. Compensation mix refers to the combination of different forms of pay that an organization offers to its employees. The three types of pay commonly included in compensation mix are base pay, performance pay, and indirect pay.

• Base Pay: This refers to the fixed salary or hourly wage that an employee receives for his or her job duties. It is usually determined by the job's requirements, the employee's experience and qualifications, and the organization's pay structure.

• Performance Pay: This type of pay is variable and is earned by employees who meet or exceed certain performance goals or targets. This can include bonuses, commissions, profit-sharing, or stock options. It is designed to motivate and reward employees who contribute significantly to the organization's success.

• Indirect Pay: This includes benefits like health insurance, retirement plans, vacation time, and other perks or privileges that an organization offers to its employees. These are not directly tied to job performance, but they help attract and retain employees in a competitive job market.

Tim Hortons, the popular Canadian coffee, and donut chain, uses a mix of base pay, performance pay, and indirect pay to reward its employees.

Base salary - Tim Hortons pays its employees an average annual base salary of $46K USD per year. This amount may vary depending on the employee's role and experience level within the company.

Bonus - Tim Hortons offers monthly bonuses as part of their reward package for certain roles within the organization. This bonus can range anywhere from 2% - 5% based on performance metrics such as sales volume or customer satisfaction scores

Indirect pay includes benefits like health insurance and paid time off.

WHY WE USE TIM HORTON`S.

We choose Tim Hortons for their compensation structure.

Brand name: Tim Horton's is a well-known and respected brand in Canada and the rest of the world. Its popularity and reputation help to attract and retain employees.

Good Pays: Tim Hortons offers competitive pays that help attract and retain talented employees.

Complete Benefits: Tim Horton's offers comprehensive benefits, including medical, dental, and eye care, so employees feel valued and supported.

Advancement Opportunities: Tim Horton's offers employees opportunities for career advancement, including training programs and promotions. This helps motivate employees to stay with the company and work hard.

Flexible Work Arrangements: Tim Horton's offers flexible work arrangements, including part-time and full-time positions, and the ability to work early or late shifts. This allows you to attract different employees with different needs and preferences.

2. Different types of employers may use more or less of a particular form of pay depending on their business model and industry norms. A real-life example is a retail company operating on a commission basis.

For example, a company like Best Buy might use this type of compensation structure for its sales representatives. In this compensation structure, employees not only receive a basic or hourly wage, but also a commission on their sales. Commission amounts are usually a percentage of total sales, so employees who sell more products make more money. This type of compensation structure is common in retail because it encourages employees to work harder and sell more products. It also benefits businesses as it helps increase sales and revenue. However, this type of compensation structure may not be suitable for all types of businesses, as some industries may not have an element of direct sales.

3. The different pay systems used by an organization should align with its managerial strategy and goals.

For example, a company that values innovation and creativity may use performance pay to reward employees who come up with new ideas or make significant contributions to the company's growth. On the other hand, a company that values stability and reliability may use base pay to provide a steady income for employees who perform their job duties consistently and reliably. Overall, the compensation mix should support the organization's goals for performance, retention, and engagement.

QUESTION - 2

Q - 2 In a small group, discuss how important benefits will be to you in choosing your next job. Then everyone should identify the three benefits that are most important to them. Do these vary across individuals in your group? If so, discuss why.

Answer: - Given the fact that we all are pursuing Human Resources Management, we all would like to have the job of HR Assistant Or other HR jobs. There are many reasons for opting this job position, such as it is white- collar job and we are students here, so if we have enough experience, it would be extremely easy for us to get lucrative job in any renowned company and well- settled in this country. Also, this white- collar job would provide many benefits to us, which are listed below: -

1. Health Insurance - Health insurance refers to medical, dental and eye care coverage. These benefits help employees receive the medical benefits they need and maintain their physical and mental health.In 2016, an American workforce report published by Aflac revealed that 60 of workers spoke they would accept a job offer with lesser payment but better employee advantages. Also, 16 of those spoke they had resigned from a job or declined a job offer in the 12 months previous to the check because of dissatisfaction with advantages. The study also revealed that 42 of employees spoke that being offered a more favourable advantages package would encourage them to stay in their jobs. Generally, health advantages are the most anticipated and asked type of advantages. Thus, it's apparent that best health advantages paired with a competitive payment are salutary for reclamation and retention. Good health advantages boost efficiency and productivity When workers are upset about aspects of their particular life, it can have an jolt on their work. That's why over 50 of employees spoke their advantages impact their satisfaction and productivity at work.

1. Retirement plans: Retirement plans are important assets for helping employees save for retirement. A typical retirement plan is a US 401(k). The plan allows employees to save a portion of their salary in a deferred tax account, and employers contribute a portion of the contributions. This benefit helps ensure that employees are financially secure after retirement.

1. Generous Leave: Generous leave is a holiday for vacation and personal time. For example, some employers offer three weeks of vacation, while others offer unlimited vacation. This benefit helps employees maintain a healthy work-life balance, reduce stress, and improve overall health.

1. Flexible working hours: Flexible working hours give employees the freedom to set working hours and schedules. This benefit gives employees more control over their work and personal lives. For example, some companies in the United States offer flexible hours so that employees can work from home or come to work at other times.

1. Remote work options: Remote work options refer to the ability to work from home or other locations. This advantage gives employees more flexibility, especially in crises and emergencies. For example, during the COVID-19 pandemic, many employees started working from home to help contain the spread of the virus.

1. Career Development Opportunities: Career development opportunities refer to opportunities for employees to improve their skills and advance their careers. This advantage helps employees stay competitive and advance their careers, and is more profitable for employers. For example, some employers offer tuition reimbursement and professional development programs.

1. Company-sponsored training: In company-sponsored training, the employer pays for or provides the training for the employee. This benefit helps employees stay up-to-date in their field and develop their skills. For example, some employers offer certification programs to their employees.

1. Company-sponsored events and activities: Company-sponsored events and activities are social gatherings or activities for employees to socialize and enjoy. This benefit helps foster a positive and supportive work culture. For example, some companies host regular team building activities such as happy hours, field trips, and team retreats.

1. Paid parental leave: Paid parental leave is leave for new parents after giving birth or adopting a child. This perk gives new parents the time they need to connect with their kids and get back to work. For example, some countries offer her paternity leave of several months or up to a year.

1. Employee Assistance Programs: Employee Assistance Programs refer to advice or resources for personal or work-related concerns. This benefit helps employees solve personal or work-related issues and support their overall well-being. For example, some employers offer counseling and legal advice programs.

1. Tuition reimbursement: Tuition reimbursement refers to financial support for an employee's academic or professional training. This benefit helps employees develop new skills and advance their careers. For example, some employers offer tuition reimbursement for advanced degrees, certifications, or professional training.

1. Stock Option or Profit Sharing: Stock option or profit sharing means that an employee can buy shares in the company or share in the profits of the company. This benefit can give employees a sense of belonging to the company and can be financially rewarding. For example, some publicly traded companies offer stock options and profit sharing schemes.

1. Travel Expenses or Travel Expenses:Travel Expenses or Travel Expenses refer to assistance with travel expenses such as fuel and airline tickets. This benefit helps employees reduce the financial burden of commuting and is good for the environment. For example, some employers offer mileage allowances and public transportation subsidies.

1. Travel Opportunities:Travel Opportunities are travel opportunities associated with a work assignment or travel. This benefit provides employees with the opportunity to see new places, learn new things, and network with colleagues. For example, some companies offer travel opportunities related to external training, conferences, or team building activities.

QUESTION 3

3. Three firms are briefly described below. For each firm, identify the role (if any) that you believe indirect pay should play in the compensation system, and give examples of specific benefits to offer. a. A company offers lawn maintenance and yard cleanup services in the summer and snow removal services in the winter. It employs about 600 people at peak season (in the summer) and has branches. b. A retail clothing chain offers personalized service and caters to upscale customers. It is located in major cities across Canada and employs approximately 600 sales staff. c. A computer software firm develops customized software for specialized applications for individual clients. Located in Brampton, it employs about 1,000 people.

Answer:-For each of the three enterprises, we need to identify the part of circular pay envelope in the remuneration system and give illustrations of special advantages to extend. Circular pay envelope refers to advantages that aren't part of an employee's base payment or salary, like as health insurance, withdrawal plans, and other non-cash remuneration.

(A)This establishment, which offers lawn maintenance and snow removal services, should integrate circular pay envelope into its compensation system in order to incentivize workers to work safely and efficiently. One practical method to do this is by offering health and security advantages similar as security outfit, first aid training, and insurance content in case of injury. By making the well- being of its workers' priority, this establishment can reduce the liability of accidents and promote a cultivation of security. Also, this establishment may also want to call offering interpretation- grounded bonuses and return- sharing plans to incentivize workers to work efficiently and effectively. This can support to insure that workers are motivated to work hard and are awarded for their sweats, which can eventually profit the establishment as an entire.

(B) For a retail clothing chain that offers individualized service and caters to upmarket guests, circular pay can play a significant part in the compensation system. This may include offering benefits similar as flexible scheduling, health and wellness programs, and paid time off. By offering these benefits, the establishment can demonstrate its commitment to the well- being of its workers and produce a positive work environment that encourages employee retention.

In addition, this establishment may want to consider offering bonuses or commission- grounded pay to incentivize workers to give exceptional client service. This can help to ensure that workers are motivated to work hard and give the best possible service to guests, which can eventually lead to increased deals and gains.

(C) A computer software establishment that develops customized software for technical operations may profit from offering circular pay envelope in the shape of training and evolution openings. This may carry offering paid training programs or education payment for workers who want to have improved stages or instruments. By investing in enhancing the knowledge of its workers, the establishment can make sure that it remains competitive in a frequently changing market and can develop new productions and services to meet the requirements of its guests. In addition, this establishment may want to call offering stock options or return- sharing plans to workers as a expressway to incentivize them to work towards the long- tenure success of the company. This can support to align interests of those who are working in this firm, and can produce a sense of power and investment in the success of the company.

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