Compensation and Benefits - 1475 Words

Compensation and Benefits Lisa Epps BUS303 Human Resources Due Date Ashford University There are many people that would choose their life career around the benefits and compensation they may receive. Compensation is known as human resources function that deals with every type of rewards that one may receive in return for performing organizational tasks.()1 Do to these rewards such as compensations; turn-over can be affected in the workforce. If an employee did not feel they valued at the workplace they may leave the job. Some may argue that smaller firm have worst turnover than larger firms. This can be due to the fact that larger firms can offer better benefits to their employees, which smaller firms cannot afford. There are†¦show more content†¦Now no business want this to happen to them, being known for bad customer service and can’t hold on to their employees. CEO of Steak and Shake, Peter Dunn put into operation his plan to better support employees, the crew turnover rate began to fall. In turn, guest satisfaction improved, as measured by Mystery Shops. By the third quarter, crew turnover had dropped to 192 percent, while guest satisfaction increased to 86 percent. During the last quarter of 2003, Steak n Shake’s crew turnover rate went down to 188 percent, but it’s still 59 percentage points higher than the industry average. The company has told investors that it can save $2 million to $4 million per year if it can only convince more frontline workers to stick around. So far, the company has made nominal attempts to make the workplace more appealing to employees, such as offering a self-funded dental and vision program to associates and increasing training for frontline employees. Steak n Shake already offers its frontline employees medical and life insurance; supplemental and dependent life insurance; short-term disability insurance; vacation pay; meal allowances; a 401(k)/profit-sharing plan; and a referral bonus program. Life insurance is the cheapest benefit and produces the greatest reduction in turnover, says La Lopa, an associate professor at Purdue University. Still, the company has yet to address one of theShow MoreRelatedCompensation And Benefits Of Compensation Essay1275 Words   |  6 PagesCompensation Benefit The compensation and benefits department is usually responsible for the  transparency in the compensation practices  in the organization and keeping the internal fairness of the total cash. The compensation and benefits has to supervise the development of new compensation components and keeping the general rules for the design of the compensation component. The compensation and benefits department is responsible for the personnel expenses budget of the organizationRead MoreCompensation And Benefits Of Compensation1791 Words   |  8 Pagestalk about compensation among organizations and employees in today’s work environment. Questions such as, what is the cost to the organization and what will be the organizations return on their compensation investment, are common among questions being asked among organizations. Because of all this, there has been a variety of different pay compensations put into place in the work force. The following paragraphs will talk about one company, Bumpbie, and how a strategic compensation plan, integratedRead MoreBenefits And Benefits Of Compensation Essay886 Words   |  4 PagesCompensation is output and the benefit that employee receives in the form of pay, wages and also same rewards like monetary exchange for the employee’s to increases the performance Holt, 1993). 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Companies need to be more strategic when it comes to setting up the operationsRead MoreCompensation and Benefits1695 Words   |  7 Pages | |Compensation and Benefits | |Human Resource Management Coures | | Employee compensation and benefits are critical factors in the new hire acceptance process andRead MoreCompensation and Benefits2497 Words   |  10 Pagesto acknowledge the importance of compensation and benefit strategies used in organizations all around the world. Compensation and Benefits are used by different organisations globally to attract, motivate and retain their employees. This paper contains a case studies, summary and analysis of academic journals and books to understand the latest trends in compensation and benefits field. The three primary components which are used in designing a strategic compensation plan are listed. During the courseRead MoreCompensation Benefits1892 Words   |  8 PagesCompensation Benefits BUS455 Final Exam This is an open book and open notes exam. You may use whatever materials you feel necessary. I strongly recommend that you refer to the text and Lecture Notes that you read. There are a total of sixty (60) points available on this exam. Multiple Choice 1) Which of the following is least likely to be used as a skill-based certification method? a. tests b. college degree c. peer review d. on-the-job demonstration 2) An inappropriate way to assessRead MoreCompensation and Benefits2496 Words   |  10 PagesCompensation and Benefits: Methods, Strategies and Performances LaTonya Hopes This paper is submitted in partial fulfillment of the requirements for Human Resource Administration BUS 5273-50 Texas Woman s University School of Management Dr. Derek Crews February 8, 2013 Table of Contents Abstract †¦Ã¢â‚¬ ¦....................................................................................................................... 3 Introduction †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. 4 LiteratureRead MoreBenefits And Benefits Of Employee Compensation1395 Words   |  6 PagesEmployee compensation is all forms of pay and rewards which are received by employees for completing their job duties as outlined by their employer. Compensation is classified two ways, direct and indirect compensation. Direct compensation covers wages and salaries, bonuses, commissions and incentives. With indirect compensation, benefits are supplied by employers, and nonfinancial compensation includes recognition, rewarding jobs, and flexible work hours in order to accommodate each person’s ownRead MoreBenefits And Benefits Of Employee Compensation1054 Words   |  5 Pagesfantastic benefits. (Benefits.) One of the many topics that we discussed when we met with Joe Daggar, a senior manager at Paychex, was how the company meets the needs of employees in relation to employee compensation. Paychex has a set system where the company performs anonymous surveys to determine which kind of compensation packages employees are looking for. By using these surveys they constantly change and adapt to the needs of their employees. Investment opportunities was another feature