child care would help younger employees B u s i n e s s F i n a n c e

child care would help younger employees B u s i n e s s F i n a n c e

KIA – 50 WORDS 

As HMR, I would first some other labor markets to see the competition’s minimum wage for the employees of the positions. The wages are going to be either higher or lower than the wages our company is paying. Next we would look at the pay levels of the competitive market, and also pay policies from HR as tools. Then, HR would look at employee internal and external equity in the organization, because the salespeople are receiving higher wages than the rest of the employees. As stated by (Budd, 2017), HR would need to conduct a job evaluation and look at compensable factors.

Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2019) Establishing a Pay Structure . In Fundamentals of Human Resource Management (8th ed.). McGraw-Hill Education.

KIA –  50 WORDS 

For an accountant, I believe the best form of pay would be base pay including either wages or salaries. Accountants perform a service for people and performance and output equals wage. A salesperson at an software company will get sales commission and also might get incentive pay or bonus pay. Commission is usually earned on top of base pay. A chief executive officer will receive a form of salary in base pay, however the CEO will get bonuses. The incentive pay includes stock ownership, profit sharing, bonus pay off of sales commissions of the organization. A physician in a health clinic will get paid salary with incentive pay or benefits.

KIA –  50 WORDS 

Some health insurance benefits that would appeal to younger employees would be tax laws or volume discounts on insurance. The Family and Medical Leave Act will also benefit younger employees who need time off for family situations. Other benefits such as college savings and child care would help younger employees. The organization’s goals objectives and budget would aid in executing these benefits to employees. HR can also communicate and create employee career development structures to keep employees locked in to the organization. Organizations can create a cafeteria style plan which allows employees to pick many different types or amounts of benefits.

References 

Noe, R., Hollenbeck, J., Gerhart, B., & Wright, P. (2019) Employee Benefits. In Fundamentals of Human Resource Management (8th ed.). McGraw-Hill Education.