To do so, employees are rewarded for their contributions towards an organization. The internal equity is achieved when reimbursement programs are applied consistently, vertically and horizontally in a company.
Offering Discretionary Benefit Package Wide-Range of Choices Since it is difficult for the Apple Company to anticipate the type of benefits package that their employers need, it is recommendable for the Apple Company to develop a benefit plan that will capture the employee perception of value.
These bonuses are given in form of cash, stock or even Apple Hardware. In addition, Apple employee should be provided with a more friendly education benefits especially when advancing in a field that will enhance their productivity in the company.
Appropriate compensation management should focus on employee motivational needs. However, specialists become eligible to standard benefits in case they work in the company for a specified time.
A business entity ought to formulate a good compensation system. On the basis of specialty, Apple looks at career attainment of an employee to determine his payment.
This compensation package is normally based on the performance cash incentive. Formulation should put into consideration the strategic objectives and goals of the business. A compensation package should include all of the things. As a result, a firm meets employee motivation needs.
This is because the current discretionary benefits program is not all inclusive and rewarding.
However, the health and insurance benefits normally depend on the position, location and the number of years a person has worked with the company. The same insurance policy is anticipated to be replicated to the part-time employees.
In addition, part-time personnel that have been working with the Apple Company for more than a year normally receive a full medical insurance cover as a part of their compensation. Compensation management entails issuing monetary and non-monetary rewards to employees.
Employees are compensated hourly for work done at the company.
These changes can be said to have resulted from the compensation strategies employed by the corporation. Apple can thus use compensation strategy as a way of binding effectively with its large amount of both permanent and temporarily employed workers.
This was a positive increase of 4. Improving the Effectiveness of the Discretionary Benefits Provided By Apple Company Discretionary benefits are benefits that are offered by the company at its own discretion. Custom Compensation Management Essay.
The performance-based cash incentive as a compensation strategy compensates a named executive officer for any remarkable work. On a time basis, Apple pays its employees hourly. The compensation committee sets these financial goals every year.
A specialist pay structure at the Apple Company is not a flat salary. The least benefits offered by the Apple Company include travel and transportation cost, moving expenses, burial and funeral cost.
As a result of this, these employees have provided dynamic and successful leadership that is highly competitive in the market. The compensation strategy is internally managed by a compensation committee that is composed of the independent directors.This paper will discuss the advantages and disadvantages of web-based compensation tools, how it supports the job evaluation process, the advantages and disadvantages to centralized approach to merit pay programs, discuss integrated analytic features needed for compensation planning and decision support in e-Compensation s.
Custom Compensation Management Essay Employees working in a company normally receive compensation for services they render to the company. While most individuals assume that the salary payment and compensation are the same, the reality is that compensation is more than just a payment package.
People all over the world are paid in numerous forms of payment schedules. “Compensation is payment in the form of salary or wages” (1). “A salary is a fixed compensation paid for regular services” (2). “A wage is a payment usually of money for labor or services usually according to a. Jul 01, · Apprenticeship Training, Attendance, Business Expenses, Compensation Administration, Consumer Price Index, Contingent.
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COMPENSATION MANAGEMENT ABSTRACT Compensation management highlights that communication is used by employers to deliver information about pay systems to employees. Although communication about pay systems is important, its effect on individual’s performance is vague when feelings of procedural justice are present in .Download