This website uses cookies to ensure you have the best experience. Learn more

Hrm Homework Essay

6586 words - 27 pages

corporate policy that specifies how training, performance management and reward systems might integrate career-planning considerations. 

What steps can a company take to align its compensation system with its general business strategy?

Today's compensation approaches, like the rest of the business world, are changing rapidly. As a result, the bridge that connects compensation strategy to the overall business strategy may have been weakened by the frequent shifts that characterize business today. The pace of change in both business strategy and compensation design are leading many companies to consider and implement changes to one side of the bridge without making changes to align it ...view middle of the document...

The business strategy should include specific financial and non-financial objectives for the company over three to five years that, in turn, can be translated into short-, intermediate-, and long-term initiatives necessary to help execute that strategy. Financial goals like increasing profit margin and net income can be translated into objectives that are relevant to people lower in the organization but still help achieve those higher level goals. For example, manufacturing teams have, at best, indirect influence on the company's overall profit margin. Therefore, these teams would instead be measured against goals, like operating and maintenance cost management and the results of customer satisfaction surveys that contribute to the company's profit margin.
Because the goal of a compensation strategy is to deliver the right amount of pay necessary to motivate the types of performance necessary to achieve the business strategy, it is much more difficult to identify and design appropriate reward programs without an articulated business strategy. In fact, in the absence of an articulated strategy, compensation professionals must often gather the planning information necessary to develop reward systems themselves. In these cases, compensation professionals should find out where the organization is headed, the goals and objectives for each level in the organization, and what behaviors are to be reinforced through the rewards system.
One manufacturer planned to shift from simply providing machinery, which has a long sales cycle, to providing more in-depth technical knowledge and customer support that required more consultative selling skills. This strategic shift to a service center required the current staff to refocus on the new direction and to become more sensitive to customer service. At the same time, altering the direction of the company also required a new hiring approach that would bring in the types of people necessary for the company to achieve its overall goal of moving up from ninth place in the industry to third place within five years.
To accomplish this strategic shift, the company's human resources and compensation professionals needed certain critical information:
* Could the company re-educate the affected employees in time to have the desired results within the immediate and intermediate time frames?
* How many new people needed to be hired?
* What are the desired background and experience required to do the job?
* Were the new roles clearly defined and articulated to the employees and the customers?
* How many of the new roles required team work versus individual contribution?
* How will the company know when it is attaining its goals?
* And will cash be the only or the primary means of recognizing the attainment of individual and company goals?
Without answers to these questions, the company's HR and compensation professionals would be unable to develop the people systems, particularly compensation...

Other assignments on Hrm Homework

Course Syllabus Essay

2610 words - 11 pages |Homework: Assignments will be given on MyMathLab every week and | |Requirements |graded. Doing homework in timely manner is crucial for the | | |success

Management Essay

1477 words - 6 pages Boeing Management Planning Heather Oetzel MGT 330 October 22, 2012 Joe Cheng Abstract Boeing is known as “the world’s leading aerospace company and the largest manufacturer of commercial jetliner and military aircraft combined ("The Boeing Company: About Us", 2012). Every company uses different types of management techniques including how the planning function of management is used. Planning allows organizations to develop how the

Assisted Suicide

1015 words - 5 pages Should physician-assisted suicide be legal? While I believe if one chooses to end his or own life through physician assistance for reasons that they chose, the choice should be up to the individual. Physician-assisted suicide should be at one's discretion. “Assisted Suicide, also called Voluntary Euthanasia, is currently a contentious issue in many countries. Because Euthanasia is legal in a few modern democracies: the Netherlands, Belgium

Tanglewood Case 1

797 words - 4 pages Tanglewood’s staffing strategy requires the organization to make key decisions about the acquisition, deployment, and retention of the organization’s workforce. In order to accomplish this, Tanglewood’s must make thirteen decisions regarding its staffing levels and its staffing quality. One of the first decisions that Tanglewood needs to choose is to acquire or develop talent. Tanglewood should try to develop their current talent because one

Nnnnn

1391 words - 6 pages Есе по въпроса: Кои от всички „действащи” лица могат да се разглеждат като морално отговорни и в какво именно? по казуса Форд „Пинто” Корпоративните злодеяния са нанесли повече вреди на обществото от всички улични престъпления взети заедно. Според данни на ФБР сумата от уличните престъпления възлиза на $3.8 млрд. годишно, а загубите от корпоративните измами между $100 млрд. и $400 млрд. годишно

The Penis

1052 words - 5 pages The short story ”The Penis” is written by Hanif Kureishi. The short story is about a penis, which has been separated from its owner Doug, who we hear from later on. At first though we hear about a guy called Alfie who was “a cutter – a hairdresser – and had to get to work”. He is having breakfast with his wife, when she asks him what he did last night, and if he had a good time last night? Alfie can not remember what he did last night, he then

Managed Care Paper

543 words - 3 pages Managed Care and Case Management Care Marvin Lloyd BSHS/402-Case Management 27 August 2012 Virgil Miller Managed Care are techniques employed to help reduce the cost for providing health benefits and a system for improving organizations quality of care

Media

439 words - 2 pages The life expectancy is lower; so people are not kept alive with drugs for decades in a virtual sleep state. There is less state education; so kids don't have it drilled into them that their only goal in life is to make money, at the cost of 'everything' else. The health care is less; so diseases, usually brought by Westerners, kill many more than they do in countries where drug companies can make a fortune from selling medicines that aren't

Chapter 6 International Business

7113 words - 29 pages CGGGG The Political Economy of International Trade Chapter Outline OPENING CASE: Why Are Global Food Prices Soaring? INTRODUCTION INSTRUMENTS OF TRADE POLICY Tariffs Subsides Country Focus: Subsidized Wheat Production in Japan Import Quotas and Voluntary Export Restraints Local Content Requirements Administrative Polices Antidumping Policies Management Focus: U.S. Magnesium

Scope And Goals

279 words - 2 pages Introduction: Kudler Fine Foods is a specialty food store based in San Diego, California with its three locations in La Jolla, Del Mar, and Encinitas. Kudler Fine food prides itself on offering fresh and organic products that are carefully selected from local farmers and around the world. The organization has recently taken the initiative to start a Frequent Shopper Program to market and increase sales. This program will offer the customers a

Meerkat

251 words - 2 pages Meerkat The meerkat or suricate, Suricata suricatta, is a small mammal belonging to the mongoose family. Meerkats live in all parts of theKalahari Desert in Botswana, in much of the Namib Desert in Namibia and southwestern Angola, and in South Africa. A group of meerkats is called a "mob", "gang" or "clan". A meerkat clan often contains about 20 meerkats, but some super-families have 50 or more members. In captivity, meerkats have an average

Similar Documents

Mgt216 Essay

714 words - 3 pages The first ethical issue presented in the ethics game simulation was whether to warn consumers about the contaminated product and what information to provide consumers about the contaminant. The second ethical issue was whether to sell a product that does not meet U.S. safety requirements in a foreign market that has lower safety restrictions. G-BioSport was not required to meet prior approval from the Federal Drug Administration before they

Economy Effect Of Marijuana Essay

277 words - 2 pages Modern American History by Alan Renga 2nd Mid Term! You will be given 3 Short Essay questions and 20 Multiple Choice questions deriving from this list! 80 points total! The 1920s Warren Harding then Calvin Coolidge Tea Pot Dome 1st Red Scare Immigration Restriction, Sacco and Vanzetti Langston Hughes, Marcus Garvey, KKK Prosperity, advertising Prohibition, Al Capone Flappers, Clara Bow, Rudolph Valentino Babe Ruth, Jack Dempsey

The Vc Shakeout Essay

2033 words - 9 pages ECONOMY 26 Luring a big firm to town is not the secret to job growth DEFEND YOUR RESEARCH 30 Are morning people wired for success? VISION STATEMENT 32 The social web’s east-west divide COLUMN 38 Warren Bennis looks back on his surprising path to fame New Thinking, Research in Progress hbr.org New Thinking, Research in Progress hbr.org FIRST The VC Shakeout Venture capital hasn’t worked for a decade and must be radically

Hospitals Paper

6014 words - 25 pages I hope to provide in this paper a comprehensive understanding for what the term “hospital” has become. Hospitals are an extremely complex system that man has created and shaped and reshaped throughout history. My goal in writing and researching this paper will be to provide those who read it a clear understanding on how the hospital system got to where it is today, and to shed some light on the many organizations that affiliate with and