100%(3)3 out of 3 people found this document helpful
This preview shows page 1 - 4 out of 9 pages.
COMPENSATION PRACTICE1Assignment 1: Compensation PracticeCandace ChristiansenDr. Anthony J. JacobBUS 409: Compensation Managment10/24/17
COMPENSATION PRACTICE2Assignment 1: Compensation PracticesHaving a compensation strategy is essential for companies to stay competitive and successful in a business world. In order for companies to attract the best candidates, they need to have a very competitive compensation strategy in place. The company I researched and who I also work for is Home Depot. In this paper I will discuss compensation strategies and challenges.Analyze how my company's compensation practices have impacted the stakeholders. Examine how labor unions, market factors, and laws have impacted the company's compensation practices. And evaluate the effectiveness of my company's base for pay.Company Research, Compensation Strategy, and Best PracticesHome Depot is the world's largest home improvement retailers. It was founded by Bernie Marcus and Arthur Blank in 1978. They opened their first two stores in Atlanta Georgia in 1979. Now the company has over 2,282 stores in the U.S., Canada, and Mexico. Home Depot has morethan 400,000 associates. In 2016 their total revenue was $94.6 billion. They strive to have the most competitive prices and the widest range of products they carry more than 35,000 in stores and 1 million online."In order to retain high performance employees, your compensation plan should offer more than just a competitive salary. Having access to additional compensation, whether in the form of added financial benefits or non-monetary incentives, can go a long way towards creating a loyal employee population." (Taylor, T.C., 2013) Home Depot has a very large employee/ multi-cultural work environment. The Home Depot's compensation Strategy consists of pay, benefits, and discounts. Employees are paid based on their position. Store managers and assistantmanagers are paid a salary, supervisors and regular associates are paid by the hour.
COMPENSATION PRACTICE3Home Depot offers good insurance and benefits for their employees. They use to offer health care for their part-time employees but after Obama care they took away part-timer's insurance. Part-timers also don’t get all the benefits of a full-timer and the ones benefits they do get they only get 50% or less of what a full-timer receives. Home Depot benefits consist of: (MyTHDHR.com)Full-Time AssociatesMedicalDentalVisionDisability InsuranceLife InsuranceAccidental Death and Dismemberment Insurance (AD&D)Part-Time AssociatesDentalVisionShort-term disability InsuranceLife InsuranceFinancial Benefits