care coverage for employees and their dependents. By meeting the employees benefit needs the company enjoys very low employee turnover (McConnell, J. 2003 Pg. 235). Mississippi garment manufacturer: A garment manufacturer in Mississippi pays on a piecework basis. Most piecework plans in garments factory in general must guarantee pay equal to at least the legal minimum wage. In this specific company, new employees receive an hourly wage until they have acquired the skills required to meet performance standards. Then the manufacturer pays them on the basis of the number of pieces they produce in an hour. The company has designed its compensation approach to retain good employees i.e. those who are good performers (McConnell, J. 2003 Pg. 232). Conclusion: Compensation whether in the form of salary or benefits is a key element in both attracting and retaining employees. With careful and logical thinking companies should design a program that will significantly contribute to obtaining and retaining the type of employers who perform best for that company. Compensation professionals play a critical role in enabling organizations to execute their business strategy. The examples in this paper demonstrate how organizations have overcome significant business challenges by redesigning their compensation plans as seen in Jamba and MAERSK. We also have seen how a small company like the garment manufacturer in Mississippi use compensation package to retain highly performing people and do away with low performing people. Some companies like the one in Delaware uses non monetary benefits to keep their workforce happy and content. Compensation and benefits have a negative effect on the company if not properly managed. Collapses of big companies like Enron and Global crossing are examples. These are direct results of managerial behaviour aimed at short term profit maximization. That behaviour is in turn a result of the executive pay structure that measure and reward performance based short-term financial results. Compensation experts need to be at the focal point where strategy, organizational effectiveness and human capital management congregate. They need to have a clear understanding of the business and organizational issues as well as the future direction of the company. Strategic compensation and benefits design is not a sound bite to impress management. Its the process behind compensation plan design that links and binds strategy, organization effectiveness and human capital together. By balancing organizational, employee and business needs with a companys financial and strategic goals it is possible to develop the right compensation strategy to motivate, reward and sustain high levels of performance. By finding this balance, a company can effectively use compensation to execute and achieve desired business results.

Shawshank Redemtion

Rita Hayworth and the Shawshank redemption is all about relationships, there are many that influence Andy (the main character). He changes in many different ways throughout the book, these relationships influence the different ways Andy changes. The relationship I would like to discuss is one between Red and Andy. The relationship between Red and Andy is more brotherly like because they look out for each other.During the opening of the book Red and Andy aren’t very close they talk but not very much. Andy only asks Red for small things like a rock hammer to make small figurines, and later we find out that Andy used the hammer to dig out of Shawshank. But as the story progresses Red and Andy’s bond grows stronger until the day that Red is released from prison. This relationship is strong and when they find out that Red has killed himself, Andy punishes himself.This Changes Andy because Red looked after Andy and felt that it was his fault that Red killed himself. Another r elationship that changes Andy is the one he has with Brooks. This relationship started when Andy was down in the basement doing some work and discovered that Shawshank had a library. This is how Brooks and Andy’s relationship became to be. Once they began to work together things began to change, Andy began to influence other prisoners to read.He and Brooks begin to â€Å"hang out† in the exercise yard. They discuss new ideas for the library, like expanding it and bringing a program to get inmates their high school diplomas. This changes Andy by giving Andy something to look forward to everyday, and something to achieve while he’s in prison. The final relationship that has a major impact on the way Andy changes throughout the book is the one he has with Warden Norton.This relationship is a kind of relationship that isn’t one I’d appreciate as a person because Warden Norton treats Andy like a piece of garbage. Warden Norton wants Andy to stay in the prison because he balances the finances the prisons money. Warden Norton also wants Andy to stay in the prison because he doesn’t want Andy to find out that he was set up for the murder of his wife and her lover, by the Warden Norton himself. This relationship changes Andy by making him glum and gloomy and wanting even more to get out of Shawshank.

Analysis Of The Crucible - 848 Words

Lauren Fiori Ms. Yatco American Lit. Honors October 21st, 2014 Writing from Sources In the introduction to The Crucible by Arthur Miller, Christopher Bigsby describes a crucible as a severe test and applies the definition to the play. Bigsby also expresses that the tests and trials that occurred in Salem are not restricted to this specific historical time; furthermore, these are struggles that people have faced throughout time. Betrayal, denial, rash judgement, and self justification are some of the various universal tendencies that transpire in many different aspects of society. These actions are bound to happen regardless of a political climate or government. Human tendencies are the predispositions that enable us to think, act, behave, and or proceed in a particular way. In other words, they are humans’ natural reactions to different situations. When people are introduced to new or foreign concepts, whether they be political or religious, there is a tendency that naturally takes place in which people evaluate others and their beliefs. Sometimes that impulse can stimulate people to respond in a positive way or in a negative way. But, as humans, it is innate that people betray others, deny the truth, form an opinion right away, and feel that their actions are completely justified. This is not a behavior that is unique to a particular historical time; these are actions that take place in many different instances. Regardless of the time in history, betrayal, denial, rashShow MoreRelatedAnalysis Of The Crucible 1296 Words   |  6 PagesCrucible Character Analysis Miah Nielsen The strength of a dying man can be found in the words, â€Å"Give them no tear! Tears pleasure them! Show honor now, show a stony heart and sink them with it!† (The Crucible, 4. 751-753). This quote is spoken directly from Elizabeth Proctor after her husband was condemning himself to hanging. This married couple faced major conflicts during this historical event in which The Crucible took place. The setting took place during the Salem Witch Trials, which was aRead MoreAnalysis Of The Crucible Essay1890 Words   |  8 PagesMy time travel experience to the 1600’s started in Paul Green Theatre as I sat down to watch The Crucible. I was joined by Reverend Samuel Parris, Betty Parris, and audience members taking up all four corners of the Parris’ upper bedroom in 15th century Salem on the center stage during Act 1. The Parris’ house filled up quickly as we saw Betty Parris bed-ridden and dealing with an illness deemed as the devil’s work by members of the Salem community. The hysteria of witchcraft spread immediately throughoutRead MoreThe Crucible Analysis740 Words   |  3 PagesThe Crucible Timed Writing - Sebastian Pardo In Arthur Miller’s The Crucible, he examines in depth the way people respond to intense trials, like the title suggests, and specifically trials of morality and righteousness. Each character undergoes great tribulations, and they don’t all handle it the same way, but the one thing that affects most if not all of their actions, and in turn the story, is pride, and the negative effect it has. It is not only the driving force behind many actions, but alsoRead MoreThe Crucible Analysis621 Words   |  3 Pages The Crucible takes place in Salem, Massachusetts during the time of the Salem witch trials. In The Crucible, Arthur Miller uses revenge as the main theme throughout the playwright. Revenge is the action of inflicting hurt or harm on someone for an injury or wrong done to someone else. Revenge is shown throughout the characters actions in the play. Witch craft is used to represent revenge. If someone didnt like another, they could accuse that person of witch craf t and inflict harm on him orRead MoreAnalysis Of The Crucible 1324 Words   |  6 Pagesdeceit in the face of adversity is quite evident in the play The Crucible. Throughout the play various people are accused of witchcraft by community members they’ve known all their lives. The people of the village in which this all takes place are clearly divided on the issues of what is fact and what is fiction, but most are confused when it comes to who is really telling the truth. Abigail Williams is a very deceitful person in The Crucible. Abigail is the niece of Reverend Parris, a prominent leaderRead MoreThe Crucible: a Literary Analysis1275 Words   |  6 PagesThe Crucible: A Literary Analysis In 1692, Salem was populated by Puritans who believed in black-and-white lines between good and evil. The powers of darkness were real forces to them, which could wreak havoc and destruction on society if unleashed. The system of government was that God was the true leader of society, and he expressed his will through the actions of men and women. In the Old Testament, we hear stories of how God led directly through Moses; Salem, likewise, was led through men whoRead MoreAnalysis Of The Crucible 1364 Words   |  6 Pages Themes A theme in The Crucible is that a society ruled by theocracy and status based on religion is bound to fall apart. Salem s strict adherence to the Christian shurch is evident in everything the citizens do. They use measures of a person s knowledge and adherence to the religion as a means of judging their character and also their status in society. They believe God [was] provoked so grandly by such a petty cause (121), which is why the jails are packed (121). If the citizen didRead MoreAnalysis Of The Crucible845 Words   |  4 Pagesever-quickening race towards human extinction, you must have a certain level of security clearance. You must complete the re-souling of your host body with the installation procedure, plus many rigorous physical and psychological tests, as well as the Crucible. This is the most important of the tests. Once you have experienced it, you will never, can never, be the same person you were. We call the consciousness or the sense of self we garner from a proper ly functioning brain, the soul. It is what manyRead MoreThe Crucible Analysis978 Words   |  4 Pagesthe world over Arthur Miller’s The Crucible. The Crucible is a fictionalized story written by Arthur Miller about the Salem witch trials that took place in Massachusetts Bay Colony during 1692 through 1693. From France to the broadway theaters in New York the The Crucible appears conveying its message to all who witness this piece of work. The Crucible is still one of Arthur Miller’s most produced plays today.  The Adaptations Behind The Work The Crucible is a fictionalized story written byRead MoreAnalysis Of The Crucible 938 Words   |  4 Pagesmessage is repeated in ‘The Crucible’ as many characters are challenged between telling the truth to risk their lives to keep their reputations rather than do the right thing. Whether it be, by lying about one’s action, challenging death to keep one honor and to keep one’s means of power. We have all experienced a time when we were told we aren t allowed to. If behaving or doing such acts could damage our reputation or change how people see us. Like In the story Crucible, the following quote â€Å"She

Literature in Life Essay - 1160 Words

Literature in Life Literature is the expressed influence of communities and the individuals in societies. Literature spans culture, beliefs, and attributes the necessary component for corroborating how literature reflects, and portrays communities. The language from literature helps gives culture explanation of live in different society. Literature that is defined by the culture aspect, gives details about such fascinating and affluent information or context. Certain works, and words used in literature can help the reader understand and describe the sense of the community being read in the story. In addition, it is not uncommon for people to write about an imaginary community that is based from their own community. Community†¦show more content†¦Another example of how a community can affect an author’s writing is illustrated in William Faulkner’s â€Å"A Rose for Emily† (DiYanni, 2007, p. 79-84). The story takes place in the South after the Civil War. Faulknerâ⠂¬â„¢s writing is extremely eloquent and deliberate. The time period also comes out through the language in his writing referring to African-Americans as Negros and to Northerners as Yankees. It soon becomes obvious that Faulkner must have been raised in the same time and place this story takes place. Communities do not only affect the language of the author but they also can provide the community of the author’s work. Some communities act like an extended family and an author may want to show that aspect. Sometimes an author may wish to write about a close-knit community that knows everyone else’s business. Often a writer will write about their community, illustrating certain cultural aspects that they hold dear. All of these can be examples of the writer’s community coming to life in their own stories. In â€Å"A Rose for Emily,† (DiYanni, 2007, p. 79-84) Faulkner shows us a community that is very involved with each other. They are constantly tal king about what Miss Emily does, what she says, and whom she sees. The author speaks for theShow MoreRelatedLiterature and Life1450 Words   |  6 PagesLiterature and Life Debora C. English 125 Professor Daw March 28, 2011 Literature and Life The magic of reading is that it brings you to another place and feeling. At times it can make you smile with character, and other times make you cry with him. Sometimes it may even allow the reader to identify with the characters. Reality can often be a lot like a piece of literature, in that a person may be going through the exact same thing, or something similar, and be feeling the same way. ItRead MoreThe Change Of Life And Literature1316 Words   |  6 Pages The change Life and literature are the two amazing beauty that will show you the true adventure of our life. Our life is like a river, it start from a small stream and ends in a large ocean. But those change in between will shape our life. â€Å"Manhood for amateurs† present us the will and purpose of our life, in the flashback of writer’s childhood of wilderness. Every person should pursuit for happiness and fight for the changes in our life. All the struggle, fight for independenceRead MoreEmily Dickinson: Life and Literature 1053 Words   |  4 Pages The life led by Emily Dickinson was one secluded from the outside world but full of color and light within. During her time she was not well known, but as time progressed after her death more and more people took her works into consideration and many of them were published. Dickinson’s life was interesting in its self but the life her poems held, changed American Literature. Emily Dickinson led a unique life that emotionally attached her to her writing and the people who would read them long afterRead MoreLiterature As A Person s Life Essay1081 Words   |  5 Pagesof when you hear the word literature? Most people think that literature is just analyzing poems that have no real meaning behind them or writing a 10 page essay that your English teacher assigns you to do in one night. But recently I have learned that li terature plays one of the biggest roles in a person s life. You use reading and writing every single day. Reading texts, reading traffic signs, writing emails, and the music that you listen to are all examples of literature that we use everyday. TheRead MoreLife and American Literature Essay962 Words   |  4 PagesAML2000-American Literature Professor Gibson Individual Work-Week #12 At this point, you have read works in five genres: speeches, essays, poetry, short stories, and drama, plus you have explored the additional genre of science fiction. You have also discussed the works of nearly twenty authors and have examined the historical eras and events that influenced their works. 1. Write a reflective essay of 250 words (one page) about your experience studying American literature this term. Read MoreLiterature : My Life As A Person s Life1104 Words   |  5 Pagesthink of when you hear the word literature? Most people think that literature is just analyzing poems that have no real meaning behind them or writing a 10 page paper that your English teacher assigns you to do in one night. But recently I have learned that literature plays one of the biggest roles in a person s life. You use reading and writing every single day. Reading texts, reading signs, writing emails, and the music that you listen to are all examples of literature that we use everyday. The goodRead MoreEssay on Life and Death in Literature868 Words   |  4 PagesDeath is part of life, it is only natural that authors, and poetics writes about death. The word death brings different feelings to minds. Most are scare of the thought. Some embraces death, the thought of meeting our maker. The feeling to not exists, while the rest of the world goes on with their lives is overwhelming. To write about death, they have to write about life. Life and death is usually the plot in short stories, plays, and poems. â€Å"A Rose for Emily† by William Faulkner; â€Å"The Story ofRead MoreLife And Death That Polish Literature1986 Words   |  8 Pagesthe Renaissance era, Poland is remarked as a period of change. Poland was expanding as a country and many political events were occurring. During this span of time, Polish literature signifies various changes in its themes, beliefs and language all constituted with a purpose. The theme of life and death overpowers Polish literature written during these two eras. Two pieces that demonstrate an experience of death and how the author’s worldview comes through the text are Jan Kochanowski’s Laments andRead MoreThe Meaning of Life In Literature Essay1557 Words   |  7 PagesAlmost every human being is faced with the philosophy of their meaning of life; why they were placed in the setting they are in and what they feel the need t o accomplish in their lifetime. Because this question is such a broad, vastly fully unanswerable one, it can be argued that characters in fiction often try and find meaning based on the setting, or environment they find themselves in. Characters might often find themselves on journeys to sudden epiphany, typically in their immediate or closeRead MoreMary Shelleys Life Of Literature Essay1407 Words   |  6 Pagestrampled on (SparkNote on Frankenstein). This famous quote said by Frankenstein, in Mary Shelleys Frankenstein, which leaves a lasting impression on the reader was intended by Shelley. Literature was a major part of Mary Wollstonecraft Shelleys childhood and adulthood. Mary Shelleys parents brought literature to her from the day she was born. Mary Wollstonecraft Godwin, as she was named at birth, was born to two intellectual rebels of their day, William Godwin and Mary Wollstonecraft, on August