| Compensation Strategy |
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.
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
