Compensation and benefits, business and finance homework help

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bqvr67

Business Finance

Description

Resources: Human Resource Management: Ch. 11; HR-Survey; human resources department for the organization you chose; Supplemental Resources.

Choose your organization or one you know well to use for this assignment. You may use the same organization you used Week 1.

Develop 1,225-word compensation and benefits strategy for the organization.

  • Discuss current trends shaping total rewards for employees in a business industry synonymous with your organization.
  • Evaluate current compensation plans for that industry.
  • Summarize your data in narrative and table format showing diverse levels of responsibility and compensation.
  • Evaluate the market data, job data, and organizational data.
  • Devise a total rewards strategy with recommendations for your organization.
  • Include in table format a list of the compensation components for your plan.
  • Develop a one-page survey you would use as a resource to collect information from employees about the rewards they desire in a reward package for employees. On your survey, include questions about financial rewards and non-financial rewards. Attach the survey as an Appendix. Do not administer the survey.
  • Include an analysis of legislation that may impact decisions made about compensation and benefits.

Format your assignment consistent with APA guidelines.

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Explanation & Answer

Attached.

Running Head: COMPENSATION AND BENEFITS

COMPENSATION AND BENEFITS
Name
Professor
Course
Date

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COMPENSATION AND BENEFITS

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COMPENSATION AND BENEFITS
Introduction
In today’s business world, organizations are striving to enhance their compensations
packages in a way that will enable them reward their employees in the most convenient way that
can increase employee satisfaction, attract talented candidates from rival companies and enhance
employee retention (Bryant & Allen, 2013). In this case, American Express is the chosen
organization and this paper will analyze the current trends that shaping the reward system for
employees in the financial services industry and legislations that may affect decision-making
with regards to compensation and benefits in the same industry.
Current Trends in Financial Services Industry
American Express is a company that operates in the financial services sector and for
many years, the company has been facing intense competition in the industry in terms of skilled
labor. The main current trends dictating the total reward model in the financial industry include
changing demographics especially with the increasing number of younger employees and also
changing employee expectations. Digital technology is transforming the way work is performed
in financial services industry and this in turn impacts on the reward strategy for employees.
There is increasing cost pressure that is forcing firms to critically examine their competitiveness
and sustainability of their talent strategies and labor cost structures in the midst of stiff
competition from global markets that are emerging. As competition for serious talent heats up,
organizations are coming to the realization that good workplace policies are not enough to meet
demands of digitally connected and technologically mobile workforce (U.S. Bureau of Labor

COMPENSATION AND BENEFITS

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Statistics, 2017). All these trends are driving organizations in the financial services businesses to
adopt compensation packages that mirror a total rewards approach to its employees.
Compensation Plans
The compensation plans for financial services industry is diversified depending on the
levels and roles played by employees in the sector. The employee levels depend on the size of...


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