Strategic Compensation Plan for Machine Operators: Plastec Company Case Study
Webster University
Strategic Compensation Plan for Machine Operators: Plastec Company Case Study
Over the last 18 months, Paul, Director of HR, has faced many challenges within Plastec Company regarding high turnover rates, discrimination and much needed training, along with other various human resource concerns. The organizational culture has thus improved. In effort to keep that momentum, Paul is currently developing a strategic compensation plan for the company’s machine operators. This plan will help Paul to better understand how Plastec compares with other area employers in terms of wages and benefits, and develop
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This could potentially lead to friction in the workplace. Tensions could arise around suspected “free riders” or poorly performing employees, which would prevent the team from making their quota and or receiving the reward. However, Paul must first research the legality of measuring a particular variable and ensure that the minimum pay is compliant with the Fair Labor Standards Act (FLSA) and the Equal Pay Act (EPA).
Pay rates must be compliant with the Fair Minimum Wage Act of 2007, as well as the overreaching rules of the FLSA, where the current minimum wage is $7.25 per hour. To maintain compliance, Plastec must demonstrate that the combined base salary and average variable salary amounts equal the minimum wage (Mathis, Jackson, Valentine, p371). Additionally, the company must be cognizant of the factors determining over time compensation and properly classify employees under FLSA. Plastec might want to offer a base salary plus commission; however, this type of variable salary is not available for many employees due to FLSA standards for determining exempt or non-exempt status. In a situation like Plastec’s where they are working with hourly wage employees who are non-exempt, they will have to determine a fair hourly rate and pay overtime for employees in addition to any incentive pay for production. This is where employers are at the greatest risk for abuse. Hourly employees need to be monitored to ensure that the additional production is happening during
ASOS is an international fashion retailer, which offers an extensive line of products, varying from high street to
For the simulation my company name was H Company. Below you will find the results to the 8-year simulation. H Company has been highlighted in the majority of screen-shots.
Her success has recently come in 2011. My plan is to open a second sleep study in San Antonio, Texas. Roxanne will continue to manage the center in Corpus Christ and will help me virtually manage the San Antonio location. Because Roxanne has the information needed to model her sleep center it will be much easier to open up my own sleep evaluation center based on her proposal.
Strategic planning is a critical element of an organization’s annual business plan. A strategic plan consists of a number of components. In addition to analyzing a company’s strengths and weaknesses, a strategic plan also includes implementation and control techniques. While this may seem easy enough, implementing a strategic plan into an organization can be challenging. Barnes and Noble, like a number of corporations are seeking ways to improve productivity and profitability. This essay will identify business alternatives for the bookseller which will enable them to diversify their product offerings.
In this article the authors focus on the uncompensated wages that workers do not receive. They explained that across the US, violations of the minimum wage laws is becoming more common. The three largest municipalities under scrutiny are Chicago, New York and Los Angeles. In addition to not being fairly compensated for their work, low income workers have to deal with added stress imposed by managers, as to breaks while at work, not being compensated for work when asked to perform their duties and being paid late. Which can cause additional issues with bill collectors for late payments. According to the FLSA, states are able to supersede federal mandates by increasing standards of the legislation, not to lower it. However, to thwart the misbehavior
Riordan Manufacturing is a leader in the plastics manufacturing industry. As a fortune 1000 company, this employer of over 500 employees has not only made an investment into the products that roll off the production lines but most importantly the employees who help produce these products (University of Phoenix, 2013). In addition to the annual salary or hourly compensation these employees receive, Riordan makes additional investments in employees to better their wellbeing inside and outside of work. The complete benefit package offered by Riordan is known as the total
Many within the United States’ workforce believe that the value of work should be represented by a single defining value. The main problem with a single valued minimum wage, is that it doesn’t take all of the variables into consideration. The most significant being; for example the employees’ professions and the locations in which they live. The cost of living varies between various individuals, as a result not all locations cost as much to thrive in. The same could be said for particular professions. Not all professions should be held up to the same standard, because similarly they vary far too greatly. Many require less strenuous tasks to complete than others, consequently they could be paid the same amount as the latter for less work.
We celebrate the special way we treat and relate to our customers. We think retailing is all about customer experience, and that is what really differentiates us.
CVS Pharmacy is the retail division of CVS Caremark. It is also one of the largest Pharmacy Retail Chains in the country and operates more than 7,400 stores domestically. Although the retail pharmaceutical division of this corporation accounts for a significant amount of this company’s success, CVS Caremark focuses more on its corporate strategy to compete with other industry rivals such as Walgreens and Rite Aid. Considering CVS Caremark is the result of the 2007 merger of CVS and Caremark Rx, this analysis will begin with a brief history and the merger of these corporations, its current performance, strategic posture, and the strategic managers of this organization.
Hourly employees are requesting a minimum wage increase to $15 and it is causing an enormous commotion. Pursuing a necessary change for family betterment employees are voicing their opinion. Unions were employees’ voice years ago and through collective bargaining both the employer and employees would come to a solution. Utilizing unions is not an option theses day due to the decline of employee’s involvement with unions. Today different laws and acts provide a voice for the employees below, there will be a brief discussion of the Fair Labor Standards Act of 1938, Rehabilitation Act, the Americans with Disabilities Act, and the Equal Pay Act of 1963. Additionally, reasons to substantiate and disapprove the tentative wage increase to $15 will be explored and potential ways employers will incorporate the wage increase.
Organizations incorporate strategic plans to effectively execute goals. The fundamentals of strategic planning entail elements such as, researching, analyzing, implementing, and evaluating. Jay Pritzker founded Hyatt Hotel Corporation in 1957. Hyatt
Strategic Planning is one of the most fundamental factors in the success of an organization. This research project will discuss the importance of strategic planning as well as the different components of strategic planning. Many organizations fail to accomplish their goals and tasks due to the lacking of strategic planning. In order for their businesses to be successful, organizations need to be well informed about how the strategic planning process works.
Some organizations are unwilling to show their reward systems and pay policies (Lawler, 1995). Many Human Resources professionals believe gender pay gaps to be resolvable through the monitoring of pay levels and communication (Report on Salary Surveys).Greater pay transparency has been a great benefit to the board, employees and managers as they now know what is happening across the business and they are able to confidently justify their actions (Commission Policy Report).All market-related supplements are recorded and reviewed separately from basic salary to ensure openness and transparency. Regular research market rates within the various labor markets in which they operate is undertaken improving transparency would also help to improve talent development, as employees would be able to see what they could earn if they wanted to move to another division and upgrade their skill set. (Commission Policy Report).
The underlying issue is the introduction of compensation policies that would support Slastyona’s business strategy of rapid growth. Slastyona is willing to transform factory A into their flagship manufacturing site in Russia and in this region of the world, which would require changes in the compensation and benefits policies that are being applied. Taking into consideration the rapidly changing and complex environment in Russia, it is important pay and HR policies to be implemented that would allow Slastyona to attract, retain and motivate high performing individuals, in order to fulfill its objective to make Factory A state-of-the-art factory. The process of introducing those
While libraries are often viewed as old-fashion places where books are warehoused, libraries are working at being at the forefront of information institutions. An important part of staying on the cutting-edge of stakeholder needs is to have a well-crafted strategic plan. A strategic plan is like a blueprint which takes into account what has gone on in the past and what current needs are, while keeping a focus on future needs. In order to understand the overall impact a strategic plan can have on a library, it is important to appreciate the various elements which go into making a cohesive plan. In this paper I will look at several elements of a strategic plan: vision and mission statements, environmental scanning, assessments, and discuss how they connect to each other to form a greater whole.