HRM 530 Strategic Human Resource Management Week 9 Discussion 2, business and finance homework help

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"Compensation Packages" Please respond to the following:

  • Examine the common elements of compensation packages. Determine which two elements you believe to be the most motivational to an employee and to you. Support your response with recognized authorities in the field.
  • Compare team and individual bonuses and incentives. Determine which type of bonuses and incentives you would prefer. Support your position with examples.

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HRM 530, Strategic Human Resource Management Week 9 Learning Outcome: Develop competitive compensation and benefits packages that align with HRM Strategy. Article: Job-Based Pay vs. Knowledge-Based Pay http://work.chron.com/jobbased-pay-vs-knowledgebased-pay-8232.html Article: Incentive plans: Which type fits your team? http://hr.blr.com/HR-news/Compensation/Bonus-Payments/zn-Incentive-plans-Which-type-fits-yourteam-# Provided by Dean Tanya Moore Adapted by Adjunct Professor Lewis Strategic Human Resource Management HRM530 Motivating Employees Through Compensation Stewart, G. & Brown, K. (2008). Human resource management, (1st ed.). Hoboken, NJ: John Wiley & Sons. Objectives • Upon completion of this lesson, you will be able to: – Develop competitive compensation and benefit packages that align with strategy Strategies for Compensation • • • • Paying and rewarding for contributions Monetary and psychological External equity Internal equity Theories of Motivation • Reinforcement theory – Antecedents and consequents • Goal-setting theory – Conscious choice • Justice theory • Distributive and procedural justice • Expectancy theory – Valence, instrumentality, and expectancy • Agency theory – Principals and agents Linking Motivation with Strategy • • • • • • • • Develop pay-for-performance Goals that encourage stretch effort Understand referent groups Procedural fairness Large rewards Coordinate with selection and training Align interests Higher rewards for risk Compensation Levels and Pay-Level Strategies • Pay survey • Market strategies – Meet-the-market – Lag-the-market – Lead-the-market Check Your Understanding Compensation Structure • Job-based pay – Differences in tasks and duties – More difficult jobs paid more – Point system • Skill-based pay – Paid for having skills – Paid more when develop more skills Government Regulations • Federal Labor Standard Act (FLSA) – Minimum wage – Regulates overtime – Requires equal pay – Child employment • State and local governments – stricter Summary • • • • • • Employee compensation Strategic Motivation theory Pay levels and pay strategies FLSA State and local governments Strategic Human Resource Management HRM530 Designing Compensation and Benefit Packages Stewart, G. & Brown, K. (2008). Human resource management, (1st ed.). Hoboken, NJ: John Wiley & Sons. Objectives • Upon completion of this lesson, you will be able to: – Develop competitive compensation and benefit packages that align with strategy Elements of Compensation Packages • Base pay – hourly wage – annual salary • Employee rewards – Individual incentives – Group incentives Common Approaches to Base Pay • Base pay contingent on time worked not performance • Stability • Job-based pay – Each job assigned by point system • Skill-based pay – Paid based on skill sets Legally Required Benefits • • • • • Mandated by the government Social Security Act of 1935 Social security Unemployment insurance Worker’s compensation Discretionary Benefits • Health care plans – HMO and HSA • Supplemental insurance – Life insurance and disability insurance • Retirement savings – Defined benefit plan and defined contribution plan • Pay without work – Holiday and vacation time Check Your Understanding Individual Incentives • Piece-rate incentive – Paid fixed amount for each output • Commissions – Percentage of total amount sold • Merit pay – Increase in pay based on performance • Merit bonus – Not part of base pay Group Incentives • • • • • • Collective performance of groups Goal-based team reward Discretionary team bonus Gainsharing Profit sharing Stock options Summary • • • • • • • Common elements Base pay Legally required benefits Discretionary benefits Individual incentives Group incentives Profit sharing
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Attached.

Running head: COMPENSATION PACKAGES

Compensation Packages
Name
Institution

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COMPENSATION PACKAGES

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Compensation Packages

Elements of Compensation Packages
A base pay is one of the elements of compensation packages that most organizations
implement along other short-term and long-term incentives used to trigger improved
performance. Base salary payments are usually paid based on job responsibilities and are fixed
and recurring. They are ideal for employees ...


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