Nobody downloaded yet

Corporate Benefits and Compensation: Ford Motor Company and Toyota of North America, Differences in Compensation related to Overall Corporate Strategy - Essay Example

Comments (0) Cite this document
Summary
The cost of employee turnover in the U.S. has been estimated at $2,300 to $13,000 per worker, depending on the company and job title. Major companies take one to three months to fill important slots…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.9% of users find it useful
Corporate Benefits and Compensation: Ford Motor Company and Toyota of North America, Differences in Compensation related to Overall Corporate Strategy
Read TextPreview

Extract of sample "Corporate Benefits and Compensation: Ford Motor Company and Toyota of North America, Differences in Compensation related to Overall Corporate Strategy"

Download file to see previous pages Still, about 22 percent of American workers voluntarily leave their jobs in less than one year. Turnover quickly becomes expensive for large corporation, and an immediate financial punch for smaller enterprises. This phenomenon causes employers to focus their attention and demand to small details, when hiring. The result is the marathon hiring process which is now very familiar to job seekers nationwide. The question becomes why such high turnover in major corporations. What Can be done to keep employees interested in their jobs? It certainly is not the strategy That Ford Motor Company is taking. According to Business Week Online, the auto Maker “lost 7.24 billion dollars the first three quarters this year and is cutting thousands of jobs and closing plants to cut costs over the next few year.” Therefore, it should not come as a shock that cuts are employee health care benefits and merit raises for salaried employees are next. Employees will pay an increase of 30 percent toward their health benefits. Retirees will no longer be eligible for health benefits. On a positive note, Ford has reinstated its matching 401K plan, contributing 60 cents on each dollar, up to 5 percent of the employees gross wages. Ford claims the cost cutting measures are necessary to maintain competitiveness in the automotive market. It plans to cut “10 thousand salaried from its current 25-30 thousand and 25-30 thousand blue collar jobs from the current 75 thousand” (Online Newshour.) ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Corporate Benefits and Compensation: Ford Motor Company and Toyota of Essay”, n.d.)
Retrieved from https://studentshare.org/business/1538403-corporate-benefits-and-compensation-ford-motor-company-and-toyota-of-north-america-differences-in-compensation-related-to-overall-corporate-strategy
(Corporate Benefits and Compensation: Ford Motor Company and Toyota of Essay)
https://studentshare.org/business/1538403-corporate-benefits-and-compensation-ford-motor-company-and-toyota-of-north-america-differences-in-compensation-related-to-overall-corporate-strategy.
“Corporate Benefits and Compensation: Ford Motor Company and Toyota of Essay”, n.d. https://studentshare.org/business/1538403-corporate-benefits-and-compensation-ford-motor-company-and-toyota-of-north-america-differences-in-compensation-related-to-overall-corporate-strategy.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Corporate Benefits and Compensation: Ford Motor Company and Toyota of North America, Differences in Compensation related to Overall Corporate Strategy

Corporate Governance and Compensation

...to provide disclosures if they have the power to act independently of top management. Overall, board and compensation committee effectiveness were proven to be directly related to greater communication to shareholders concerning board practices (Laksamana, 2008). Increasingly more firms hire compensation consultants to address the complexities of determining executive pay. Since the top executives themselves hire the consultant, the situation opens itself to abuse in favor of CEO. Previous studies pointed out that company executives are able to acquire excessive remuneration based on the power that they have within the company. They then...
14 Pages(3500 words)Research Paper

Compensation Strategy

...the market compensation rate to curb employee turnover. 2. I recommend that the retention rate in the company to apply individually to all employees to ensure that the retention rate relates to the value of any employee. 3. I recommend that the company formulate a watertight mechanism to ensure fairness in assessing the performance of individual employees and individual teams where applicable. 4. I recommend the application of the performance -based strategy according to the type of work, level of knowledge required, and output expected by the company. Conclusion In conclusion, I find that a compensation...
4 Pages(1000 words)Essay

Corporate Communication Strategy-Toyota case

...credibility. Toyota’s sticky pedal case is prime example of inadequate response to crisis which had adverse impact on its market reputation. Well-planned crisis management strategy and developing effective plans for corporate communication therefore becomes essential part of corporate strategy to address its crisis early. (words: 2860) Reference 1. Abilla, Pete. (2007) Toyota Motor Corporation: Company History, Available: http://www.shmula.com/toyota-motor-corporation-company-history/291/ [1 June, 2013]. 2. Bailey, David...
11 Pages(2750 words)Essay

Compensation Benefits

...Running Head: COMPENSATION BENEFITS Compensation Benefits [The [The of the Compensation BenefitsCompensation and Benefits Plan Executive Summary Due to shrinking local labor market and increasing turnover within Lansing-Smith Corporation, the board members of Lansing-Smith will propose a complete and progressive compensation and benefits plan to the CEO to augment retention in the Company. Traditionally Lansing-Smith Corporation has paid only minimum wage and mandatory benefits. The following paper...
4 Pages(1000 words)Essay

North American Compensation

...in the passion of Mercer. Mercer.com has its core strengths in the areas of consulting, investing and at the same time outsourcing coming from the advice to solutions that creates the unique position of Mercer. The capabilities are said to be highlighted in recent launched of campaign in terms of advertising viewed as cited below. Clark Consulting may provide the services of consultancy considerably cutting-edge definitely for the design and compensation's administration encompassing the programs' benefitNorth American Compensation P 3 as well as financial products helping the companies with the management of liabilities'...
2 Pages(500 words)Essay

Compensation & Benefits

..., encouraging the performances of the employees, achieving quality in every business activity, encouraging employees’ loyalty with the company, reducing the turnover, and making the employees satisfied with the company. These were some of the reasons of why companies design and implement different kinds of compensation and benefits programs for the employees. Important Factors for Designing Compensation plan There are some important factors, which need to be considered while designing and implementing a proper compensation and benefits plan in a company. These factors...
15 Pages(3750 words)Essay

Overall Corporate Strategy

...Case study: Sara lee Question Sara Lee has been changing its overall corporate strategy over time. Initially when the company was formed, it acquired different companies to grow and improve its market share. The corporation first acquired different business categories to expand and enter global markets. The corporation laid its foundations by working as a wholesale distributor of products such as tea, coffee, and sugar. This business venture proved to be successful and, as a result, the company planned to further diversify its products by investing in...
6 Pages(1500 words)Essay

Compensation Strategy

...The human capital of a firm is its most valuable asset. Retaining talented employees is imperative towards the success of a company. The way companies are able to attract and retain employees is by offering a total compensation package. A total compensation package is composed of two parts: salary and fringe benefits. The salary a company offers should be equal or higher than the average salary for a job position. The average salary in the United States is approximately $43,000 per year. Employees that are underpaid have less motivation than workers that are well compensated. The second part of a total compensation package is fringe benefits. Some of the fringe benefits that a company can offer its employees as part of a total... ...
1 Pages(250 words)Research Paper

Compensation strategy

...their education. The company has also established the Hamburger University in Dubai. This university is responsible for providing training to the employees regarding their job at the outlet. Internal alignment Internal alignment refers to the comparison of the job pay structure of an employee with others in the same company. Employees on the pay level should be provided with almost the same pay scale and benefits in order for the compensation to be fair. The employee compensation strategy at McDonalds UAE is internally aligned. The employees at the company are hired on a fixed pay scale basis. The base pay remains...
7 Pages(1750 words)Essay

Compensation/Benefits

...Compensation benefits Employees’ retention and motivation are some of the roles of human resource management in organizations and compensation and benefits are important factors. Compensation and benefits also determine production costs and hence marginal returns. Involved potential benefits and cost therefore influence decisions on the human resource management aspects and this paper discusses legal compliance, equity, and transparency as the most important professional and ethical issues in compensation and benefits. Legal factors are important aspects of an organization’s external environment and dictate decisions on compensation. Legal implications of non-compliance with legal requirements make them a very important issue... to an...
1 Pages(250 words)Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Corporate Benefits and Compensation: Ford Motor Company and Toyota of North America, Differences in Compensation related to Overall Corporate Strategy for FREE!

Contact Us