Compensation Management Assignment Help
Compensation Management is an organized practice, implemented in conjunction with specialized software. It is created to help an organization maximize the returns on available talent.
In the US the term 'compensation' is used to encompass everything received by an employed individual in return for work. Compensation management assignment help is the best way to reach the stairs of academic success.
"Employees may see compensation as a return in the exchange between their employer and themselves, as an entitlement for being an employee of the company, or as a reward for a job well done --- Milcovich et al (2001: 6)".
Sample Question and Solution of Compensation Assignment
BHR3301 Compensation And Benefits
Upon completion of this course, students should be able to:
- Explain how to perform a job analysis.
- Develop a paid survey and a pay structure.
- Discuss issues involved in determining an organization’s total compensation strategy.
- Determine differences in compensation opportunities for employees in different jobs and at different levels in the organization.
- Elaborate on various kinds of pay-for-performance programs and the situations in which such programs may be preferable.
- Compare strengths, weaknesses, and opportunities for various kinds of performance appraisal programs.
- Interpret the role of compensation and its influence on employee behavior.
- Explain the influences of government regulations on compensation practices.
- Compare and contrast various options to pay plans including team-based, executive compensation, and employee benefits, both required and non-required.
On 25 June 1938, 121 bills were signed by President Franklin and the Fair Labor Standards Act was one of them (Macpherson, 2017). During those times, this act was applied only to the industries or companies whose combined employment was one-fifth of the total labor force. Senator Hugo Black drafted this bill in the year 1932. His proposal requires the employers to accept the 34 hours of workweek faced stiff resistance. In the year 1938, the bill was revised again and the 34 hours work week was changed to 40 hours and which allowed the workers to earn more wages for working extra hours. According to this Act, the workers must be paid the minimum wage as well as the overtime pay should be one and a half times that of the regular pay. Read More...
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Our Online Compensation Management Assignment Help includes the following:
- Overtime pay
- Sales commission
- Company-paid car
- Company-paid housing
- Stock options
If you aspire to become an HR expert, your attempt will be successful with the assistance of compensation management assignment help experts. You can receive expert compensation management assignment help and advice from experienced tutors at any time.
Importance of Compensation Management
This is essential that you have a clear understanding of the significance of compensation management. The professionals at the compensation management assignment help service can offer perfect instructions on that matter of learning. For better compensation management assignment help, here we are going to explain the relevance of good compensation management,
- Our compensation management assignment helps experts highlight that a company with efficient compensation management gives a proper return to the workers for their contributions to the organization.
- Compensation management is the key chapter included in compensation management help, it offers active control on the productivity of the employees and encourages them to perform better and achieve the set standards.
- Compensation management assignment help is concerned with the correct utilization of human resource assignments. Compensation management can be responsible for the basis of happiness and satisfaction for the workforce which maximizes labor turnover and confirms a stable organization.
- It helps to increase the job evaluation process that is responsible for setting up more realistic and achievable goals.
- Our compensation management assignment help takes care of the various labor acts included in HR services online so that disputes between employee unions and management cannot take place. Hence, a peaceful relationship between employees and employers can be built.
- Compensation management assignment help is equally concerned with the environment of morale, efficiency, and cooperation among the workers and provides satisfaction to the workers.
- It helps in growth and offers advancement opportunities to deserving employees. To know more, go through our numerous compensation management assignment help resources online.
Check Out Top Course Code For Compensation Management Assignments Help
Types of Compensation Management
According to our compensation management assignment help experts, compensation management primarily includes two kinds of compensation used in the business:
- Direct compensation: It covers the salary payments and health benefits. The central responsibility of compensation management staff is to provide salaries and pay scales for different positions. Direct compensation offers assurance to the employees of getting paid fairly. This helps the employer to retain trained staff within the organization. Log on to MyAssignmenthelp.com for compensation management assignment help.
- Indirect compensation: It is proven fact that people are most productive in jobs where they get appreciations. The benefits, the employees receive as encouragements include things like free staff development courses, subsidized daycare, the opportunity for promotion or transfer within the company, public recognition, the ability to effect change in the workplace and services to others. If you need compensation management assignment help, MyAssignmenthelp.com is the ultimate destination.
Elements in Compensation Management
The components of compensation are significantly important in compensation management assignment writing. To be successful in assignment writing, you have the choice to opt for compensation management assignment help. The major areas covered by our compensation management assignment help writers are:
- Wages and Salary: Wages are labor per period of time and represent hourly rates of pay. Salaries are described as the monthly rate of pay.
- Allowances: Employers give several allowances in addition to basic pay. There are three kinds of allowances given blow,
- Dearness Allowances (DA): It is paid in order to protect real income against inflation.
- City Compensatory allowance: It is given to the employees in metros and big cities where the cost of living is high compared to other cities.
- Transport Allowance (TA)/Conveyance Allowance: It is a fixed sum paid by the employers to their employees to cover a part of traveling charges.
- Incentives: Employers use both individual and group incentives to inspire employees to work hard and do better in their job profile.
- Fringe Benefits/Perquisites: These include benefits such as provident fund, gratuity, medical care, hospitalization, health and group insurance and accident relief.
Compensation Management Process
Compensation management strategies vary from one company to another. To implement suitable compensation management, the management staff should follow the process. If you want to gain coherent knowledge of the process, and need assignment help in compensation management, our assignment service is always there to aid you. Our compensation management assignment help experts define the process in brief here:
- Step 1 Developing a program outline is the starting phase of any compensation management assignment help According to our compensation management assignment help experts, in the first stage, you need to advance a program outline where you mention:
- A set of objectives for the program
- Target dates for implementation and completion
- Step 2 Compensation management assignment help experts recommended developing a compensation philosophy as the next step. While creating a compensation policy, you need to focus on assembling a compensation committee (presumably consisting of officers or at least including one officer of the company). Then decide the differences in pay structures for executives, professional employees and sales employees. After that, determine whether you should set salaries at, above or below market.
- Step 3 According to our compensation management assignment help writers, the third step is conducting a job analysis. At this stage, you require to conduct a general analysis of major departments. You need to decide what tasks must be accomplished by whom. You can interview department manager and key employees as necessary to define their specific job functions. Develop model job descriptions for exempt and non-exempt positions. Alter the job description as per requirements. After that, draft the final copy of job descriptions.
- Step 4 Evaluating jobs is the next area of concentration in a compensation management assignment help Arrange the jobs according to the ranks between and among departments. Then, justify the ranking by comparing the ranks to industry market data and adjust if necessary. Prepare a matrix organizational review and flow charts of all ranks for each department. Present the data and charts to the compensation committee for review and adjustment.
- Step 5 Determining the grades is the fifth step included in any compensation management assignment help Our compensation management assignment help experts determine the number of levels – senior, junior, intermediate and beginner etc. You also need to decide the number of pay grades or the monetary range of a position at a particular level within each department.
- Step 6 Compensation management assignment help experts establish grade pricing and salary range. Students in search for compensation management assignment help should review the market price of benchmark jobs within the industry. And then establish a trend line in accordance with company planning.
- Step 7 Determining an appropriate salary structure is the key part of any compensation management assignment help experts recommend finding out the difference of minimum and maximum percentage. Then, position the remaining jobs. Justify the purpose, necessity, or other reasons for maintaining a position. In this regard, you can have a meeting with the compensation committee for review, adjustments, and approval.
- Step 8 Developing a salary administration policy is a controversial area included in compensation management assignment help Mention general, specific policies and procedures to justify the policy in documented form. After that, you interact with the compensation committee for review, adjustments and approval.
- Step 9 Compensation management assignment help include obtaining top executives’ approval for the basic salary program in this step. Our compensation management assignment help provides solution for this too. Make a presentation of cost impact studies, data to the compensation committee for review adjustment and approval and to the executive operating committee for review and approval.
- Step 10 According to our compensation management assignment help experts, communicating the final program should the penultimate step. An important discipline included in the compensation management assignment help material is the presentation of plan to the compensation committee for feedback, adjustments, review and approval. Develop strategies for communicating the new plan to employees and managers by using slide shows, movies, handouts etc. Lastly, execute the program.
- Step 11 Monitoring is the last and final step of the compensation management process. Compensation management assignment help experts consider the following aspects in monitoring i.e. getting feedback from managers and make changes if necessary. Find out the flawed and problematic areas and do adjustments accordingly is their final suggestion.
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Most Popular FAQs Searched By Students:
What is compensation and reward management?
Ans.: Compensation management, also known as, wage & salary administration, remuneration management, or reward management, is a strategic constituent of any business that helps to prolong its existence and enhance its operations.
The system involves designing equity payment, appraisal and reward systems for objectives such as:
- Developing employee skills and personality
- Meting out fair pay and justify remuneration based on their efforts, skills and competencies
- Motivating the workforce, communicating an employee’s worth to them and retain any high performing employees
- Enhancing the quality of services, individual efficiency &productivity and workforce collaboration
- Improving employee relations
- Reinforce desirable behavior from employees
What are the four components of compensation? Give an example.
Ans.: The four critical components of compensation are:
- Base Pay Structure=Generally, 40 percent of an employee’s salary is necessary,and the rest fall under various categories.
- Variable Pay Programs or Incentives=For sales personnel, pay programs are proportional to sales targets is typical, whereas for non-sales categories involves incentives & increments are the norms.
- Benefits=Common benefits dispensed by companies are paid time leaves, employee insurance programs, fringe benefits, provident fund and social security.
- Rewards and Perquisites: These kickbacks are reserved for higher-level personnel and include different allowances such as transportation benefits, exclusive memberships, paid holidays, furnished residences, investment schemes, foreign travel benefits, etc.
What is personnel management compensation?
Ans.: Personnel management compensation involves managing the various allowances, perquisites, long-term & short-term benefits and payment structures & programs. PMC is concerned with motivating company personnel and improving productivity through rewards & acknowledgments.
What are the factors affecting compensation?
Ans.: Several internal and external factors affect employee compensation drastically. Below is a list of all those significant factors.
- External factors include:
- Demand and supply of labor
- Cost of living
- Economic conditions
- Prevailing wage levels
- Government regulations
- Labour unions
- Cross-sector mobility
- Compensation survey
- Internal factors typically involve:
- Compensation policies
- Employer affordability
- Job worth
- Job description
- Employee’s worth
- Other employee-related factors
Where can I get free samples of compensation management assignment?
Ans.: It is possible to find free samples of compensation management in quite a few places across the Web. However, if you are looking for premium quality samples written by some of the best writers in the assignment writing business, then head over to MyAsignmenthelp.com. Cohesive teams of capable writers conducted thorough research to craft first-rate sample solutions to the best of their abilities.
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