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

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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…
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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
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