Human resources Case Study Example | Topics and Well Written Essays - 1500 words

Human resources - Case Study Example The wage rates of the people marked on an industry-average basis are evaluated in terms of piece-rate system relating more to the Production workers where pieces produced by each individual are noted. Basic Workers are also rendered yearly bonuses that also depend on their merit or performance rates. The compensation program of Lincoln Electric can be enhanced through introduction of non-financial benefits like Training and Job Recognition programs and yearly Compensation Cost attributed likewise is furnished to employees (The Lincoln Electric Company, n.d., p. 569-570). Compensation package of Southwest Airlines is however found to comprise of a basic pay which is below the industry average. Additions are rendered to Basic Wages in the form of Profit and Stock Sharing endeavors where employees are rendered a part of the company’s yearly profits along with encouraging them to purchase shares of the concern. The people procure shares through allocation of profits or through a d eduction in their pays. Other performance recognition and reward programs are also generated financial or non-financial in nature to enhance the Total Compensation Package. ... 586-587). Benefits and Services The Benefits and Services rendered should be properly planned and executed by the organization to match the demands and aspirations of the employees through the process of employee surveys. Innovation must be rendered to as to the type and range of benefits and enhancement would be rendered through comparison based on industry standards. In the process of surveys and decision-making ventures related to benefit planning both the employees and the union bodies must be taken into consideration. Finally having decided on the benefits based on the cost structure it must be adequately communicated to the beneficiaries to help them optimize and gain on present and future opportunities (Sims, 2007, p.484-485). Range of benefits and services rendered to the staffs in Lincoln Electric contain both financial and non-financial categories. In financial category benefits related to medical insurance and retirement financing schemes are on the cards. Non-financial be nefits consist of meals obtained from the office cafeteria at concessional or discounted rates. Again the employees receive insurance for disability or accidental reasons from the Employee Association body. The company also renders right to older employees to procure stocks of the company wherein they gain on dividends same like the external shareholders. However the executives of the company are devoid of other perks like parking facilities and reserved washrooms and eating zones (The Lincoln Electric Company, n.d., p. 571-572). Southwest Airlines is also found to render a host of benefits to the employees both financial and non-financial in nature. The financial benefits that consist of a range of insurance benefits related to medical, life, disability, mental needs and