CLASS- HRM 425 COMPENSATION MANAGEMENT
Both of these plans are considered to be employer sponsored retirement plans. Defined benefit plans are mostly known as traditional pension plans. Defined contribution plans allow for both employees and employers to contribute by investing overtime for retirement. Defined benefit plans provide a specific amount upon retirement and are either a fixed dollar amount or a percentage of earnings amount. These types of plans are contributed to by employers. Defined contribution plans are primarily funded by employees, although many employers will match employee contributions into these accounts. The most common type of account that people usually know of is a 401(k) plan.
The FMLA, or the Family and Medical Leave Act of 1993, requires all employers with fifty or more employees to provide job protection which includes unpaid leave for qualified reasons such as family and medical related reasons.
Special groups include supervisors, top management, board of directors, professional employees, sales staff, and contingent workers. These groups are determined to be strategically important to the company and these positions tend to have built-in conflict. Supervisors are caught between the demands of top level management. They need to be able to balance the needs of the organization to achieve goals. Top management, or executives, have to decide on specific strategies that satisfy both government and stockholders. Board of directors face conflict from potentially upset and disappointed stockholders. Stockholders may sue over strategies that didn’t go as planned. Professional employees face conflict by having to achieve goals and objectives but by doing so in an ethical manner despite potential challenges. Sales staff need to stay focused and motivated by continuing to make sales even when facilities can’t produce or deliver products to customers fast enough. Contingent workers essentially play a safety role within companies. When demand is high, more of these workers are hired. When demand is low, these are the first workers to be let go of. The challenge with contingent workers is finding low-cost ways to push for motivation.
When it comes to executive pay the amount has vastly increased throughout the years. There are considered to be five elements of an executive compensation package. The different elements are base pay, short-term (annual) incentives or bonuses, long-term incentives, benefits, and perquisites. Executive pay is related to the size of a company. Executive compensation has been rising since 1900. There has been enough research to conclude that there is a connection between pay for performance and the pay of executives. It has also been noted that the rise in executive pay involves social comparisons which essentially means when lower-level employees receive an increase in salary, so do executives.
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