16 Oct Human Resources Manager
Congratulations! You have recently been promoted and are the company’s new Human Resources Manager! You have offices in several countries, so how would you evaluate different compensation packages for employees who are located throughout the world?
Your discussion is to be submitted in 12-point Times New Roman font using APA format with a minimum of two sources
Your primary post is due Wednesday by 11:59pm.
Student Response 1 :(Srujan)
The basic issue here is to determine what factors shape the patterns of policy choices in compensatio. Preliminary research in overall human resource strategy and compensation suggests the following major sets of factors. The writer intends to pay attentions on only some of them in this part of study. Then we can draw some arguments on how the factors that are chosen below determine the international compensation strategy and in what extent we should discuss those when make decisions.
If we want to understanding international compensation, we should recognize the variations and similarities and figure out how to manage them. That people get salaries depends on differences in the factors in the global guide described in Figure1. There are four general ones in the following: economics, institutional, organizational, and employee, with sub factors. There has been a discussion about these factors, which can be used all over the world. But once we change from a domestic to an international aspect, you can see there are a lot of other important factors. Institutional factors, such as culture traditions and political structures, and economics factors, such as variation in ownership of corporation and the development of fund and labor markets, come into pay. Moreover, you should consider social contracts and the role of trade union.
Having a well-designed compensation plan that ensures equity should be a high priority for all employers. Yet, a compensation plan should not be focused on the salary for a position. Compensation plans can, and typically do, include things like commissions, bonuses or merit pay, stock options and a comprehensive benefits package to complement a base salary.
Compensation will typically be perceived as fair if it is designed with a system of components including job descriptions, job analyses and evaluations, and pay structures. Ensuring that these elements are included when determining compensation plans is essential to maintaining internal and external equity.
- Internal equity refers to employees’ perception of their pay in comparison to their co-workers.
- External equity refers to employees’ perception of your company’s pay in comparison to the pay of similar positions at other companies.
References-
Omotayo Adewale OSIBANJO, Adenike Anthonia ADENIJI, Hezekiah Olubusayo FALOLA, & Princess Thelma HEIRSMAC. (2014). Compensation packages: a strategic tool for employees’ performance and retention. Leonardo Journal of Sciences, (25), 65. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&AuthType=sso&db=edsdoj&AN=edsdoj.67486c6a50134ddd8029f5a6
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2nd student response (Bala subramnyam)
Recently, I have promoted to the HR manager in my company. Besides these, in several nations, I have various offices. Now I am facing difficulties in evaluating the compensation packages for the employees who are working in different countries. I consider that the compensation packages are defined as the amalgamation of salaries or fringe benefits that an employer offers to the employees (Wong, Gygax & Wang, 2015). Some things are included in the benefits such as sick days, vacation days, pension plans, paid organization holidays, health insurance, plans based on stock ownership, eye/dental insurance, health insurance and life insurance. For evaluating the different compensation packages of employees it is important for me to understand the significance of the elements which are included in the compensation packages. In addition to this, these elements are Bonus, Base salary, insurance, ownership stakes, employee perks, benefits, flexibility and lifestyle. Besides these, before the evaluation of the compensation packages, I also have to understand the two different compensation forms which include indirect or direct compensation forms. Additionally, direct compensation forms have a multitude of methods or types, from salary to bonus. Bonuses, commission, hourly pay and salary are included in the direct compensation forms. Apart from this, equity-based programs and benefits are included in the indirect compensation forms. For evaluating the compensation packages of the employees, I have to consider certain things which include stock options, the assistance of partner in locating the new position, relocation stipend, signing bonus, salary review schedules, other leave and vacation with pay time, comparative salary or information for the cost of living and benefits packages. In addition to this, I have to consider some other factors which include working conditions and facilities, job security and employer reputation or stability (Wall, 2019). Besides these, I also have to consider some factors like future potential, benefits and cost of living for evaluating the compensation packages who are working from different countries.
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