Human Resource Management: Final Project Milestone Submission

Running Head: MAERSK 1

MAERSK 2

Final Project: Milestone Four

Laveda Mitchell

10/04/20

Southern New Hampshire University

Question 1

Any given philosophy on compensation belonging to an organization is considered a specific set of principles, which is used in guiding any organization during the process of making decisions that are related to their own compensations. The plans for compensation gives an explanation on the reasoning that is behind the particular choices made on how the employees are supposed to be paid. The philosophy of Maersk compensation tends to be known to be in accordance with the given Act of the Danish Companies (Force, 2017).

In accordance with the section 139 of the same Act, the directors board belonging to a company which is listed are supposed to, prior to coming into terms with any particular agreement concerning any pay which is incentive with a member of the board of directors of a company or the board of management, make sure they adopt guidelines that are general for the incentive pay of the given company for the directors board as well as the board of management. These given guidelines are supposed to be presented in addition to the general meeting getting to adopt them, which is Maersk. The influence of the markets on the philosophy of compensation tend to have an effect which is straight on the pay which is gained for performance in a situation whereby the market is fairing well in addition to the revenues being high. The remuneration increase and the benefits has an objective of retaining the talents as well as employees who work for Maersk. This also has the probability of attracting new employees as well as talents.

Question 2

The salary surveys mainly comprise of collecting information concerning the compensation of employees by various employers in attempts to determine the levels of pay for every job category. The surveys on salary are carried out by region, sector as well as job classification for the facilitation of salaries comparability. They are known for providing important and crucial information that is used in creation of pay structures that are competitive for a particular organization. Basically, surveys that are appropriately designed make it possible for an institution to create a compensation plan, which is effective.

The aim of salary surveys is making sure that the plan for compensation is mainly equitable internally as well as competitive externally. On addition, absence of salary surveys is capable of causing an institution to formulate a plan of compensation that is unequitable internally in addition to it not being externally competitive. In situations whereby these surveys are designed and used appropriately, they are capable of providing useful and meaningful information to given organizations used in the comparison of salaries as well as benefits. Additionally, they are also used by organizations to enable them in retaining, attracting and motivating their employees (Jackson, et.al, 2016, October).

The given process of having a comparison of various roles of an organization to the surveys of salary market data helps organizations in constructing a compensation plan, which is competitive. Nevertheless, the organization needs a depth understanding regarding its philosophy of compensation prior to formulating a compensation strategy.

Question 3

Discretionary benefits of employees are considered benefits that the law does not mandate the employers to have their employees provided with. Maersk is considered to be among the organizations providing the discretionary benefits. They are known to benefit both employees and the given organization. Maersk benefits in that it helps create relationships that are positive, it has boosted its productivity this is exhibited in the enhanced production from the employees who have had their discretionary benefits, which acts as a motivator. An additional benefit is that Maersk is capable of matching the benefits of its given competitors this is because they are able to retain as well as attract the best available employees (Townsend, 2020).

References

Force, C. T. (2017). The Responsive Global Organization. Commitment, 19, 21. Retrieved from https://www.emerald.com/insight/content/doi/10.1108/978-1-78714-831-420171010/full/html

Jackson, S. R., Gundemoni, B., & Barth, P. (2016, October). Sand control in corrosive and erosive downhole conditions at high temperatures. In SPE Asia Pacific Oil & Gas Conference and Exhibition. Society of Petroleum Engineers. Retrieved from https://www.onepetro.org/conference-paper/SPE-182278-MS

Townsend, R. M. (2020). Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems. MIT Press. Retrieved from https://books.google.com/books?hl=en&lr=&id=NA38DwAAQBAJ&oi=fnd&pg=PR7&dq=maersk+compensation+philosophy&ots=9BPUbrlAKs&sig=aWXaBQkh0qB_CMtLCrUGFmGKG1s