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Compensation (HRMD) - Essay Example

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A worker receives various types of returns mainly known as ‘financial’ returns and on-job fringe benefits for work done or services provided to employers. The financial returns include daily wages, fixed salary, monetary bonuses, commissions and share ownership after…
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Compensation (HRMD)
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Compensation (HRMD)

Download file to see previous pages... Consequently, the desirable outcomes such as reduction in poverty, greater availability of short-term employment opportunities, increase in GDP etc. are obtained, which lead to societal well-being and prosperity. For instance, technological advancement increases labor productivity, process and product innovation, specialization, communication and transportation networks. In turn, the economies of scale (mass production) is observed, which reduces total business costs and lowers market prices. Finally, the aggregate consumption and demand increases because of overall improvement in economy.
However, any underlying weaknesses or negative feedback may transform a virtuous into a vicious circle. In contrast, the latter has undesirable outcomes and negative consequences such as increase in poverty and unemployment, economic contraction, low aggregate consumption and output etc. For instance, constant increase in money supply may result in inflation that, in turn, will reduce real incomes in society. Consequently, the aggregate consumption will reduce and economy will observe negative growth rate (Samuelson & Nordhaus, 2009).
The Organizational structure refers to internal managerial system and hierarchy. In fact, it showcases the how tasks into departments are assigned, how they are delegated and how decision-making and implementation is being done and at various managerial levels. Indeed, the organizational chart is a diagram that shows the top, middle and first-line management levels as well as reveals the structure (vertical functional, divisional, matrix, virtual and networking) that firm has adopted. The internal structure is extremely important in today’s new workplace business environment because it determines the chain of command, which refers to the authority executives enjoy because of their position based on which they are deemed responsible for decision-making, problem solving, strategic planning, ...Download file to see next pagesRead More
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Compensation Practice
Traditional companies were very much concerned with productivity and the only means was to achieve it was focusing on the job rather than employees. Use of punishment was considered vital in enabling workers to work hard thus improved productivity but with advent of enhanced technology and human relation movements, organizations have realized the need to treat their employees as the most valuable assets and developed more humane measures of dealing with employees.
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And as from its official website, the corporate has over 16,000 staff United Nations agency need. The management of Edison International has determined to adopt the balanced compensating record book when reviewing the
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