Employee Compensation And Relational Analysis - 1424 Words

According to the recently released Employer Cost for Employee Compensation of June 2017, release by the Bureau of Labor Statistics, the average compensation per hour worked in the United States in the month of June was $35.28. The wages and salaries of these workers were a total of $24.10 per hour correspondingly accounting for 68.3% of the cost. The benefits averaged a total of $11.18 per hour likewise reporting for 31.7% of the cost. (Bureau of Labor Statistics, 2017) I incorporated an attached a pie chart to show the total compensation for all works in different industries, based on the hourly compensation, civilian workers as well as their corresponding percentages of the average $35.28 wages and indirect compensation. (Bureau of†¦show more content†¦This is immensely different than the United States as employers are expected to compete with one another to get the best employees, by offering the best benefits. With so much supplementary cost, with benefits, it is very i mportant to one: know what the greatest expense cost will be to further help your employees and organization in the future. Two, find a balance between benefits that will encourage employees to want to work for your company. Challenges and Strategies Over the course of my research I attained a lot of different trials in benefits for human resources. Of all of the challenges, I found of several members of human resources branches find these to be the top five: Staying current in a changing market; balancing added responsibilities with day-to-day duties; helping employees understand their benefits; appealing to different demographic; making unbiased employment decisions. (Chelsey, L. 2016,) 1. Staying current in a changing market: The Affordable Care Act in 2016 necessitates employers with 50+ full-time employees to implement a health insurance plan, the outcome of this law, entails a number of added job obligations for HR departments. In addition to balancing their day-to-day workload (recruitment, employee relations, training,Show MoreRelatedWage and Salary Chapter 112487 Words   |  50 PagesMilkovich−Newman: Compensation, Eighth Edition Front Matter 1. The Pay Model  © The McGraw−Hill Companies, 2004 Chapter One The Pay Model Chapter Outline Compensation: Definition, Please? Society Stockholders Managers Employees Global Views—Vive la diffà ©rence Forms of Pay Cash Compensation: Base Cash Compensation: Merit Pay/ Cost-of-Living Adjustments Cash Compensation: Incentives Long-Term Incentives Benefits: Income Protection Benefits: Work/Life Focus Benefits: Allowances Total EarningsRead MoreHrm: Contribution1703 Words   |  7 Pagesorganization in the HRM area. 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Hence, the appearance of psychological contract is one of the most effective tools to help the organisation improve their HRM issues. However, it also has some challenges for the manager to overcome. Therefore, the main aim of this essay is to analyse the importance of the psychological contract in many aspects and support