HRM430 Compensation Benefits Course

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HRM430 Compensation Benefits Course
The course project relates to the compensation and benefit strategy of an organization. Students will select…

 

Description

HRM430 Compensation Benefits Course

HRM430 Compensation Benefits Course

A+ Entire Course: Course Project Week 2, 7| Assignment Week 3| Midterm Exam| Discussions Week 1-7| Final Exam

Wal-Mart Stores Course Project Week 2 and Week 7

Click Here: HRM 430 Course Project

Course Project Week 2

Write a one-page (250–300 words) overview about the company and detail the compensation and/or benefit issue(s) you selected for your Course Project. This refers to items 2 and 3 items listed under Course Project Overview above. This short paper is worth 50 points.

Preview:

Wal-Mart Stores, Inc. or popularly known as Wal-Mart is presently the biggest and the leading retailer across the globe.  Its sales as of 2015 reached $485.6 billion, which is generated by its more than 11,500 stores worldwide (Wal-Mart Stores, Inc., 2015).  Delivering the company’s performance are its more than 2.2 million…

Course Project Week 7

The Course Project is due. The project should be 1,200–1,800 words, excluding title and reference page. It should include items 1–7 as listed under Course Project Overview above. The Course Project is worth 200 points.

The course project relates to the compensation and benefit strategy of an organization. Students will select an organization that is experiencing challenges with its compensation and/or benefit program. Some examples where challenges exist within the organization’s compensation and benefit plan could include a high rate of employee turnover, an inability to recruit talented employees due to lack of proper compensation, an inability to fund an adequate benefit program, an incentive program where few employees reach their objectives, an inadequately funded retirement system, or a retirement plan that does not offer proper investment choices. Your paper will be graded according to how well you meet the tasks below.

  1. Follow proper APA style/citations, grammar and punctuation, and so on. An APA tutorial is located on the HUB for assistance.
  2. Identify an organization with compensation or benefits challenges. It could be an organization with which you are familiar personally or through the media.
  3. Provide a detailed review of the compensation and/or benefit challenge (problem) at the organization. It is recommended that you concentrate on the principle compensation and/or benefit challenge(s) within a single organization, rather than a number of less important issues. Be careful to avoid selecting a topic that is too broad. At the same time, the challenge facing the organization should be broad enough to provide multiple strategies to help resolve the problem.
  4. Discuss the compensation and/or benefits strategies other organizations have utilized related to your challenge, along with a review of their success and failure. As an example, if you are interested in an employee assistance program and why usage is less than expected, detail the strategies other organizations have followed to improve participation and see a return on their investment. Information regarding other organizations should be gathered through a research process and consist with academic-quality materials rather than word-of-mouth information.
  5. Recommend the strategy you propose the organization should follow to address its compensation and/or benefit challenge. Explain why you have selected this strategy. Include research (theory) to substantiate your selection.
  6. Discuss impediments to this strategy, including any contingency plans that should be considered.
  7. Finally, detail how the strategy you propose would address the organization’s challenge (as detailed in step 2 above) and its impact on both the organization and the employee. Include specific items that should be included in the action plan.

Preview:

Recognizing the global scale of Wal-Mart’s operation, a sudden jump of 50% on its employees’ wages can take a big chunk of its operational cost and could even lead to detrimental losses for the first time in its history.  To address this adverse impact, Wal-Mart may opt to implement this strategy in…

HRM430 Compensation Benefits Course

Assignment Week 3

Click Here: HRM 430 Assignment Week 3

Your assignment is to write a short paper (500–750 words) defining compensation, compensation philosophy, and critical components of a compensation strategy. Provide one solid example of an effective compensation practice/policy. Your paper will be graded on the following:

  • definition of compensation;
  • overview of compensation philosophy;
  • critical components of a compensation strategy; and
  • example of an effective compensation practice/policy.

Your paper must be prepared utilizing the APA format and should include external, academic-quality references. See the Syllabus section “Due Dates for Assignments & Exams” for due date information.

Preview:

Compensation and benefits are critical from both the employers and employees point of views.   For employees, although this is not the only consideration for accepting a job, it is a major determinant, and often, the higher is the salary offer, the…

HRM430 Compensation Benefits Course

Midterm Exam 

Click Here: HRM 430 Midterm Exam

(TCO 1) Compensation represents both _____ rewards.

Intrinsic and extrinsic

Introverted and extroverted

Income and outcome

Enter and exit

(TCO 1) Which theory states that employees’ knowledge and skills generate productive capital?

Job characteristics theory

Expectancy theory

Equity theory

Human capital theory

(TCO 1) Which constituency group turns to compensation professionals for advice about setting appropriate pay rates for jobs?

Employees

Line managers

Unions

Executives

(TCO 1) What is a planned effort to facilitate employees’ learning of job-related knowledge, skills, or behaviors?

Training

Labor-management relations

Career development

Performance appraisal

(TCO 5) According to the U.S. Bureau of Labor Statistics, which of the following is projected through the year 2012?

The percentage of women in the workforce will decrease.

The percentage of Asian people in the workforce will decrease.

Total employment will decrease about 15%.

Total employment will increase about 15%.

(TCO 5) Which one of these issues is not addressed by the Fair Labor Standards Act of 1938?

Overtime pay

Child labor provisions

Executive compensation

Minimum wage

(TCO 7) Which performance appraisal error reflects the tendency to rate every employee at the low end of the rating scale, regardless of actual performance?

Negative halo error

Error of central tendency

Contrast errors

Errors of strictness

(TCO 7) Gunther Rohn was rewarded for making a suggestion that saved Ewe and Eye Electronics thousands of dollars. Which type of incentive compensation approach might have worked best?

Gain-sharing plan

Group incentive programs

Employee stock ownership plan

Management incentive plans

(TCO 7) According to the job characteristics theory, this core characteristic refers to the amount of freedom, independence, and discretion the employee enjoys in determining how to do the job.

Feedback

Autonomy

Task identity

Skill variety

(TCO 5) Age discrimination of employees of federal contractors is prohibited by which executive order?

11414

11411

11141

11114

(TCO 5) What are the revised guidelines introduced in 2004 for determining whether jobs are exempt from FLSA overtime pay provisions?

Overtime Nonexempt Rules

Glass Ceiling Act

Fair Pay Rules

Bennett Amendment

(TCO 5) Which legislation removed barriers to free commerce and restored equality of bargaining power?

Civil Rights Act of 1964

Equal Pay Act of 1963

Age Discrimination in Employment Act of 1967

National Labor Relations Act of 1935

(TCO 4) The federal government’s General Schedule is an example of what kind of pay system?

Merit pay

Seniority-based pay

Knowledge-based pay

Longevity pay

(TCO 4) This occurs when a rater generalizes good performance behavior in one aspect of the job to all aspects of the job.

Similar-to-me effect

First-impression effect

Positive halo effect

Negative halo effect

(TCO 4) Management by objectives is one method of which type of performance appraisal?

360-degree performance appraisal

Goal-focused system

Goal-oriented system

Behaviorally anchored system

(TCO 4) Which performance appraisal system is based on writing performance behaviors as expectations, not as observed incidents?

NBO

BOS

BARS

CIT

HRM430 Compensation Benefits Course

(TCO 4) These are the four core characteristics of the job characteristics theory.

Feedback, task variety, skill variety, autonomy

Knowledge, skill identity, autonomy, feedback

Skill variety, task identity, autonomy, feedback

Skill identity, autonomy, task variety, feedback

(TCO 4) These are four pay-for-knowledge programs.

Cross-departmental training systems, skill blocks model, job-point accrual model, breadth-of-skills model

Stair-step model, skill blocks model, job-point accrual model, cross-departmental training systems

Job-point accrual model, cross-sectional training system, stair-step model, skill blocks model

Cross-skills training system, stair-step model, job-point accrual model, skill blocks model

(TCO 4) Which of the following are the main reasons for the increased costs associated with pay-for-knowledge programs?

Increased compensation benefits, higher training costs, increased overhead costs

Higher payroll costs, increased overhead costs, higher training costs

Increased overhead costs, increased compensation benefits, higher payroll costs

Increased compensation benefits, higher training costs, and higher payroll costs

(TCO 4) Which person-focused model links pay levels to increased knowledge and skills within the same general job category?

Stair-step model

Skill blocks model

Job-point accrual model

Cross-departmental model

(TCO 8) Which gain-sharing program is based on a labor hour ratio and has a buy-back provision?

Rucker

Improshare

Scanlon plan

Management incentive plan

(TCO 8) Which gain-sharing plan focuses on lowering the percentage of labor costs using a value-added formula?

Rucker plan

Scanlon plan

Behavior encouragement plan

Improshare

(TCO 8) This formula for determining the amount available for profit sharing uses a specific percentage of annual profits contingent upon the successful attainment of a specified profit goal.

Fluctuating first dollar of profits

Differed first dollar of profits

Graduated first dollar of profits

Fixed first dollar of profits

(TCO 2) These two are job evaluation techniques.

Market based and job context

Market context and job based

Market based and job content

Market context and job content

(TCO 2) Which unit in the job analysis process is the smallest?

Task

Element

Job

Family

(TCO 3) This BLS survey provides the quarterly measure of changes in labor and compensation costs, and is used as the principle economic indicator for the Federal Reserve.

National Compensation Survey

Employment Cost Index

Employer Costs for Employee Compensation

National Benefit Index

(TCO 3) When examining competitors’ compensation offerings, this term is used to describe the percentage of employer compensation costs that are applied to compensation and benefits.

Mix

Quartile

Standard percentile

Nominal dollars

(TCO 6) Which pay structure reflects the increasing organizational trend toward flatter, less hierarchical corporate structures?

Two-tier pay structure

Broadbanding

Market-competitive pay structure

Internally consistent pay structure

(TCO 6) These represent the horizontal dimension of pay structures.

Pay ranges

Pay grades

Job evaluation points

Pay spreads

(TCO 8) Which of the following is a characteristic of the Scanlon plan?

Gain-sharing formulas are based on the ratio between labor costs and productivity levels.

Gain-sharing formulas are based on the ratio between labor costs and production costs.

Gain-sharing formulas are based on the ratio between production costs and sales value of production.

Gain-sharing formulas are based on the ratio between labor costs and sales value of production.

HRM430 Compensation Benefits Course

Course Discussions Week 1-7 All Students Posts 576 Pages 

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Week 1 All Students Posts 82 Pages

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Compensation System – 40 Pages 

Click Here: HRM 430 Compensation System

Discuss the general goals of an organization’s compensation system, including how a compensation strategy works to support the organization’s business strategy. Which, in your opinion, provides the biggest bang for the buck vis-a-vis employee engagement, productivity and morale? As you look at your organization, how could you address a shortfall in the compensation strategy? What would you change? What happens if the organization can’t afford to be “equal” in the market when it comes to pay?  What other alternatives are there?

A company’s compensation system will be how current employees and possible future employees judge the company and whether or not they will want to stay with the company. Given that most companies want to attract and retain good employees, the compensation system should match or exceed industry standards. The system can be tailored meet the strategic goals of the company at any given time.

The most current trend that I have seen in municipal government is compensatory time. Employees are now finding it more desirable to get extra time off instead of overtime pay. Being raised as a baby boomer, I only ever knew about working more hours for more money but the gen xr’s and millennials are definitely looking for a more balanced life approach…

Unions and Compensation – 42 Pages

Click Here: HRM 430 Unions Compensation

Explain how you would partner with a union in creating a compensation strategy (you do not have to have worked in a union or been a union member to respond to this question). Describe how the FLSA, union, and employer work together in support of employee wages. I’ve learned that “relationship building” is the key to forging win-win outcomes not only on collective bargaining agreements, but also day to day union/employee issues.  As a follow-up question, what actions can employers take to forge such relationships?  Look at UPS, which is 100% unionized…100%.  The company thrives and employees are happy so obviously management has tapped the secret recipe toward effective union/management relations.  Thoughts?  Opposing points of view? In your own opinion, can you please cite 3 PROS and 3 CONS to union membership?

As the book states FLSA focuses on minimum wage, overtime pay, and child labor provision. The purpose of the minimum wage provision is to ensure a minimally acceptable standard of living for workers. FLSA requires employers to pay workers at a rate equal to time and one-half for all hours worked in excess of 40 hours within a period of 7 consecutive days. FLSA child labor provisions protect children from being overworked, working in potentially hazardous settings and having their education jeopardized due to excessive work hours.

A union is like a team or club that you can join. Its main purpose is to look after and promote the interests of its members. For a union, this means looking after the rights of workers and their interests at work, within their industries and beyond in the community. Unions are one of the few ways that workers can have a voice on the job and influence what happens in their society. When people come together with a common goal in mind, they are far more powerful than when they try to reach goals as individuals. When workers act together they have a better chance of getting what they need at work and beyond…

HRM430 Compensation Benefits Course

Week 2 All Students Posts 75 Pages 

Click Here: HRM430 Course Discussions Week 2

Merit Pay – 38 Pages

Click Here: HRM430 Merit Pay Course Discussions

Define the concept of merit pay and the advantages and limitations of a merit pay system. Are your incentive compensation plans designed with a “pay for performance” objective?  Do they create a meritocracy?  What is a performance-based organization?  How does it relate to compensation?  Is this the same as achieving a meritocracy? Do you believe that pay is a motivator?  If so, why?  How can merit pay motivate employees and increase their performance?  Thoughts and/or experiences?

Performance based organizations pay employees competitive wages, for levels of performance. This may mean that exceptional job performance will receive above market pay. On the other hand, pay may be reduced for poor performance. Moreover, this kind of compensation often provides a fixed base salary with additional pay, or rewards for performance. Organizations with this kind of compensation strategy do well do let employees know performance goals for the organization…

Incentive Plans – 37 Pages 

Click Here: HRM 430 Incentive Plans

Discuss how incentive pay plans, both individual and group, motivate employees to achieve high levels of performance. Offer one individual and group incentive pay strategy that would work best in your organization. I would like you to discuss (a) whether your organization’s pay plans actually motivate workers; and (b) whether you agree or disagree that pay is a human motivator. Feel free to disagree as there has been much written about this subject.  If you have time, Google “comparable pay” and see what you find.  There has been considerable research from Ed Lawler and other theorists that portend that pay is indeed a motivator especially for CEOs. How does merit pay create a more productive workforce? What are your thoughts about the current movement to raise the minimum wage to $15.00 per hour?  Do you think this will adequately motivate and increase productivity for employees who occupy positions that earn less than $10.00/hour today?

The current movement to raise the minimum wage to $15.00 is quite a controversial movement and has both supporters and people who think that it’s a mistake. Right now, I am not 100% on either side because I do see the upside as well as the downside to doing something like this. On one hand, raising the minimum wage is supposed to help those at the low end of the pay scale to receive pay that is closer to a livable wage. For the supporters of this movement, they see this as a positive step in the right direction when it comes to fair and livable wages. For those who don’t support the movement, I’ve heard and read thousands of comments regarding the education level of “fast food workers” and how they don’t deserve to be paid more for the work that is required of them. I’ve seen pay comparisons of fast food workers and other professions that are currently in that pay range and the requirements of those jobs. The job requirements don’t match up and I think that’s why so many people are upset with the increase.

However, I think this movement will bring about increases in other areas – if the minimum wage increases, other areas should increase as well to match the increasing cost of living. Now, when it comes to “adequately motivating” employees – again, it depends on what their individual motivations are. Are they motivated by money alone or do they want more out of their job and work? If they are motivated by money alone, then the increase should motivate them to improve their performance. There is one instance that I have heard of where an individual was receiving an income that qualified them to receive rent assistance. When the wage increase occurred, they had requested to work less hours because even though the increase increased their pay, they had no longer qualified for the rent assistance. To offset that, they requested less hours, thus re-qualifying them for rent assistance. Even though this is one example, I’d assume that the point to the increase to to have less cases like this one. So even though this individual received a pay increase, it really didn’t change anything for them…

HRM430 Compensation Benefits Course

Week 3 All Students Posts 82 Pages 

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Market Competitive System – 42 Pages 

Click Here: HRM430 Market Competitive System

Discuss the basic building blocks of a market competitive pay system, including the relationship between internal and external equity. In your readings and lecture this week you will learn about market competitive pay, which should be the driver of any compensation system.  You will be exposed to the notion of internal and external equity.  I encourage you to Google “competitive worth” as it gets to the root of compensation being a satisfier or disatisfier.  When an employee is working side by side with another who is earning more, what happens?  How would that make you feel?  So what’s the fix?  Thoughts?  What is meant by the 50% vs. 75th market percentile?  Why would one be used vs. the other?

Working in an environment where I have to negotiate for management for union contracts, both internal and external comparisons are the most widely accepted comparisons if you have to go to arbitration over wages. Internal comparable will consist of comparisons against what other bargaining unit members got for a raise or benefits in the same year. External comparable will look at other bargaining units to see how they compare to each other. You have to be very careful to use empirical data to show that the comparable you are using are actually comparable to your workers. In my case they use things like population of the city, number of employees, average wage per household, average value of homes, etc. When you compare all of this data, you will come up with a list of comparable. You then need to compare your contract to the others

I actually worked on this for several hours today. A bargaining unit is asking for more days off. They presented data to show that they are the lowest amount of days off in their comparable. I found it interesting that they chose to use the actual number years of each employee to figure out their average time off. They chose this method because they have a bunch of new employees who receive less vacation than longer employed employees. I chose to look at a 5 year, a 10 year, and a 15 year employee. When I ran my numbers, our union was barely just under the 50th percentile in all three categories…

HRM430 Compensation Benefits Course

Job Evaluation – 40 ages

Click Here: HRM 430 Job Evaluation

Provide a brief overview of the job evaluation process, including the importance of compensable factors. Detail the compensable factors of a position you are familiar with and their impact on that position’s salary. I’m looking forward to reading your posts regarding job evaluation processes, which are the primary drivers begin many HR tools for hiring and professional development.  To start, cite the compensable factors of any position you know, your own or otherwise, and discuss the impact on that position’s salary or hourly wage. What is the role of the HR generalist in the job evaluation process?  Is his/her role any different from that of the hiring manager? Who in the HR Department has ultimate responsibility for creating, revising and maintaining accurate, current job descriptions?

Honestly people will still be shopping at Walmart even if there is bad customer service and the number one reason why is because it is cheap to buy things there.  I believe pay is a big factor but I also believe benefits and treatment can be a main cause for the employee’s negative conduct.  I have worked at places where employees get paid really little but are always smiling because they are treated with respect by management.  One of the reasons Walmart pays it employees minimal is due to the low prices they need to satisfy the customers so they cut corners by buying products from other countries, cutting on wages and benefits.  The need of compensable factors are needed it seems Walmart analysis of skills, education, duties, and supervising.

Side not I just came from Mexico and I went to a Walmart there the employees here in the United States have it good over there they really pay their workers cheap and make them work more than 8 hours and they have people to bag groceries and they have the Walmart uniform on they do not get paid they depend on tips from the customers.  I was amazed I saw all senior citizens bagging groceries for free I went to each one and gave them each $20 American dollars I felt so bad.  They were there working due to necessity because in Mexico if you are over 50 it is really hard for you to get a job…

HRM430 Compensation Benefits Course

Week 4 All Students Posts 83 Pages 

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Legally Required Benefits – 44 Pages

Click Here: HRM430 Legally Required Benefits

Provide a general overview of legally required benefits, including their purpose in society. This week’s discussion thread is a rather interesting as you’re being prompted to research and share the health and wellness benefits that are “legally required” by law.  The fact that these laws are required should correlate to a useful purpose for their existence.  Please share both and let’s have a healthy dialogue.  What is the purpose of the Social Security Act and how does it affect the compensation of today’s employee? Do employers match the percentage SSI assessed against employees?   Since the SSA no longer mails statements, how can citizens access their annual social security statements?

My goal in life after obtaining a degree here at Devry is to become an attorney. I have realized in my search of the law and to find order that just because it is a law does not mean it means anything or should even be a law to begin with. Some laws are not actually put into place to help the general population. I love the laws and I love sticking it to people who break the laws but not all laws are good laws. What the Department of Labor says about Legally Required Benefits is that you see these benefits are seen as taxes. Even though they are not taxes. The legally required benefits that employees and employers are responsible for contributions to these legally required “benefits”.  These benefits are manifest as Social Security and Medicare.

Social Security is the largest component of legally required benefits. This program helps provide financial support to workers and their families when workers retire, die, or become disabled. Medicare provides healthcare assistance to older workers and to people with long-term disabilities. Employers and Employees both are required by law to make even contributions. Other legally required benefits are unemployment insurance and workers compensation. Employers contribute to to the Federal State Unemployment Insurance program, which provides financial assistance to workers who lose their jobs through no fault of their own. In most states, employers also must contribute to State workers compensation programs, which provide financial support to people who are unable to work as a result of workplace injury or illness…

HRM430 Compensation Benefits Course

Role of Benefits – 39 Pages 

Click Here: HRM430 Role of Benefits

Discuss the role of benefits in compensation. Review the primary reasons an organization provides benefits to its employees; predict future trends in relation to employee benefits. The term “Total Rewards” is commonly used in business today to represent the sum of cash compensation (salaries and wages), health benefits and retirement plans.  Discuss the role of these benefits in regard to an employee’s total compensation package.  Review the primary reasons an organization provides these benefits to its employees but most important, think about the changing times we live in with rising costs of benefits…and how so many companies are changing philosophies on what their obligations should be.  What is the difference between defined contribution vs. defined benefit programs?  Which have become more cost-effective for employers? What is the range of match percentages across good and poor plans?  What are the primary reasons for this unfortunate trend?

The six elements of total rewards that collectively define an organization’s strategy to attract, motivate, retain and engage employees are:

  • Compensation:Pay provided by an employer to its employees for services rendered (i.e., time, effort, skill). This includes both fixed and variable pay tied to performance levels.
  • Benefits:Programs an employer uses to supplement the cash compensation employees receive. These health, income protection, savings and retirement programs provide security for employees and their families.
  • Work-Life Effectiveness:A specific set of organizational practices, policies and programs, plus a philosophy that actively supports efforts to help employees achieve success at both work and home.
  • Recognition:Either formal or informal programs that acknowledge or give special attention to employee actions, efforts, behavior or performance and support business strategy by reinforcing behaviors (e.g., extraordinary accomplishments) that contribute to organizational success.
  • Performance Management:The alignment of organizational, team and individual efforts toward the achievement of business goals and organizational success. Performance management includes establishing expectations, skill demonstration, assessment, feedback and continuous improvement.

Talent Development: Provides the opportunity and tools for employees to advance their skills and competencies in both their short- and long-term careers…

HRM430 Compensation Benefits Course

Week 5 All Students Posts 86 Pages 

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Employee Benefits – 47 Pages 

Click Here: HRM 430 Employee Benefits

Employers offer a large variety of benefits. In recent years, we have seen some of those benefit offerings reduced. What benefit trends are you seeing with employers? What impact do you feel these changes will have long term? In order to adequately participate in this week’s discussion thread on employee benefits, I want you to research the impact of President Obama’s Affordable Care Act of 2010.  The A.C.A. has dramatically changed an employer’s obligation with regard to offering “affordable” health care coverage for its employees due to the obligatory “employer mandate.”  In addition, it has dramatically increased the overall cost of health care premiums for every American causing many carriers to drop out of the program and others like United Healthcare to consider same.
I suggest you Google any of the following and report your findings to this discussion thread:
1. Obamacare
2. Patient Protection Act
3. Affordable Care Act

In 2018, the Cadillac Tax will be imposed on those businesses on some companies as a result of ACA.  What is this tax and why will it be assessed?

The Affordable Care Act was passed by Congress and then signed into law by the President on March 23, 2010. On June 28, 2012 the Supreme Court rendered a final decision to uphold the health care law.

This Act puts individuals, families and small business owners in control of their health care. It reduces premium costs for millions of working families and small businesses by providing hundreds of billions of dollars in tax relief – the largest middle class tax cut for health care in history.  It also reduces what families will have to pay for health care by capping out-of-pocket expenses and requiring preventive care to be fully covered without any out-of-pocket expense. For Americans with insurance coverage who like what they have, they can keep it. Nothing in this act or anywhere in the bill forces anyone to change the insurance they have, period.

Americans without insurance coverage will be able to choose the insurance coverage that works best for them in a new open, competitive insurance market – the same insurance market that every member of Congress will be required to use for their insurance. The insurance exchange will pool buying power and give Americans new affordable choices of private insurance plans that have to compete for their business based on cost and quality. Small business owners will not only be able to choose insurance coverage through this exchange, but will receive a new tax credit to help offset the cost of covering their employees.

It keeps insurance companies honest by setting clear rules that rein in the worst insurance industry abuses.  And it bans insurance companies from denying insurance coverage because of a person’s pre-existing medical conditions while giving consumers new power to appeal insurance company decisions that deny doctor ordered treatments covered by insurance.

The Secretary has the authority to implement many of these new provisions to help families and small business owners have the information they need to make the choices that work best for them…

HRM430 Compensation Benefits Course

Retirement Programs – 39 Pages 

Click Here: HRM 430 Retirement Programs

In the United States, we have seen a trend towards defined compensation programs from defined benefit programs. Many employers have moved in this direction to help them be more competitive. What are some reasons that these benefit programs are offered? How are they designed? What are some trends that you see with the design of the programs? What is the difference between defined contribution vs. defined benefit programs?  Which have become more cost-effective for employers? As you know from your readings and research, fewer employees today are receiving company-paid retirement benefits than 10 years ago. What are the primary reasons for this unfortunate circumstance?

Employers are going more toward the defined compensation plans more so then defined benefit plans because it leaves it more up to the employee to plan for their retirement then the company. By choosing to opt into a defined compensation plan the company saves money and the long term payments that are associated with a defined benefit plan.

A defined benefit plan is the specific payment that will be made to the employee at retirement. The basic benefit in this category is usually based on the number of years the employee works for the employer and their salary. These payments are provided to the retired employee regularly at the normal age of retirement. This type of plan is also known as a pension.

Defined Contribution plan is a plan to how much will go into a saving for retirement. The amount is either a percentage of the employee’s salary or a specific dollar amount. Those funds are then invested in mutual funds. The amount the employee has at retirement depends on how much the employer contributes to the plan and how much the employee saves in the plan, also how long the money is invested and how well the employee investment performs inside the plan.

The defined contribution plan reminds me of Enron many employees were vested in plans with Enron and when they folded many people lost everything.  I say this is also the dangers of defined contribution plan…

HRM430 Compensation Benefits Course

Week 6 All Students Posts 79 Pages 

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Executive Pay – 42 Pages

Click Here: HRM 430 Executive Pay

Contrast executive pay with nonexecutive pay, including a discussion on executive core and deferred compensation packages. This discussion thread attempts to delineate between executive and non-executive compensation.  As a former senior executive and leader of my company’s executive compensation function, I can share that the Board of Directors Compensation Committee governs compensation for senior leaders.  The committee met twice annually (February and October) to review and set total compensation.  Senior executive pay generally consists of a base salary, short-term cash bonus and long-term stock bonus which can take the form of stock options, performance shares or restricted stock.  These shares usually have  a vesting period of 3, 4 or 5 years.  Vesting can be graduated (% over each year) or cliff (all at the end of the vesting period).  Depending upon one’s level, short and long term incentives should exceed base salary by 2 or more times. Share what you have learned in the readings this week that supports my assessment. What is the function of a company’s compensation committee?  Are all companies (privately-held, not-for-profit and publically-traded) required to have one?  Who generally chairs the Board of Directors compensation committee?  How is the committee structured?

According to the lesson, an executive position get higher pays because of experience, and certainly experience in skills, they can be an impact in the company by helping increasing earnings, they have a special knowledge that make them been more competitive. Executives get high earnings, but at the same time they have higher responsibilities because CEO’s  influences decisions, responsible for economic constraints, financial and legal issues, problems, deal with factors that affect performance and results, so practically the higher pays the bigger responsibility. I was reading an article that states that the CEO’s from Walmart that are enjoying their billionaire earnings because this year the company did so good, but sadly the employees are not enjoying that earnings, they deal with the minimum wages to survive and no benefits, so that is the difference of executive and non-executive position…

HRM430 Compensation Benefits Course

Contingent Workers – 37 Pages 

Click Here: HRM 430 Contingent Workers

Contingent workers are assuming a greater role in today’s organization. With that as a background, discuss compensation and benefit issues associated with the following workers: part time, temporary, independent, and flexible/telecommuting. One generally sees a high volume of contingent workers in the retail/wholesale/distribution industry as they gear up for holiday seasons and such.  In my company, the Auto Parts retail stores business, our season begins in April with the warmer weather and generally slows down in November and December when families stop driving on vacations.  Our sales pick up during that period so we staff our stores with what we call “Variable Service Part-Timers” which is nothing more than a contingent worker.  Please share your experiences with contingent workers and how they are compensated.  How does the fee process work for contingent workers (a) when they are hired; and (b) when they are converted to a permanent position?  Fewer employees today have full-time jobs than ever before. The last statistic showed a 10% decrease in full-time jobs in the last 5 years. What can be done to reverse this trend and still compete internationally?

Some of the benefits that come along with these types of workers are: flexibility, cost savings and increased productivity. In addition, companies hiring contingent workers for special projects are able to choose from a broad pool of skilled, experienced specialists to maximize project efficiency.

Despite these advantages, without effective hiring and onboarding, contingent staffing can create certain disadvantages. The challenges that come along with contingent workers may include finding employees that can not only perform the job, but also are engaged and interested in your organization’s corporate culture and goals…

HRM430 Compensation Benefits Course

Week 7 All Students Posts 89 Pages 

Click Here: HRM430 Course Discussions Week 7

Compensating Expatriates – 40 Pages 

Click Here: HRM 430 Compensating Expatriates

Companies have a variety of factors to consider when looking at compensating expatriates. What goes into this discussion? What are some common methods of payment, and how are they used?  What is the “average timeframe” associated with expatriate assignments? What are some items that companies look at when determining expatriate pay? What types of business circumstances would require the deployment of expatriate employees?  How is housing in the host country handled?  Who pays for expatriate housing…the employer or employee?

The average time frame of a short expatriate assignment is typically 6 months to less than 1 year. If it is an extended assignment that typically is 2-5 years long. With that being said there are different phases in an expatriated assignment and I thought this was very interesting that families need to endure through these cycles. The cycles of adaptation include Preparation, Honeymoon, Culture Shock, and Adaptation. In some other life cycles Repatriation is also included…

HRM430 Compensation Benefits Course

Benefits in Other Countries – 49 Pages 

Click Here: HRM430 Benefits in Other Countries

Compare the benefits provided within the United States to those offered in other countries. What is different in terms of benefit offerings and benefits funding?  What strategies do other countries utilize in their benefit offerings that you would want to consider?  What tools do you have at your disposal to incentivize employees to seriously evaluate and consider such assignments?

  • The U.S. is the ONLY country in the Americas without a national paid parental leave benefit. The average is over 12 weeks of paid leave anywhere other than Europe and over 20 weeks in Europe.
  • Zero industrialized nations are without a mandatory option for new parents to take parental leave. That is, except for the United States.

American Average Work Hours:

  • At least 134 countries have laws setting the maximum length of the work week; the U.S. does not.
  • In the U.S., 85.8 percent of males and 66.5 percent of females work more than 40 hours per week.
  • According to the ILO, “Americans work 137 more hours per year than Japanese workers, 260 more hours per year than British workers, and 499 more hours per year than French workers.”
  • Using data by the U.S. BLS, the average productivity per American worker has increased 400% since 1950. One way to look at that is that it should only take one-quarter the work hours, or 11 hours per week, to afford the same standard of living as a worker in 1950 (or our standard of living should be 4 times higher). Is that the case? Obviously not. Someone is profiting, it’s just not the average American worker.

American Paid Vacation Time & Sick Time:

  • There is not a federal law requiring paid sick days in the United States.
  • The U.S. remains the only industrialized country in the world that has no legally mandated annual leave.

In every country included except Canada and Japan (and the U.S., which averages 13 days/per year), workers get at least 20 paid vacation days.  In France and Finland, they get 30 – an entire month off, paid, every year…

HRM430 Compensation Benefits Course

Final Exam 

Click Here: HRM 430 Final Exam

(TCO 1) Which pay structures represent companies’ compensation policies that fit with their business objectives? (Points : 5)

Market competitive

Internally consistent

Equitable

Analytical

(TCO 1) Which of the following is not a part of core compensation?  (Points : 5)

Incentive pay

Skill-based pay

Discretionary benefits

Cost-of-living adjustments

(TCO 2) Medicare Part A is based on what type of healthcare option? (Points : 5)

Preferred provider plan

Medical savings account

Managed care option

Fee for service

(TCO 3) Helen believes that the company should share part of the risk for her sales position. Which sales compensation plan should she pursue? (Points : 5)

Salary-plus-bonus plan

Commission-only plan

Commission-plus-draw plan

Salary-plus-commission plan

(TCO 3) What would Yolanda’s salary of $165,000 be considered if the mean salary for Acme Inc. is $30,000 and the median salary is $32,000? (Points : 5)

Outlayer
Outsider

Outlier

Outliner

(TCO 4) Basing the share of profits on job performance is characteristic of which type of employee distribution system? (Points : 5)

Proportional payments based on contribution to profit
Equal payments

Graduated first dollar of profit

Proportional payments based on annual salary

(TCO 4) This formula for determining the amount available for profit sharing uses a specific percentage of annual profits contingent upon the successful attainment of a specific profit goal. (Points : 5)

Fluctuating first dollar of profits

Differed first dollar of profits

Graduated first dollar of profits

Fixed first dollar of profits

(TCO 5) This type of bargaining occurs when unions shift from bargaining more for job security than higher wages. (Points : 5)

Conciliatory

Concessionary

Collective

Compensatory

(TCO 5) Which of the following laws set prevailing wage rates for companies that provide services to the U.S. government? (Points : 5)

Civil Rights Act of 1991

Equal Pay Act of 1938

Fair Labor Standards Act of 1938

Davis-Bacon Act of 1931

(TCO 5) The collective bargaining system was established by the passage of which federal act?  (Points : 5)

Davis-Bacon Act

National Labor Relations Act

Wagner Act

Union Labor Relations Act

(TCO 6) You broke your leg at work. The company called to inform you that they had to switch your benefits from the short-term disability account to the long-term account. That means you have probably been off work around how long? (Points : 5)

1 month

6 month

18 month

12 month

(TCO 6) This term describes a set of skills necessary to perform a specific job or a group of similar jobs. (Points : 5)

Skill range

Skill grade

Skill block

Skill structure

(TCO 7) Which of the following is not a factor in determining whether an individual will find a just-meaningful difference from a merit increase? (Points : 5)

The individual’s length of service with the company

The individual’s cost of living

The individual’s expectations of rewards from the job

The individual’s attitude toward the job

(TCO 7) Acme Company pays a portion of company profits to its employees. What kind of companywide incentive plan does Acme Co. offer? (Points : 5)

Employee stock option plan

Deferred profit-sharing plan

Current profit-sharing plan

Employee stock ownership plan

(TCO 8) Which of the following is true of most general stock compensation plans? (Points : 5)

The company stock shares represent equity segments of equal value.
Employees own the stock upon purchase.
Company stock represents partial equity in the company.

Stock options refer to what an employee can do with the stock once he or she purchases it.

(TCO 8) Which type of compensation program is based, in part, on the human capital theory? (Points : 5)

Merit pay

Seniority pay

Incentive pay

Skill-based pay

(TCO 9) This term refers to the percentage of the health bill the insured employee is required to pay. (Points : 5)

Copayment
Copremiums
Coinsurance

Coadmission

(TCO 9) This vesting requires employers to grant employees 100% vesting after no more than 3 years of service. (Points : 5)

Graduate

Participative

Cliff

Ridge

(TCO 10) After the recent merger of ABC and XYZ Airlines, the former CFO of XYZ Airlines lost his employment in the newly merged airline. Which compensation agreement extends pay and benefits for him?(Points : 5)

Phantom stock

Discount stock option plans

Incentive stock options

Golden parachutes

(TCO 10) The SEC requires compensation information on the CEO and how many of the most highly paid executives? (Points : 5)

Six

Five

Four

Three

(TCO 9) If the CEO of a new company asked you how much per employee she would be taxed by FUTA, what would you tell her? (Points : 5)

3.5% of the first $7,000

6.2% of the first $7,000

6.2% of the first $10,000

3.5% of the first $10,000

(TCO 9) These represent a series of payments for the life of the participant and beneficiary. (Points : 5)

Collateral payments

Lump sum distributions

Periodic payments

Annuities
(TCO 3) Which job evaluation method entails ordering jobs based on extremes? (Points : 5)

Paired comparison

Alternation ranking

Classification

Factor comparison

(TCO 3) These two are job evaluation techniques. (Points : 5)

Market based and job context

Market content and job based

Market based and job content

Market context and job content

HRM430 Compensation Benefits Course

(TCO 10) What key questions would you address in determining whether U. S. executives are paid too much? Please discuss in detail and provide examples. (Points : 30)

Click Here: What Key Questions Would You Address

There are a lot of good questions for trying to figure out whether or not U.S. Executives are being overpaid. O’Leary, a professor of industrial-organizational psychology…

(TCO 10) Discuss the three main types of bonuses common in executive compensation. Please discuss in detail and provide examples of each type of bonus. (Points : 30)

Click Here: Discuss Three Main Types of Bonuses

Three types of bonuses common in executive compensation are long-term incentives, executive benefits, and…

(TCO 8) Compare and contrast the various multi-skill-based pay systems—the stair-step model, the skill blocks model, the job-point accrual method, and the cross-departmental model. Please discuss in detail and provide examples. (Points : 30)

Click Here: Compare Various Multi Skill Based Pay Systems

In the stair step model, members are allowed to sponsor any number of associates or frontline…

(TCO 8) List and discuss four possible limitations of merit pay programs. Please discuss in detail and provide examples for each of the limitations. (Points : 30)

Click Here: Discuss Four Possible Limitations of Merit Pay

One possible limitation is that there is no 100% objective way of differentiating various employees’ performance in order to…

(TCO 7) Discuss in detail the factors that compensation professionals use in determining the appropriate compensation mix for salespeople. Provide at least three examples. (Points : 30)

Click Here: Discuss Factors that Compensation Professionals

A business’ compensation mix must be just as good, if not better than that of the competitors. Company’s need a…

(TCO 7) Merit pay is strengthened when you utilize the job analysis process. Discuss in detail how job analysis can be used to strengthen the legal standard of a company. Provide three examples. (Points : 30)

Click Here: Merit Pay is Strengthened When You Utilize

Job analysis can be used to justify pay differences between men and women in the workplace in order to…

(TCO 6) Discuss the concept of “just-meaningful pay increase.” How can it can strengthen the pay-for-performance link? (Points : 30)

Click Here: Discuss the Concept of Just Meaningful Pay Increase

A “just-meaningful pay increase” refers to a perception of employees about how much increase in their…

(TCO 6) After completing the job analysis, your boss has asked you to conduct a job evaluation of the various positions in the company. Detail the steps you would take in accomplishing this task. Provide an example of a point factor evaluation system with at least two factors. (Points : 30)

Click Here: After Completing Job Analysis Your Boss

The first step is to determine whether a single job evaluation technique is sufficiently broad to assess…

(TCO 6) Discuss the link between a company’s pay level policy and its strategic mandate. Provide at least three examples. (Points : 30)

Click Here: Discuss Link Between Company Pay Level Policy

A firm can choose from three pay level policies: 1) market…

(TCO 5) List and discuss in detail why unions fail to support a company’s use of contingent workers. Provide examples. (Points : 30)

Click Here: Why Unions Fail Support

As the business environment becomes more challenging and uncertain, employers try to find ways and means to…

(TCO 5) Compare and contrast the types of claims that can be made under workers’ compensation programs. (Points : 30)

Click Here: Compare and Contrast Types of Claims

Workers’ compensation is a form of insurance that provides wage replacement as well as medical benefits to…

(TCOs 1, 2, 3, and 6) Compare and contrast horizontal skills, vertical skills, and depth of skills. (Points : 30)

Click Here: Compare and Contrast Horizontal Skills

Companies usually train employees to develop horizontal skills and/or vertical skills. An employee’s compensation may also depend….

(TCOs 1, 2, 3, and 6) Explain how an incentive pay system, when properly applied, can contribute to companies meeting the goals of lowest cost and differentiation strategies. Provide an example. (Points : 30)

Click Here: Explain How Incentive Pay System

An incentive pay system can contribute to companies in the following ways:…

HRM430 Compensation Benefits Course

(TCO 3) Compare and contrast the strategic issues involved with contingent and flexible workers for a company pursuing a lowest cost strategy? Please discuss in detail. Provide at least three examples. (Points : 30)

Click Here: Strategic Issues Involved with Contingent

a.           Although contingent or flexible workers enable companies to be competitive in the market by having lower…

(TCO 1) Distinguish between functional and dysfunctional turnover. Explain how compensation practices contribute to dysfunctional turnover. Provide an example of each. (Points : 30)

Click Here: Distinguish Between Functional and Dysfunctional

Employee turnover is the rate at which employees are leaving a company on an annual basis. This can be expressed as a…

(TCO 1) List and discuss in detail ways that a national culture influences a company’s competitive strategy and compensation practice. Provide examples of each. (Points : 30)

Click Here: Ways that National Culture influences Company

An understanding of the influence that a nation’s culture has on a company’s competitive strategy and…

(TCO 1) Compare and contrast employers’, employees’, and government’s goals in the compensation system. Provide at least three examples. (Points : 30)

Click Here: Compare and Contrast Employers Employees

Employee goals are to be compensated enough to not live in poverty, be able to take care of their families…

HRM430 Compensation Benefits Course

DeVry