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Summary OMM 618 W4 Assignment.docx OMM 618 Compensation and Benefits Plan The University of Arizona Global Campus OMM 618 Human Resources Management Compensation and Benefits Plan Companies want to ensure that their compensation and benefits package meets
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OMM 618 W4 A OMM 618 Compensation and Benefits Plan The University of Arizona Global Campus OMM 618 Human Resources Management Compensation and Benefits Plan Companies want to ensure that their compensation and benefits package meets everyones knowledge, talents, and capacities when attracti...
omm 618 w4 assignmentdocx omm 618 compensation and benefits plan the university of arizona global campus omm 618 human resources management compensation and benefits plan companies want to ensu
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OMM 618
Compensation and Benefits Plan
The University of Arizona Global Campus
OMM 618 Human Resources Management
Compensation and Benefits Plan
Companies want to ensure that their compensation and benefits package meets
everyone’s knowledge, talents, and capacities when attracting and retaining skilled employees. If
the package is adequately put together, it can do more than just attract competent candidates; it
can also motivate them. Employees frequently enjoy their jobs, but the pay and benefits packages
are insufficient to keep them. To succeed, a company must create a compensation and benefits
package that stands out among competitors and shifts its focus to its employees' aspirations,
abilities, and capacities to keep them motivated and engaged for the long haul. This paper will
look at creating a compensation and benefits plan, comparing the wage and benefits plans of at
least three similar firms in the same industry, examining what perks 21st-century employees
value, and assessing what keeps employees involved in the organization.
Background of Organization
Apple Inc. is a well-known firm that sells a wide range of consumer gadgets. The iPhone,
iPod, iPad, and Mac computers are just a handful of these well-known items. Steve Jobs and
Steve Wozniak, two college dropouts, founded Apple in Job's garage on April 1, 1976. They
have transformed how the world uses computers, easy access to music, the internet, and the
telephone since that time. “Thanks to its innovations in hardware, software, and services. The
company has grown from 8,000 employees to 137,000 employees and more” (Podolny &
Hansen, 2020, p.4).
Compare/Contrast of Industry
Table 1 below aids in explaining the benefits that Apple Inc., Samsung, and Windows
Microsoft offer to their employees.
, Table 1.
Apple Inc. Samsung Windows Microsoft
Wages $29,237 - $200,314 $24,515 - $173,988 $34,981 - $175,216
Bonus $1,474 - $25,000 $10,440 - $22,500 $6,200 - $48,000
Health Insurance Yes Yes Yes
Disability Insurance Yes Yes Yes
Financial/Retirement Yes Yes Yes
Paid Time-Off (Sick, Yes Yes Yes
vacation,
maternity/paternity
leave).
Training & Education Yes Yes Yes
When comparing the employee offers of these three well-known organizations, it
becomes clear that they are not far off. All three have incomes that are within an acceptable
range. They all come with the usual perks. They all, however, provide additional benefits that the
other organizations do not. For instance, when Apple employees buy an iPod, iPad, or Mac, they
enjoy a 25% discount per year. Employees can save $250 on an iPad or $500 on a Mac every
three years. Depending on the goods, the corporation often offers different discounts to family
and friends. Every year, Apple gives its employees a $300 gym credit (Apple Inc., n.d.).
Samsung and Microsoft Windows offer their employees discounts but nothing compared to
Apple Inc.
Engagement
According to Gallup (2014), “How leaders manage their people can greatly alter
engagement levels in the workplace, in turn influencing the company’s bottom line. He claims
that the most successful companies actively engage their staff, resulting in increased productivity
and improved financial results. These companies appear to be moving the labor market in the
right direction” (p.15). Employee engagement has evolved from financial to non-financial
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