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Therefore, this discourse kicks off by analyzing the benefits that come with compensation components and ways in which organizations whose employees are unionized can remain competitive.
According to the Bureau of Labor Statistics, employees who are represented by a union receive higher salary as compared to the non- union workers. Moreover, they have more access to various benefits such as medical insurance, despite the declining rate of union membership. Research shows that in the year 2001, only 18 million workers were under a union as compared to 16 million workers in the year 2011. Nevertheless, it is without doubt that unions have an affirmative effect on various aspects of job quality such as employee benefits and wages (Long, 2013). Therefore, this treatise focuses on analyzing how a firm whose workers are represented by a union can remain competitive against the non-unionized workers. It will also give limelight to the role of benefits and the components of an employee benefit package. It is without doubt that compensation benefits play a major role in reducing turnover, enhancing productivity, and increasing the rate of morale among workers.
Employee benefits are non-wage compensation that is offered to workers in addition to their normal salaries. For organizations that endeavor to hire competitive workers, they have an attractive benefits package that is either monetary or non-monetary. For instance, the monetary compensation benefits can include bonuses, profit sharing, and stock options among others. There are also the non-monetary benefits such as health insurance, pension plans, disability insurance, paid holidays, educational assistance, flexible working hours, sick leave, work at home oriented programs, retirement plans, and dental insurance among others. It is to be noted that such benefits are paramount in attracting, motivating, rewarding, and retaining workers (Reddick & Coggburn, 2012).
Research shows that
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Effective performance management curriculum allows the company to perform well to the best of its ability by aligning goals of each individual employee with those of the company. When the company’s goals are matched, the company will better be able to compete effectively in the industry and boost morale of the employees when they are motivated.
This unraveled when the company lost almost $300 million on the contracts it had with the consortium, a member of Aerospace in Britain who called for the reorganization of the managerial and financial structure of Airbus.
In operations of markets, competition is fundamental as it promotes growth, productivity, and innovation, all factors that are needed by companies to make sales and increase profits (Kjellberg, 2010). This process of rivalry provides the drive behind markets for many business firms and companies.
There are a lot of advantages for that a firm can exploit from changing market structure. These advantages are beneficial not just for the firm itself, but all the stakeholders have something to benefit from it. However, there are also certain disadvantages that a firm and its stakeholders have to go through once a firm changes its market structure.
The author states that the approach of transportation policies allows the respective governments to take major steps over the reduction of traffic cognition in the national landscape. The policies further allow in minimizing the involvement of vehicles in certain locations with respect to the major steps taken to reduce the environmental concern.
ages in a right manner doesn’t only benefit employee but is also beneficial for the employers as they in return get a more healthy and zestful workforce. In addition to this, offering good compensation and benefits help retain employees which mean less cost in recruiting,
Scotia Bank is a subsidiary of the ScotiaMcleod group. The total compensation package at Scotia Bank comprises a variation of different elements. There are two types of cash reward systems: incentive/merit pay and basic pay (Media.scotiabank.com, 2015). Scotia Bank emphasizes a strict philosophy of performance pay.
Offering great benefits can help a company recruit talented employees. Good benefit packages help companies increase their employee retention rate. Some of the benefits that companies can provide to its employees include
According to the report Mobile BI applications optimizes the traditional business intelligence reports so that they can be viewed easily on the small screens of mobile phones and is ideal for displaying alerts on the screens with simple graphs, spark lines and charts and also efficient in displaying key performance indicators.
Herein the competitive position of the business is analyzed based on an analysis of the key stakeholders like consumers, suppliers, and also the competitive entities like existing and emerging competitors and the prevalence of substitute products in the extended market.
7 Pages(1750 words)Research Paper
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