Recognizing Employee Contributions Due Week 10 And Wo 889578

Recognizing Employee Contributionsdue Week 10 And Worth

Please read and follow the uploaded information provided: Please use Scholarly Source for this APA Paper. Please use the grading rubrics attach with this assignment for this paper. Please make sure paper is proof read and cannot be over 15% plagiarism. You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability.

The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization. Write a six to eight (6-8) page paper in which you: 1.

Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, group, and company performance. Justify your response. 2. Examine the core legal requirements affecting employee benefits in today’s competitive environment.

Determine the legally mandated benefits that the company must currently offer to its employees. 3. Recommend at least four (4) additional benefits that the organization should consider providing to its employees. Suggest at least three (3) important concepts that a company must consider when designing benefit plans. Provide a rationale for your response.

4. Assess the efficiency of common techniques for effectively communicating compensation and benefit plans to employees. Support your answer. 5. Suggest two (2) ethical risks of making incentive pay a large portion of employees’ total compensation.

Propose two (2) recommendations for ways the company might mitigate or reduce these risks. 6. Use at least four (4) quality academic (peer-reviewed) resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: · Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format.

Check with your professor for any additional instructions. · Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: · Examine the influences on and various approaches to compensation. · Analyze issues related to developing and implementing employee benefit packages. · Apply relevant theories and knowledge to human resource practices in organizations. · Use technology and information resources to research issues in human resource management foundations. · Write clearly and concisely about human resource management foundations using proper writing mechanics.

Paper For Above instruction

In today’s competitive business environment, effective employee compensation and benefits management are critical for attracting, motivating, and retaining a productive workforce. As the HR manager of a growing retail company with both physical and online sales channels, my focus is on developing strategies that reinforce employee satisfaction while aligning with organizational goals. This paper explores methods for determining incentive pay, legal requirements governing employee benefits, additional benefit offerings, communication tactics, ethical considerations related to incentive pay, and strategies for risk mitigation. The discussion is supported by scholarly sources to ensure compliance, fairness, and strategic alignment in human resources practices.

Methods for Determining Incentive Pay

Two primary methods used by HR professionals to determine incentive pay are performance-based incentives and merit-based pay systems. Performance-based incentives reward employees based on achieving specific individual, group, or organizational goals (Milkovich, Newman, & Gerhart, 2014). For instance, individual incentives might include sales commissions, while group incentives could entail team-based bonuses tied to project outcomes. Company-wide incentives often involve profit sharing or stock options, aligning employee interests with organizational performance.

The performance-based incentive method considers individual achievement by setting specific, measurable targets, thus motivating employees to enhance their productivity. Group incentives promote teamwork and collaboration, fostering a collective effort towards shared objectives. When linked to company performance, these incentives create a direct connection between employees’ efforts and organizational success, encouraging behaviors that support long-term strategic goals. Justification for these methods lies in their ability to motivate different levels of performance—individual, group, and organizational—while aligning individual rewards with broader business outcomes (Gerhart & Fang, 2014).

Legal Requirements Affecting Employee Benefits

Several core legal requirements influence employee benefits, including the Fair Labor Standards Act (FLSA), the Employee Retirement Income Security Act (ERISA), the Family and Medical Leave Act (FMLA), and the Affordable Care Act (ACA). The FLSA mandates minimum wage, overtime pay, and child labor regulations. ERISA governs employer-sponsored retirement and health plans, ensuring transparency and fiduciary responsibility (Gross, 2016). The FMLA provides eligible employees with up to 12 weeks of unpaid leave for specified family and medical reasons. The ACA requires employers of a certain size to offer affordable health insurance coverage or face penalties.

Currently, the company must legally offer benefits such as social security, workers’ compensation, unemployment insurance, and adherence to FMLA provisions. Additionally, if the organization employs 50 or more employees, ACA-compliant health insurance coverage becomes mandatory. Compliance with these legal requirements ensures that the company avoids penalties and provides a minimum standard of benefits to employees (U.S. Department of Labor, 2023).

Additional Employee Benefits Recommendations

To enhance employee satisfaction and retention, the organization should consider offering additional benefits such as retirement plans (e.g., 401(k)), paid time off beyond legal requirements, tuition reimbursement, and wellness programs. Retirement plans help secure employees’ financial future, promoting loyalty. Extended paid time off can improve work-life balance, reducing burnout. Tuition reimbursement encourages skill development, benefiting both employees and the company. Wellness programs—covering mental health, fitness memberships, or health screenings—support overall well-being and productivity.

When designing benefit plans, three key concepts must be considered: affordability, fairness, and compliance. Affordability ensures that the organization can sustainably fund benefits without jeopardizing financial stability. Fairness involves equitable treatment across different employee groups. Compliance requires aligning plans with legal standards to prevent penalties and promote inclusivity. A rationale for these considerations centers on balancing employee needs with organizational capacity and legal obligations to foster a healthy, motivated workforce.

Communication Techniques for Compensation and Benefits

Effective communication of compensation and benefits plans is essential for fostering transparency and employee engagement. Common techniques include regular informational sessions, comprehensive onboarding programs, digital portals, and individualized counseling sessions. Digital platforms enable employees to access benefit information easily and understand their entitlements clearly. Regular communication ensures employees are aware of their compensation structure and the value of benefits, enhancing satisfaction and trust.

Assessing efficiency, digital portals combined with face-to-face sessions tend to be highly effective. They provide instant access to information and facilitate personalized explanations. Clear, concise communication reduces misunderstandings and negates skepticism regarding benefits. Regular updates through emails or newsletters maintain awareness of changes and reinforce organizational commitment to employee well-being (Kuhn & Jones, 2019).

Ethical Risks and Mitigation Strategies in Incentive Pay

Two ethical risks associated with making incentive pay a large component of compensation include promoting unethical behavior and fostering unhealthy competition. Employees may engage in shortcuts, falsify results, or compromise quality to achieve targets, leading to misconduct. Excessive focus on incentives may also create a toxic work environment where collaboration diminishes in favor of individual gains.

To mitigate these risks, the company should establish clear ethical guidelines and promote a culture of integrity. Implementing comprehensive performance evaluations that include qualitative factors, and fostering team-based incentives can reduce unethical behaviors. Additionally, transparent communication about expectations and consequences helps reinforce ethical standards and align incentives with organizational values (Valentine & Fleischman, 2018).

Conclusion

Effective management of employee incentive pay and benefits is vital for a company's sustained growth and competitive edge. Employing performance-based incentive methods aligned with individual, group, and corporate performance, understanding legal benefits requirements, expanding benefit offerings, utilizing effective communication strategies, and addressing ethical considerations collectively contribute to a motivated, satisfied workforce. Addressing these areas strategically positions the organization to thrive in today’s dynamic market environment, ensuring employee loyalty and organizational success.

References

• Gerhart, B., & Fang, M. (2014). Pay for performance and firm performance. Journal of Management, 40(4), 1024–1050.
• Gross, S. (2016). ERISA: The Employee Retirement Income Security Act. The Journal of Pension Planning & Compliance, 42(3), 20–25.
• Kuhn, K.M., & Jones, M. (2019). Communicating employee benefits: Strategies for engagement. Human Resource Management Review, 29(3), 271–283.
• Milkovich, G., Newman, J., & Gerhart, B. (2014). Compensation. McGraw-Hill Education.
• U.S. Department of Labor. (2023). Employee Benefits Security Administration. Retrieved from https://www.dol.gov/agencies/ebsa
• Valentine, S., & Fleischman, G. (2018). Ethical considerations in incentive pay. Journal of Business Ethics, 147(2), 317–331.