HRMD 420 Compensation & Benefits Management Assignment Sample UAEU, UAE
This assignment solution will discuss the compensation and benefits management under the course HRMD 420.
This course provides a systematic study of the effective management of compensation and benefits in organizations. Topics covered include strategic compensation planning, components of the total pay mix, job evaluation systems, the compensation structure, governmental regulation of compensation, employee benefits and employee services programs, administering incentive plans, and other significant compensation issues such as variable pay plans, skill, and knowledge-based pay plans, and linking pay to performance. The prerequisite for this course is a pass certificate in HRMD310 and HRMD320.
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HRMD420 Compensation and Benefits Management Learning Outcomes
Compensation and benefits (C&B) is a sub-discipline of human resources, focused on employee compensation and benefits policy-making. While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life, and development. Combined, these are referred to as total rewards. Students will learn the following aspects after attending this course:
1.Analyze The Strategic And Contextual Influences On Compensation Using Information Collected From A Variety Of Sources.
In the case of executive compensation packages, contextual influences include prevailing wage practices within the specific industry in question and within a specific geographic locale, different regions of the country historically having higher wages commensurate with the higher cost of living in that particular region.
When determining appropriate compensatory tables for an organization, the folks in human resources are likely to look around town and gauge the level of competition. The more competition, the more valuable quality personnel and the greater the compensation package necessary to recruit and retain those workers.
2.Contrast The Approaches To Compensation For Organizational Members And Leaders.
There are two primary approaches to compensation for organizational members and leaders: the equity approach and the expectancy approach.
The equity approach focuses on ensuring that employees receive fair and just compensation in accordance with their individual contribution to the organization. This approach is based on the principle of distributive justice, which states that individuals should be treated equitably and fairly.
The expectancy approach, on the other hand, focuses on linking employee compensation to organizational performance. This approach is based on the principle of reinforcement, which states that individuals are more likely to repeat behaviors that are associated with positive outcomes.
Awareness Of Compensation Issues Across International Contexts.
In a complex international organization, you probably face at least one of the following challenges while managing compensation:
The “multi” factor
Even if your compensation schemas or merit increase policies are relatively simple, a large international organization introduces a lot of complexity. Different currencies, languages, companies, time zones, and local reward cultures can add great complexity to your compensation processes. Nevertheless, you still need to have consistency throughout all processes.
Balancing global vs. local
Finding a balance between a global view and local execution is always a challenge. Bonus plans, merit increase policies, and benefits need to be consistent throughout your global organization. On the other hand, local labor contracts and compensation practices, or the availability of talent in different regions, may require some flexibility and adaptability. Not an easy compromise.
Driving an extended process
Controlling the process and meeting timelines in a global organization is a real challenge. Communication in 12 time zones and 20 languages can be a problem unto itself.
Optimizing your budget
Managing compensation without any budget constraints would be an easy task. Unfortunately, not only do you have a budget, but you will probably need to create countless simulation scenarios to define what the optimal allocation of your budget is throughout your different regions, divisions, and business units, and this may require many different bonus pools.
4.Evaluate Employee Pay And Benefit Programs From A Discretionary And Legislative Perspective.
There are two basic types of compensation: direct and indirect. Direct pay is the wage or salary received by the employee; indirect pay consists of various employee benefits and services. Employees are usually paid directly based on the amount of time they work, the amount they produce, the type of work performed, or some combination of skill, time, and output. An hourly rate of pay or a monthly salary is considered base pay, or an amount of pay received by the employee regardless of output level. In many jobs, such as sales and manufacturing, an employee can earn additional pay as a result of a commission or an incentive pay arrangement. The accelerated commission schedule for a salesperson shown below indicates that as sales increase the incentive becomes increasingly more attractive and rewarding; therefore, the pay can function as a powerful motivator. There are four types of programs running in the organizations:
- Benefits at work: This includes working hours & leave, skills development, food & beverage, and employee clubs, activities & gifts.
- Benefits for health: Think of health and wellness and healthcare here.
- Benefits for financial security: The number one thing here is pension plans. Other benefits for financial security are insurances, financial benefits for employees, and personal financial benefits.
- Lifestyle benefits: Lifestyle benefits consist of work-life balance and mobility.
5.Present A Critical Evaluation Of Issues Relating To Internal Consistency And Market Competitiveness Of Different Compensation Systems.
Internally consistent compensation systems clearly define the relative value of each job among all jobs within a company. This ordered set of jobs represents the job structure or hierarchy. Companies rely on a simple, yet fundamental principle for building internally consistent compensation systems: Jobs that require higher qualifications, more responsibilities, and more complex job duties should be paid more than jobs that require lower qualifications, fewer responsibilities, and less complex job duties. Internally consistent job structures formally recognize differences in job characteristics that enable compensation managers to set pay accordingly.
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