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Essay / Research Paper Abstract
This 8 page paper reports trends in compensation packages, including what surveys have revealed companies across the world are doing in this economic crisis. The paper discusses motivational incentives and identifies types of workers and their needs. The paper then talks about contingent workers, what they are and the growth in this population and comments on contingent workers and the U.S. Army. Bibliography lists 11 sources.
Page Count:
8 pages (~225 words per page)
File: MM12_PGarm39.rtf
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Unformatted sample text from the term paper:
pay the bills and organizations are just trying to survive. Some workers just feel glad they have a job, others expect all the salary increases and bonuses they received in
the past. The Hay Group conducted a global survey in January 2009 and found that one-third of organizations are expecting lower revenues this year (Editors, 2009). In response to
the dire business predictions, the trend is that companies across the world are reducing pay increases as well as the number of employees (Editors, 2009). Another study found that organizations
intend to freeze salary increases (Editors, 2009). Yet another study revealed that organizations have reduced their salary increase budgets by 20 percent between what was planned in August 2008 and
what they could do in January 2009 (Editors, 2009). Organizations are also changing their base salary increase budgets this year (Editors, 2009). More than half will freeze salaries (Editors, 2009).
Besides that, overtime wages will be reduced and fewer contract employees will be hired (Editors, 2009). Even performance bonuses are being cut or reduced by many organizations (Editors, 2009). Some
of these trends began before this economic crisis. In 2007, for instance, there was a beginning trend to eliminate holiday bonuses (Incentive, 2007). The reasons given for this change was
cost, first of all, then thoughts that employees did not value the bonus, employees felt entitled to the bonus, and companies had designed a pay-for-performance program (Incentive, 2007). During 2008,
as the economy began sinking, managers and human resource professionals were still looking at a total rewards package for their talented employees (Avalos, 2009). Many ideas were generated but the
overall goal of a total rewards program, which is a trend in compensation plans, is that organizations must "offer what is necessary to attract, motivate and retain the talent to
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