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Compensation Strategy of Walmart Compensation System of famous company Thù lao lao động Hệ thống lương thưởng
Walmart says it's also expanding its maternity and parental leave policy
because of the tax reform law. Full-time hourly workers in the U.S. will get 10
weeks of paid maternity leave; fathers and partners will get six weeks of paid
parental leave. Walmart's full-time hourly workers have previously received up to
eight weeks of maternity leave at half-pay, with no parental leave benefit for
fathers or partners.
The new policy will give full-time hourly workers at Walmart stores the
same maternity and parental leave benefits as the company's salaried employees.
The changes affect more than 1 million hourly workers.
The retailer is also creating a new benefit to assist associates with adoption
expenses. The benefit, which will be available to full-time hourly and salaried
workers, will total $5,000 per child. Employees who adopt also will be able to take
advantage of paid parental leave.
III. Strength and Weakness in Compensation of Walmart
Strength
●
Wal-Mart
provides
Weakness
fair ●
Walmart employees are low paid and
compensation to its employees based not given fair compensation compared to the
on their performance and contribution
to the company to attract and retain
skillful employees
●
Competency based pay system
rest of the retail industry. Walmart's pay and
employment policies have been the focus of
protest by some workers and outside labor
groups seeking to organize Walmart
encourages employees to become a
high achiever that can Giúp Wal-Mart
to grow and improve its performance.
●
Walmart offers many incentives
employees
●
In recent years, Wal-Mart has declined in
the rate for the unionization of employees. The
company’s compensation rate is below
to employees like gifts,vacation,
movie tickets. These non monetary
awards are very effective because it
can make employees feel appreciated
competitors in its field. This is a weakness that the
company needs to tackle to improve the
satisfaction of its employees and customers. This
is also seen as a negative impact on the economy,
for their effort and contribution while being that the way they operate their
underscoring a company value at the compensation plan affects other companies in
Page | 24
25
same time.
●
Walmart's
their surrounding areas.
insistence
Lower wages means
on lower employment rates, and ultimately, less
keeping most hourly workers part- customers due to lowered customer service.
time, so as to avoid having to provide ●
Walmart employees still raise a complaint
a variety of benefits available to full- in regards to poor compensation packages that
time employees.
have caused economic hardship for some
employees.
●
Wal-Mart does not consider performance
appraisal as a strategy to motivate women workers
who make up 65 percent of Wal-Mart hourly paid
workforce
●
Walmart doesn’t provide holiday pay for
employees (except Christmast). Organization
stops holiday pay for 3 year, it’s a reason to make
employee’s satisfaction decline.
➔
SUMMARY: As above information, it is found that Walmart has lag-the-market
compensation policy, also called the market-minus philosophy. Under this strategy,
Walmart purposely pay their workforce lower than the market average. Low-wage business
model serves one purpose: Walmart can maximize profits.
IV. Factor affecting this compensation of Walmart
A, Internal factors:
1. Compensation Philosophy of Walmart
The human resource management approach in employee compensation and
career development is founded on the minimization of costs.
Walmart is committed to minimizing the compensation packages without
compromising the performance of employees. The company has put in place career
development strategies whose aim is to minimize turnover among employees by
ensuring that there is maximization of the level of fit between the worker and their
job positions
Contents
INTRODUCTION ...................................................................................... 4
I. COMPANY OVERVIEW........................................................................ 5
1. Company Profile ............................................................................... 5
2. Human Resources Information .......................................................... 6
II. Compensation Management of Walmart ................................................ 8
1. Compensation strategy ......................................................................... 8
3. Competency Based Pay Philosophy .................................................... 11
4. Cash Compensation ........................................................................... 12
4.1. Basic Pay...................................................................................... 12
4.2. Competitive Positioning ............................................................... 13
4.3. Pay Structure ............................................................................... 17
4.4. Incentives ..................................................................................... 18
5. Benefits program at Walmart ............................................................ 19
5.1. Insurance ..................................................................................... 19
5.2. Childcare ..................................................................................... 20
5.3. Health and wellness ...................................................................... 20
5.4. Financial perk .............................................................................. 21
5.5. Reimbursements .......................................................................... 21
5.6. Retirement ................................................................................... 22
5.7. Other benefits .............................................................................. 22
6. Work - Life Balance in Walmart ........................................................ 23
III. Strength and Weakness in Compensation of Walmart ........................ 24
IV. Factor affecting this compensation of Walmart ................................... 25
A, Internal factors: ................................................................................ 25
1. Compensation Philosophy of Walmart .............................................. 25
Page | 2
3
2. Walmart’s mission: “We save people money so they can live better."
26
3. Worth of a Job: ............................................................................. 26
4. The Organizational Ability to Pay................................................... 26
5. Employee related ........................................................................... 26
B, External factors: ............................................................................... 26
1.Cost of Living ................................................................................... 26
2.The Economic .................................................................................. 27
3.Laws ................................................................................................ 27
4.Competitor ....................................................................................... 27
5.Labor Unions ................................................................................... 27
6.Markets ............................................................................................ 28
V. RECOMMENDATIONS ........................................................................ 28
CONCLUSIONS ........................................................................................ 30
REFERENCES .......................................................................................... 31
Page | 3
4
INTRODUCTION
Compensation management is one of the human resource management
functions that deals with every reward individuals receive in exchange for
performing an organizational task in a fair, equitable and logical manner. In any
company, employers want to pay as little as possible to keep their costs low, while
employees want to get as high as possible. As a result, the role of compensation
management is vital to meeting the needs of both employees and the organization,
while maintaining stable development of the company.
Compensation Management includes various areas. However, this essay is
mainly aimed at analyzing the Compensation system and practices in Walmart one of the most popular brand in the world, particularly their pay for performance
plan.
It is necessary to determine whether the compensation in this company is
consistent with its overall business strategy and with employee's needs. We will
be able to single out strengths and weaknesses of the compensation as well as the
impact of factors on the Compensation system and practices, pursued by the
management of Wal-mart. Then, we will make recommendations that could
improve it.
The essay may contain unexpected errors. We hope that Ms.Ngoc will
sympathize and comment so that the group can improve the work. Our group really
appreciates your help!
Page | 4
5
I. COMPANY OVERVIEW
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Compensation Strategy of Walmart Compensation System of famous company Thù lao lao động Hệ thống lương thưởng
Walmart says it's also expanding its maternity and parental leave policy
because of the tax reform law. Full-time hourly workers in the U.S. will get 10
weeks of paid maternity leave; fathers and partners will get six weeks of paid
parental leave. Walmart's full-time hourly workers have previously received up to
eight weeks of maternity leave at half-pay, with no parental leave benefit for
fathers or partners.
The new policy will give full-time hourly workers at Walmart stores the
same maternity and parental leave benefits as the company's salaried employees.
The changes affect more than 1 million hourly workers.
The retailer is also creating a new benefit to assist associates with adoption
expenses. The benefit, which will be available to full-time hourly and salaried
workers, will total $5,000 per child. Employees who adopt also will be able to take
advantage of paid parental leave.
III. Strength and Weakness in Compensation of Walmart
Strength
●
Wal-Mart
provides
Weakness
fair ●
Walmart employees are low paid and
compensation to its employees based not given fair compensation compared to the
on their performance and contribution
to the company to attract and retain
skillful employees
●
Competency based pay system
rest of the retail industry. Walmart's pay and
employment policies have been the focus of
protest by some workers and outside labor
groups seeking to organize Walmart
encourages employees to become a
high achiever that can Giúp Wal-Mart
to grow and improve its performance.
●
Walmart offers many incentives
employees
●
In recent years, Wal-Mart has declined in
the rate for the unionization of employees. The
company’s compensation rate is below
to employees like gifts,vacation,
movie tickets. These non monetary
awards are very effective because it
can make employees feel appreciated
competitors in its field. This is a weakness that the
company needs to tackle to improve the
satisfaction of its employees and customers. This
is also seen as a negative impact on the economy,
for their effort and contribution while being that the way they operate their
underscoring a company value at the compensation plan affects other companies in
Page | 24
25
same time.
●
Walmart's
their surrounding areas.
insistence
Lower wages means
on lower employment rates, and ultimately, less
keeping most hourly workers part- customers due to lowered customer service.
time, so as to avoid having to provide ●
Walmart employees still raise a complaint
a variety of benefits available to full- in regards to poor compensation packages that
time employees.
have caused economic hardship for some
employees.
●
Wal-Mart does not consider performance
appraisal as a strategy to motivate women workers
who make up 65 percent of Wal-Mart hourly paid
workforce
●
Walmart doesn’t provide holiday pay for
employees (except Christmast). Organization
stops holiday pay for 3 year, it’s a reason to make
employee’s satisfaction decline.
➔
SUMMARY: As above information, it is found that Walmart has lag-the-market
compensation policy, also called the market-minus philosophy. Under this strategy,
Walmart purposely pay their workforce lower than the market average. Low-wage business
model serves one purpose: Walmart can maximize profits.
IV. Factor affecting this compensation of Walmart
A, Internal factors:
1. Compensation Philosophy of Walmart
The human resource management approach in employee compensation and
career development is founded on the minimization of costs.
Walmart is committed to minimizing the compensation packages without
compromising the performance of employees. The company has put in place career
development strategies whose aim is to minimize turnover among employees by
ensuring that there is maximization of the level of fit between the worker and their
job positions
Contents
INTRODUCTION ...................................................................................... 4
I. COMPANY OVERVIEW........................................................................ 5
1. Company Profile ............................................................................... 5
2. Human Resources Information .......................................................... 6
II. Compensation Management of Walmart ................................................ 8
1. Compensation strategy ......................................................................... 8
3. Competency Based Pay Philosophy .................................................... 11
4. Cash Compensation ........................................................................... 12
4.1. Basic Pay...................................................................................... 12
4.2. Competitive Positioning ............................................................... 13
4.3. Pay Structure ............................................................................... 17
4.4. Incentives ..................................................................................... 18
5. Benefits program at Walmart ............................................................ 19
5.1. Insurance ..................................................................................... 19
5.2. Childcare ..................................................................................... 20
5.3. Health and wellness ...................................................................... 20
5.4. Financial perk .............................................................................. 21
5.5. Reimbursements .......................................................................... 21
5.6. Retirement ................................................................................... 22
5.7. Other benefits .............................................................................. 22
6. Work - Life Balance in Walmart ........................................................ 23
III. Strength and Weakness in Compensation of Walmart ........................ 24
IV. Factor affecting this compensation of Walmart ................................... 25
A, Internal factors: ................................................................................ 25
1. Compensation Philosophy of Walmart .............................................. 25
Page | 2
3
2. Walmart’s mission: “We save people money so they can live better."
26
3. Worth of a Job: ............................................................................. 26
4. The Organizational Ability to Pay................................................... 26
5. Employee related ........................................................................... 26
B, External factors: ............................................................................... 26
1.Cost of Living ................................................................................... 26
2.The Economic .................................................................................. 27
3.Laws ................................................................................................ 27
4.Competitor ....................................................................................... 27
5.Labor Unions ................................................................................... 27
6.Markets ............................................................................................ 28
V. RECOMMENDATIONS ........................................................................ 28
CONCLUSIONS ........................................................................................ 30
REFERENCES .......................................................................................... 31
Page | 3
4
INTRODUCTION
Compensation management is one of the human resource management
functions that deals with every reward individuals receive in exchange for
performing an organizational task in a fair, equitable and logical manner. In any
company, employers want to pay as little as possible to keep their costs low, while
employees want to get as high as possible. As a result, the role of compensation
management is vital to meeting the needs of both employees and the organization,
while maintaining stable development of the company.
Compensation Management includes various areas. However, this essay is
mainly aimed at analyzing the Compensation system and practices in Walmart one of the most popular brand in the world, particularly their pay for performance
plan.
It is necessary to determine whether the compensation in this company is
consistent with its overall business strategy and with employee's needs. We will
be able to single out strengths and weaknesses of the compensation as well as the
impact of factors on the Compensation system and practices, pursued by the
management of Wal-mart. Then, we will make recommendations that could
improve it.
The essay may contain unexpected errors. We hope that Ms.Ngoc will
sympathize and comment so that the group can improve the work. Our group really
appreciates your help!
Page | 4
5
I. COMPANY OVERVIEW
Do Drive thay đổi chính sách, nên một số link cũ yêu cầu duyệt download. các bạn chỉ cần làm theo hướng dẫn.
Password giải nén nếu cần: ket-noi.com | Bấm trực tiếp vào Link để tải:
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