Salary Trend And Corporate Culture Essay

532 words - 3 pages

With the overall positive growth outlook employees are hoping for a better salary increment this year, meanwhile according to Buck Consultants’ seventh annual Compensation Planning Survey, average base pay increases for 2014 will remain at 3% among US companies for the second year in a row, and with many companies emphasizing on performance-related pay the increment will depend on the productivity of both the employee and the organization.
As per the most recent survey conducted by Mercer from nearly 1500 mid-size and large organizations in US, which included executive, management, professional (sales and non-sales), office/clerical/technician, and trades/production/service; high performers particularly in the field of Information Technology and Medicine received an increment of about 4.6% and average performers received 2.6% in the year 2013. Experts ...view middle of the document...

Pay for performance method is slowly altering the corporate culture for many organizations to one of teamwork and result oriented workforce. Following are few of the key observations;
• The performance management system seems to be getting tougher, as salary increment for an employee depends on when his or her team, department or when the organization accomplishes certain production and quality benchmarks.
• Since increments are to be given out at a particular time of the year, it is proving to be a convenient and friendlier method for planning an organization’s budget. The money required can be budgeted in advance and incase the goals are not met, it can be retained for the next possible increase.
• Better salary increment could be a motivating factor for top performers and thus organizations might be able to retain them. Organizations are also focusing on rewarding and recognizing them by providing higher pay increases along with other non-cash rewards such as training opportunities and career development initiatives.
• Organizations are investing in a variety of practices to strengthen employee engagement and help improve work-life balance. According to Mercer’s survey, some of the more prevalent practices include sponsored conferences, professional development events, additional non-monetary recognition awards, and enriched job sharing/flexible hours.
From among the organizations that participated in the Buck survey, it was found that retaining top performers seems to be the top priority and they have no plan for major hiring activity for 2014. About 19% of the respondents plan to hire the same as in 2013, 57% of them responded that they plan to provide new career development opportunities, 25% plan to increase base pay and 23% plan to offer larger incentives.

Source:
- Business Management Daily
- MNI - Deutsche Boerse Group
- MERCER
- Market Watch – The Wall Street Journal
- Business Insider

Other assignments on Salary Trend And Corporate Culture

Wallace Case Essay

1471 words - 6 pages &D per group. In addition, there are things that the group had identified as material issues regarding Wallace Group corporate culture. Things such as weak corporate culture, they are independent organizations. They underpay for most jobs and unfair job valuation. They have lack of management competency, recruitment deficiency and no succession of planning. While on business performance as a group, the proponents have identified some issues

Good Corporate Governance Essay

1723 words - 7 pages Good corporate governance Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors

Ceo Pay And Ethics

796 words - 4 pages $26.8 billion. In 2000, the year before he left, the revenues increased to nearly $130 billion. When he left GE, the company had gone from a market value of $14 billion to one of more than $410 billion at the end of 2004, making it the most valuable and largest company in the world (Storrs, 2006). At the time of his retirement, Welch received a salary of $4 million a year, followed by his controversial retirement plan of $8 million a year, which

Mdi Branded Apparel Store

3546 words - 15 pages workplace Violence Nestlé Nestlé is committed to the following Business Principles in all countries, taking into account local legislation, cultural and religious practices: EMPLOYMENT POLICIES The Corporate Business Principles outline the Company’s commitment to fully endorse and to respect a series of principles and international conventions concerning employee’s rights, the protection of children against child labour and other important

Estonia Startups

306 words - 2 pages have impressive statistics showing that the country is producing more technology start-ups per capita than any other EU country. One of the more famous start-ups is of course Skype, and to ensure this trend is maintained, the Estonian government is now seeking to educate children in computer programming from as young as seven years of age as part of the school curriculum. They’ve also introduced Smartlab, a public/private partnership with companies

Industrial Relations And Personnel Management

2217 words - 9 pages factors, namely the size of the firm, the organisational culture within the firm or the industry that the firm operates in and also the people in the firm. An HRM strategy can be divided, in general, into two facets - the people strategy and the HR functional strategy. The people strategy pertains to the point listed in the first paragraph, namely the careful correlation of HRM policies/actions to attain the goals laid down in the corporate

Hotel

1781 words - 8 pages new emphasis on conferencing and events will also mean a need for enhancement of these specialist skill sets and a shift in the culture of the Group towards a more corporate identity whilst maintaining the personalised service ethos. Management practices differ from property to property and HR have identified the need to standardise staffing practices, particularly in relation to recruitment and selection and performance management practices

Analysis Of Issues Of Harbor Inn Hotel

2096 words - 9 pages travelers alike (Janes). 3. Loss of trust in management Managers did not fulfill the promises of increasing the work hours of Susan and providing car-parking slot. Managers never cared how Susan is making both ends meet with her limited salary. Many employees have lost trust in their managers. Nohria et al. (2008, pp. 2-4) argued that when the managers betray an employee, the employ feels loneliness and frustration. Attachment with

Marketing

2787 words - 12 pages part of organizational culture and constitutes an essential position in the organizational culture environment. Alternatively, Alas (2009) also argues that the corporate social responsibility is closely related to the organizational culture types. Trice and Beyer (1993) recognize that organizational culture has significantly influenced the efficiency and long-term performance of organizations. Denison (1990) has demonstrated the importance of

International Business

1506 words - 7 pages to buy sour milk” Difference in Culture * Apple was founded in the 1970s, the traditional concept of corporate culture contrarian several very successful companies. Jobs often walked around the office barefoot, even though Apple has become the world's top 500 enterprises. From "1984" TV ad, Apple's informal culture has become its main features distinguish it from competitors. According to the Wealth Report 2011, which led to the corporate

Socoteco 2

2280 words - 10 pages service to our customers. Vision Affordable and reliable electric service. Corporate Values Honesty Respect for Individual Concern for Others Working-Together God-Centered Repubiic ofthe Philippines National Electriñcation Administration 4 Quezon City MEMORANDUM No. 2008-009 TO 1 ALL ELECTRIC COOPERATIVES (ECS) SUBJECT : REVISED SALARY SCALE FOR ELECTRIC COOPERATIVE EMPLOYEES To

Similar Documents

An Investigation Of Japanese Corporate Culture, Its Trends And Changes

2143 words - 9 pages An Investigation of Japanese Corporate Culture, Its Trends And Changes Japanese Business & Culture bus 258.1 Table of Contents1.0 Introduction 2.0 Procedure 3.0 Findings 3.1 Changing social culture. 3.2 Business Culture in Japan 3.3 Why change is needed 3.4 What is Japan and her corporations doing to develop and change 4.0 Conclusion 5.0 Bibliography Japanese Business & CultureAn investigation Japanese corporate culture, its

Case Study For Kingdee

3269 words - 14 pages " to satisfy employees ●“Five winner sons” method to motivate staff | ●Financial application based on Windows 95 ●Success in securing venture capital | Rapid Growth | ERP | New core value "care, integrity and innovation" to keep innovation | ●Changes in ERP products ●IPO and acquisition | Strategic Turnaround | Saas | “People Culture” to strength team-work under corporate policies | ●Strategic cooperation with IBM ● Evolving into B2B e-commerce

Article Analysis Paper

471 words - 2 pages -cultural and international negotiations (Kersten, Koeszegi & Vetschera, 2003). This article is about a study conducted to determine if cultural influence is identified during the negotiations that take place using the Internet. This new technological trend allows people and corporations from diverse cultures to negotiate with no knowledge of the other party’s culture or nationality. The data was collected over the course of five years using

Discuss The Importance Of Managing People To Gain Optimum Productivity

1788 words - 8 pages supervised from employers. Argyis (1960, p.97) notes “the employee will maintain the high production, low grievances…if the foreman guarantees and respects the norms of the employee informal culture”. Therefore, it could be suggested that the employer’s remedy with employees could be courtesy, politeness, and kindness in order to satisfy them and motive the employees to become more active in workplace. Employer is able to enhance their organization