Manufacturers Inc. Compensation Stratagies Essay

Executive Summary: To my fellow Human Relations co-workers, upper management, and ownership: I have been asked to put together a report of different ways we can compensate the employees we have above and beyond their normal pay for the outstanding job they do . I have found that there are in fact countless ways that we can compensate them; however, I have compiled a list of the ways I feel would best suit our company. First there is the general pay raise/ bonus. With this we would increase the pay that our employees receive; however, there are drawbacks that would include our overhead drastically increasing. Next I have looked at Phantom Stock Plans. These are for our long term employees and intend on staying with our company. These are stocks that we give them that mimic the actual stock shares in our company without being real stocks. By doing this, the employee is motivated to help the company grow and profit, because they profit from this as well. I have also looked  into Stock Appreciation Right s. These are also like the Phantom Stock Plans, however they are designed more for new hires in that they have no initial monetary value. The value of them grows as the company grows; however, they are not available for the employee to cash in until a certain time, which the company would designate. Finally, I have taken a look at implementing a 401(k) retirement plan for our employees. I have gone over and explained what all needs to take place for us to implement this compensation package for our employees, and how the 401(k) works. After extensive research, I have compiled a list of recommendations that I a sharing with the management and ownership of this company. These include the immediate incorporation of the 401(k) retirement plan, and the consideration of the PSPs and SARs into our employee’s benefits. Introduction: As a member of the human resources department at Manufacturers Incorporated I have been asked by my fellow human resources co-workers, as well as upper management, and ownership to put together a presentation on different types of compensation strategies and options. With these different types of strategies I have been asked to compare and contrast them to figure out which will be the best route for our growing company to pursue. Following my extensive research I have come up with several solutions that I believe may be very useful to our company. The first type of compensation that I have come up with is the general pay increases in our employees’ hourly compensation. The next deals with different incentives that we may be able to offer them, and means by which our costs may not be as drastically affected. These two different stock shares allow the employee to have the benefits of owning stock in our growing company without us as a company actually giving out stock. They are essentially mock stocks that grow as our company’s stock grows and becomes more profitable. The two different types of stocks options are Phantom Stock Plans and Stock Appreciation Rights. The final type of compensation strategy that I have researched is one that has to do with the future well-being of our employees when they decide it is time for them to retire. The retirement fund that I have researched is the 401(k) retirement fund plan. I believe that we as upper management and ownership should take part in the well-being of our  employees, families, and their futures. I have put together a report of my findings for all of us to go over. Research Findings: Finding Number 1: Raises/ Bonuses The first strategy I have come up with is one where we increase monetary reward. Monetary rewards include salary, bonus, commissions, medical and health benefits, holidays, and retirement benefits. (SHR) Essentially we would be conducting performance reviews annually. A performance review is a meeting that we as upper management would have with each employee to discuss the results of their work, and the process they went through to get done what they did. The discussion normally involves an assessment of the employee’s initiative, problem solving abilities, attitude, professional demeanor, and other aspects of their performance. (Jenkins) After we have conducted the employee reviews, we would have a meeting with the floor managers from all three shifts to go over their opinions of how they feel each of their personnel have performed through the year. At this time we would also get the opinion on who they feel could handle more responsibility, and who may have too much responsi bility or may not be performing up to the company’s standards. After we have had the meetings with both the employees and the managers, we will go through and give pay raises to those individuals we have decided are the most deserving. I believe that these raises should not solely be based on seniority, but on the feedback we have received from the managers who work with the personnel every day. Analysis: The downfall to this straight forward concept lies in that of its expenses. We are a company of over 120 employees. As of now our average employee makes $12.75/ hour while working 40 hours a week. Now given this is an average, so some employees do make more than others, but if we were to give every employee we have a $.25 raise annually, that is an additional $62,400 expense that we would incur every year. As of now, not including upper management, we have an annual salary expense of $3,182,400. Additionally we must consider $120 , for every dollar that we decide to give in annual bonus’. If we were to give out only $100/ employee in bonus’, then that  would accumulate to an additional $12,000/ year. If we are to give these raises and bonus’ annually, realistically this is not possible compensation strategy for our company to incur. Finding Number 2: Phantom Stock Plan The second monetary compensation option that I have come up with is the phantom stock plan. These plans are something that are normally given to a company’s most loyal and long term employees who play a key role in the success of the company. (Schiff) The concept behind a phantom stock program is our company’s commitment to pay the employees we have chosen an amount equal to the value of a portion of the shares of the company’s stock. (Moynihan, 2010) What this will do for our company as a whole is the employees will take more interest in the company because they now have motivation to make our company grow. This is because they now are benefiting from the growth of the company in the way of the phantom stock plan. The phantom stock plan is normally structured so that the program tracks the economic benefits of actual stock ownership without giving up actual shares. (Moynihan, 2010) Analysis: The upside to having a phantom stock plan is one in which it is not going to affect us immediately in our finances. In fact I see only upside to this plan. We are going to be able to control how much phantom stock we want to give the individuals. Now keep in mind that we do need to make it enough that the employee feels empowered so they take a major interest in the well-being of the company. The PSPs are just like real shares, so they are going to have a dollar value at the time they are designated. Because of this they are essentially designed for our employees who have been here awhile. This is designed to reward them for the work that they have done in the past, and to encourage them to continue to build the value of the company because it is not only benefiting the company, but also benefiting them. (McGladrey, 2011) Finding Number 3: Stock Appreciation Rights The Stock Appreciation Rights or SAR is much like the Phantom Stock Plan; however, there are some differences. When the SARs are first implemented, there are no values to the shares of stocks when they are first given, unlike the PSPs. (Fidelity) Instead, SARs are based on fractional interest  that accumulates between the difference of the value of the shares value at the time they are awarded, and the value of the shares at a future settlement time. Analysis: Because SARs are for the future benefit of the employee, these are something that we may want to consider for new employees in the company. (Fidelity) These for us in the future would pay out like the Phantom Stock Plans; however, it does give us the financial security in that the employee cannot cash in his or her SAR until a set date that we as a company have decided. With this, if the employee were to decide that they no longer wish to work for our company, and it is before the set date we have determined, then we are no longer obligated to pay that employee his or her SAR. Finding Number 4: The 401(k) Retirement Plan The final compensation strategy I have explored outside of the normal salary of our employees is sponsoring a 401(k) program. The 401(k) program first came into effect in 1978. Congress decided that Americans needed a better way to save for retirement. They thought if they gave people a way to save more money or retirement while lowering their state and federal taxes, that more people might do just that. (Obringer) With the 401(k), our employees will decide how much money they want to put into the account per month. We as the company would then make a payroll deduction and put that money into their personal retirement account. This is great for the employee, because the money that is deducted from their pay is not taxed, which in turn allows them to pay less in income tax. We then act as a plan sponsor for the 401(k). With this we then hire an administrator to take care of the plan and its investments. After we have set this up all we have to do is send the money to the administrator and they and the employee take care of deciding how it is invested. (CNN) As of 2012, employees are allowed to put up to $17,000 into their account each year. With that, we as the company would also put profit sharing amounts into their account, up to what they have invested themselves. (â€Å"What is a,† ) Analysis: In turn, I believe that this would be a great way to help compensate the employees that we have here. For them its â€Å"free money† from us  (Manufacturers Inc.) and it is helping them towards their retirement. The cost that it costs the company is up to the employee. As of 2012 an individual is able to designate up to $17,000 a year to this account. We have the choice to match that 100% or whatever percent we decide to contribute towards their retirement. Recommendations: As a member of the Human Relations department here at Manufacturers Inc. I would recommend the following: Recommendation 1: Immediately implement a 401(k) retirement plan into action. For this I would suggest that we vigorously investigate what it takes for us as a company to start a 401(k) plan for our employees. Most people don’t want to have to work for the rest of their lives, and by helping them out with their dreams of retirement; we can help them get there quicker and give them something to work towards. As Harry Emerson Fosdick once said â€Å"Don’t simply retire from something; have something to retire to.† (â€Å"Quotations: retirement,† )This is exactly what we should plan to do for our employees. Recommendation 2: Follow up on the idea of implementing PSPs and SARs The idea of having money out there available to you for the hard work that you have put in and are yet to put in is going to be a huge motivator. I believe that if we were to put the se plans in action based off of people’s performances, then it would motivate them to be the best employee that they can be and this company needs the best employees we can possibly get. Conclusion: To finalize my findings, I have found that there are several different options of compensation strategies apart from our basic pay system that we could incorporate to help the employee morale and further the growth of our business. I have found that by increasing the pay to some of our key employees that we will incur a lot more expenses than we currently have the means for, however I have found that there are some better ways to compensate their hard work. I have found that the Phantom Stock Plan would be an outstanding way to further compensate the employees that have helped us grow to where we are now. By incorporating this plan, we can thank them for the hard work that they have put into our company already, and motivate  them to continue working hard in the future. This is going to benefit them, because as the value of our company grows, so does the value of their stock plans, helping them make more money for their retirement. I have also found that Stock Appreciation Rights w ould be a great way to compensate our new employees. By incorporating this plan, it will give our new employees extra motivation to work hard and take pride in the work that they perform for us here. By having stock appreciation rights, it allows them to build value in the stocks that we have given them as our company grows with their hard work. This in turn will allow them to have extra money on top of what they have already made with their salaries through their stock appreciation plan. Finally I have found that a 401(k) retirement plan is a fantastic way to compensate all of our employees. By doing this, it allows our employees a chance to save money for retirement tax free. It also allows them to get extra â€Å"Free Money† from us as we match what they are saving for their retirement. By doing this it is going to build loyalty towards our company, and give them motivation to work hard and further the growth of our company. References: CNN. (n.d.). How does a 401(k) plan work?. Retrieved April 7, 2012 from http://money.cnn.com/retirement/guide/401k_401kplans.moneymag/index.htm Fidelity. (n.d.). About stock appreciation rights (sars). Retrieved April 7,2012 from http://personal.fidelity.com/products/stockoptions/aboutsar.shtml Jenkins, L. (n.d.). The performance review. Retrieved April 4, 2012 from http://www.salary.com/the-performance-review/ McGladrey. (2011). Lessons from recession increasing focus on incentive compensation programs. Retrieved April 6, 2010 from http://mcgladrey.com/Perspective/Lessons-from-recession-increasing-focus-on-incentive-compensation-programs Moynihan, D. (2010). Phantom stock—it’s alive!. Retrieved April 6, 2010 from http://www.shrm.org/hrdisciplines/compensation/Articles/Pages/PhantomStock.aspx Obringer, L. (n.d.). How 401 k plans work. Retrieved April 7, 2012 from http://money.howstuffworks.com/personal-finance/retirement-planning/401k.htm Quotations: retirement. (n.d.). Retrieved April 8, 2012 from http://www.quotegarden.com/retirement.html Schiff. (n.d.). Phantom stock

ISMIS Online Enrollment USC Cebu

University of San Carols, one of the oldest schools in the Philippines, has experienced a drastic change when it decided to adjust to the modern world run by technology. Manual and traditional enrollment meant students having to go to the campus early to get the schedule they desire to be enrolled in. Long lines of eager students barricading the offices didn't mean proper order in the enrollment system but this was slowly accepted by those who really wished to enroll.The drastic change came when students and faculty of the school decided to adapt to technology by creating a database system which loud allow students to check their grades, assessment, enrollment processes and even the library system from their own homes. With a stable internet connection, any student can connect to the school by entering their ID numbers and passwords.A question arises, though, as to why the proponents chose this topic when the database system called ‘Integrated School Management Information Syst em (ISMS)† received good reviews and is functioning fairly well. The reason is, â€Å"functioning fairly well† does not apply to every part of the system. The flaw comes out in the specific function called he â€Å"Online Enrollment. † The importance of this study is to figure out how ISMS users are satisfied with the performance of this database system.During enrollment season, Carolinians (students of the university) voice out issues about the ISMS not functioning and delaying their chances of getting good courses and practical time schedules. Students cite their sentiments through social networking sites which is why there is not much they can do about it. This study aims to find samples from the student population regarding their satisfaction/dissatisfaction on ISMS. Would they prefer the traditional lining-up-and-filling-up-forms type of enrollment?

Cambrian Explosion Essay Example | Topics and Well Written Essays - 1750 words

Cambrian Explosion - Essay Example New York State has already gained the significant results of teaching about evolution presently. David Campbell, a teacher in Florida, says that it is for the first time that the Department of Education has modified the standards of teaching evolution in public schools. And calls it, "the organizing principle of life science." But it has been noted that the science teachers all over America are finding it difficult to turn a "culture war into a lesson plan." As per the education experts, even as recently as three years ago, the American public schools have been giving very short shrift to evolution. The poor treatment of evolution can be seen reflected in the creationist beliefs of students. Recently in 2000, Thomas B, Fordham Foundation evaluated the evolution education standards in public schools in all 50 states which was really disappointing. Florida among 12 states receives F grade. But with time it can be seen that now the students have an idea related to evidence of evolutionary change which is an achievement in itself. In 2006 the bills changed and attempted to alter public school science curricula introduced in New York, Alabama, South California, Oklahoma, Mississippi, Indiana and several others. And "only seven states including New York and California got A, with 12 receiving a B, and 8 plus the District of Columbia receiving a C. Seven states got a D, and 15 got an F. Iowa was not included in the report because it does not set standards for any subject." So, New York undoubtedly ranks high on the grounds of teaching of evolution in public schools. Campbell lastly concludes that, "if he forced them look at themselves in the evolutionary mirror, he risked alienating then entirely." 2. What is the difference between science & belief Theory & story David Campbell remarks that in a nation with evangelical Protestantism and various other religious traditions that stress on biblical readings and believe in God as supreme creator of every species, it is obvious that students will fear evolution and even science. They might consider science as a belief which is hostile to their faith. The subject of evolutionary science is considered fraught by the students who are taught right from their tender years to believe that God has created man uniquely in His own form. And when Florida's science standards came out Campbell saw that the students studied science in disbelief. He also mentioned that "Faith is not based in science" and "science is not based on faith". He also stated that he doesn't expect that the students should believe the scientific explanation of evolution but to start forming a base he concluded that he expects then "to understand it". The basic confusion of the word "science" being related to "theory" and "belief" arises from the everyday changing meaning of the word and their usage in science. One of the misconceptions is that, "Theories become facts when they are well supported and/or proven." It is so because with time if any contradictory evidence turns up, the theory might be reevaluated or even abandoned. And then it is not science but only a story which is not believed any more. ................. supported and/or

Econmics Essay Example | Topics and Well Written Essays - 2000 words

Econmics - Essay Example These days the term often makes us bring to mind Keynesian economics or shamanic bear rituals. However these animal spirits were neither of them animals nor spirits. Exactly how ought to we process them? In English, the term ‘spirit’ refers to something from the Holy Ghost to gin. In reality, this kind of ambiguity is present all through the romance languages, deriving from the Roman spiritus animales. With similar root as inhale and run out (spiro which means ‘I breathe’) spiritus primarily means breath, after that breath of existence, hence also disposition, determination, and even ghost. In a similar fashion, the meanings of anima vary from inhale to essential theory and sensible soul. (Mlambiti, 2006, p. 82) Our animal spirits may be much better translated, then as life-carrying liquids or essential liquids. John Locke pictured all of them as â€Å"fluid and subtle Matter, transferring through the Conduits of the Nerves†. These were assumed to transfer data between sense organs, mind and muscle tissues. In accordance with George A. Arkerlof and Robert J. Shiller (2009), Keynes looked at the animal spirits as the primary reason for exactly why the economic system varies as it does and those animal spirits can be the primary factor for the involuntary joblessness. To fully grasp the economy thus is to have an understanding of how it is related to the animal spirits. In the same way, Adam Smith’s unseen hand is the keynote of the traditional economics, Keynes’ Animal Spirits are the keynote to a completely different perspective of the financial system – a perspective that describes the root instabilities of capitalism and also the various rates of financial growth within and between countries in the world. (Keynes, 1921, p. 333) As per Arkerlof and Shiller (2009), there are actually five distinct facets of animal spirits theory which have an effect on economic judgments. These are generally assurance, fairness, corruption and

Implantable cardiac pacemaker Essay Example | Topics and Well Written Essays - 2500 words

Implantable cardiac pacemaker - Essay Example Its blood pumping role is set at a certain pulse limit below or above which the process becomes abnormal which may be fatal.In this regard, a device called pacemaker which is an artificial pulse regulator was invented for those with malfunctioning heart muscle. It is the comparison between the structure and functions of the device that is taken through critical investigation with the aim of establishing its mechanism of pulsating. The clinical problem that the device addresses, including a brief description of the therapeutic function, and a brief history of the development and deployment of the device The management and caring for patients diagnosed with cardiac problem has been very challenging in the present world owing to the complexity of these infections. Electric pacing is one of the latest medical engineering developments that has gained acceptance as being one of the common prophylactic or therapeutic strategies of managing cardiac problems in patients. In the management of myocardial infections compounded by system injury, temporary cardiac pacing devices often play a significant role (Luderitz, 2012). It is at this point that cardiac pacemaker is deployed in order to help patients suffering from cardiac problems. The primary function of cardiac pacemaker in clinical and medical health is to pace hearts to help in recognizing the presence of intrinsic cardiac electrical activity and to restrain pacing of the heart in the absence of normal intrinsic impulses. This electric pacing device is often implanted in the heart of patients diagnosed with sinus node dysfunction. Only two approaches were commonly employed in the restoration of cardiac arrest (Bernstein, 2002, pp.260-2). This happened years before cardiac pacemakers were advanced. The two methods were intracardial therapy and mechanical simulation. The first successful heart pacing treatment was a case of an Australian baby that used Lidwill’s apparatus as the artificial pacemaker. Irrespect ive of the drugs and medical therapy used in this first pacing case, medical doctors at the New York Beth Hospital attributed the success to the prick needle inserted into the heart. The design was named after the founder, Hyman’s pacemaker, which took place in 1932. Interest in pacemakers (artificial pacemakers) with respect to cardiology rekindled after WWII, this time round, the exercise was spearheaded by Callagan, Hopps, and Bigelow, research experts at the University of Toronto, Canada. After conducting a thoracotomy, John Hopps designed the first artificial pacemaker with the ability to produce impulses at the desired rhythm (Bigelow, 2008, p.841). However, the first case of clinical application of pacemaker happened in 1952. This first successful application of pacemaker involved Zoll’s pacemaker. This occurred at the Boston Beth Israel Hospital when a man aged 75 was admitted to suffering episodes perceived to be Stokes Adams attack (collapse without warning a nd unconsciousness) and heart blockage, a condition that is common among the elderly and is associated with ischemic disease of the heart (Bigelow, 2008, p. 842). The first implantation of the pacemaker took place on October 8, 1958. This involved Mr. Larsson Arne (aged 43) who was found to be suffering from Stokes-Adams attacks and complete heart block. However, following the increase in technological innovation and advancements in the late 1970’

Article Research Paper Example | Topics and Well Written Essays - 500 words - 1

Article - Research Paper Example The most common environmental factors are toxins and exposure to pesticides. Toxic chemicals like MPTP, Toluene, Carbon Disulphide, and cyanide; and certain pesticides like rotenone and paraquat affect significant changes in vital neural components. Exposure to toxic chemicals and pesticides are found to cause damage and loss of â€Å"dopaminergic neurons and clinical Parkinsonism† (Chao et al.). Pesticides like paraquat and rotenone has also been observed to depreciate both dopaminergic neurons and typical Parkinsonism. Furthermore, these chemicals inspire contact with genetic expression thereby curbing genetic mutations. As a result, genetics have been particularly considered in the continuing research on Parkinson’s disease. There is no known cure for Parkinson’s disease so far; and most of the treatments available today are used to either prevent or contain the degeneration of the disease. According to Chao et al (2012), current treatments for Parkinsonâ€⠄¢s disease are categorized into two main subgroups: symptom-relieving drugs and surgical treatments. Common symptom-relieving drugs include L-dopa, dopamine agonists, bromocriptine, ropinirole, cabergoline, and pergolide among others. Examples of surgical treatments for Parkinson’s disease patients are â€Å"deep brain stimulation, implantation of embryonic dopaminergic cells, and gene therapy† (Chao et al.). These surgical treatments generally aim for tempering motor and non-motor symptoms. Recently, the use of nutraceuticals has been widely employed as an alternative to treating degenerative symptoms of Parkinson’s disease. One example of nutraceuticals – essentially refers to â€Å"food or food products† (Chao et al.) that are scientifically found to provide medical and health benefits, and which exhibit potential preventive capabilities against certain diseases – are antioxidants like Vitamins C and E. According to Anderson et al., consuming foods

Acdamic skill Essay Example | Topics and Well Written Essays - 500 words

Acdamic skill - Essay Example Sources, such as Google sources, are not that reliable, because anybody can publicly do things on the internet. However, books are generally considered more trustworthy because the author and publisher are clearly stated and they are held responsibility for its truthfulness. One reliable resource, found by Erik, A.(2010), had introduced product strategies for the iPhone, including four successful ways which are markets, product cycles, pricing and software. However, the iPhone was not the first smartphone to have mobile Web, email, and touch-screen user interface capabilities, but it was designed to offer an improved experience compared to other smartphones. Firstly, this resource is reliable; because of its demand media. Secondly, it is useful for this research proposal. The significant aim of this article is exploring the iPhone product strategy, it was designed to offer an improved experience compared to other smartphones. Following the four product strategies for the iPhone which are markets, product cycles, pricing and software, we can clearly see the iPhone why can be successful. These four aspects are indispensable to the business strategies. According to Dorrell, E. (2007), more than half of the consumers in the UK stipulate that Apple iPhones are too expensive. Two weeks after the launch in the UK, the vote at the market research company GFK NOP showed that more than 70% of the consumers feel that the proposed retail price of  £269 was on the high side while only 2% of the respondents considered buying an iPhone. This resource, found by a newspaper, makes it reliable. And using customer interviews further increases its reliability. The main purpose of this paper is for customer surveys to getting the price of the iPhone to a more detailed study of the iPhone business strategy. Furthermore, collecting data is the important way to get a reliable source. Due to this fact received from this