HRM 7002 WEEK 8 ASSIGNMENT – Predict the Impact of Emerging Trends and Influences on Compensation and Benefit Programs in Organizations
HRM-7002 v4: Compensation and Benefit
Week 8
Emerging Influences and Trends (Political, Economic, Social, Technology, Work/Life Balance)
Various other influences and trends are emerging which are affecting organizations and what they need to consider going forward in terms of compensation and benefits packages. For example, the current political/economic/social environment is addressing the concept of what constitutes a living wage. Groups advocating for higher wages for lower-level employees and lower salaries for executives are placing pressure on organizations to review their current salary and wage structures. Any adjustments in wages must be considered within the context of organizational profits and profit margins. So, should organizations reduce the compensation and benefits of higher-level executives to enable a better living wage for their hourly employees? This is a question many organizations are now confronting.
A second trend involves technology. Technology has been a positive influence in terms of enabling virtual organizations to sustain or expand their capabilities. But technology comes with a cost. Employees need computers, internet services, and other technology-related equipment that is efficient and dependable. But how should company-funded technology be considered? Is it a cost of doing business, or is it a benefit? How does this fit into an organization’s overall benefits package?
Another major trend organizations are facing is employees’ desire for more work/life balance. This is especially true for those working remotely and has been pronounced during the pandemic. Employees working remotely voiced a need for childcare assistance while their children had home school so they could work. They also needed help with elder or family care. The question is whether this is the beginning of a whole new way to look at benefits packages, ones that support work/life needs so an employee can work with less stress. Will caregivers, shoppers, and possibly even alternative health providers, such as masseuses, acupuncturists, be part of benefits packages in the future?
There is no doubt the work environment is changing, and human resource professionals will undoubtedly be charged with making many changes in compensation and benefits as you now know it. This week’s assignment provides you with an opportunity to reflect and research these evolving trends.
Weekly Resources and Assignments
Review the resources from the Course Resources link, located in the top navigation bar, to prepare for this week’s assignments. The resources may include textbook reading assignments, journal articles, websites, links to tools or software, videos, handouts, rubrics, etc
Week 8 Resources
• Standard of Living as a Right, Not a Privilege: Is It Time to Change the Dialogue from Minimum Wage to Living Wage?
Adams, R. (2017). Standard of living as a right, not a privilege: Is it time to change the dialogue from minimum wage to living wage? Business and Society Review, 122(4), 613-640.
• Our Work-From-Anywhere Future: Best Practices for All-Remote Organizations
Choudhury, P. R. (2020). Our work-from-anywhere future: Best practices for all-remote organizations. Harvard Business Review, 98(6), 58–67.
• Employee Provisions and Benefits Facilitating Work Life Balance: A Study of the Management Staff of Nrl, Assam
Das, R. (2021). Employee provisions and benefits facilitating work life
balance: A study of the management staff of Nrl, Assam. CLEAR
International Journal of Research in Commerce & Management, 12(3),
12–15.
• Investing Time and Resources for Work-Life Balance: The Effect on Talent Retention
Rodríguez-Sánchez, J.-L., González-Torres, T., Montero-Navarro, A., &
Gallego-Losada, R. (2020). Investing time and resources for work-life
balance: The effect on talent retention. International Journal of
Environmental Research and Public Health, 17(6), 1-14.
• What is Your Organization’s Long-Term Remote Work Strategy?
Makarius, E. E., Larson, B. Z., & Vroman, S. R. (2021, March 24). What is your organization’s long-term remote work strategy? Harvard Business Review Digital Articles, 1–9.
Week 8 – Assignment: Predict the Impact of Emerging Trends and Influences on Compensation and Benefit Programs in Organizations
Instructions
Organizations have been faced with various emerging trends and influences that affect how they need to consider their compensation and benefits packages. Everything from the current political/economic environment to an increase in the use of technology designed to work more from home and have greater work/life balance are influencing how organizations operate and how they are responding to employees’ compensation and benefits needs and requests.
For this week’s assignment, research some of these emerging trends and influences and then write a reflective paper on how they impact organizational compensation and benefits packages. Then, predict how you see potential new compensation and benefits packages evolving for the future.
Be sure to include extrinsic and intrinsic compensation in your response. Also, explain how you think the Board of Directors and other senior leadership teams will react to some of these trends. Provide examples where appropriate to illustrate your thoughts.
Length: 3-5 pages, not including title and reference pages
References: Include a minimum of 3 scholarly or professional references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards
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