'Toyota Compensation and Benefits\r'

'Toyota Compensation and Benefits Trends in Human Resources Management Teresa Hall U8a1 Instructor: stern Devellier Toyota Motor Corporation has never faced an leave with their employee remuneration and improvements packages. Part of their philosophy has been people be their greatest asset and they treat them as much(prenominal) by paying them a good wage and empowering their employees. How can they attract top talent? hearty even the top executives at Toyota do not make a seven framing salary. wages argon determined with a fair marketplace value in mind, exactly it is the â€Å"me” versus â€Å"we” attitude that drives Toyotas success. identify the semiformal pay structure within the organization. Toyota has long marched to a different drummer when it comes to wages and compensation. Now with the economy number upside down, Toyota has been forced into cost cutting measures to get hold hourly wages more closely with farming manufacturing wages of where t he plant is located. They have always fol imprinted the policy of pay your employees well and they will perform die and be more productive, but as well set up a policy of equal payment for distributively job. see any benchmarking activities undertaken by the organization.Include information as to whether the organization offers a competitive compensation structure. Describe incentives offered by the organization. You can take a foliate by the introduction of the Toyota Way to employees in the Camry whole caboodle of Kentucky (Kentent, 2009). Initially mellow wages allowed Toyota to hold the beat of the crop. Daily, monthly and yearly goals were outlined for each(prenominal) section and offered a bonus system if goals were achieved. The bonus was distributed to each member regardless if a profit was do and not by individual performance frankincense enhancing the team concept.The company used also non-monetary awards, as letters of â€Å"thank you” from the presid ent, recognition on Toyota publications, and day-after-day recognition from their peers and supervisors. One of the highlights of the Camry plant was to build a gym, cafeteria and a nursery for the children of the employees. The upper management also does not have special parking places or any other perks to enhance the feeling of par with their fellow employees. Describe any profit sharing, storehouse ownership programs that argon available.While owning part of the company is not an option for most Toyota employees, profit sharing is with the gains systematically being passed on to thespians throughout the years (Miller & Novak, 2008) practically making Toyota employees the highest paid workers in the automaker industry. Describe how benefits are communicated to employees. Benefits are communicated to employees on their day of hire with the Toyota Handbook which explains company policy wages, benefits, health sustenance packages, retirement and pension plans and the com pany mission.Also included is the (Toyota, 2003) Toyota mental capacity of Kaizen, continuous improvement and employee respect. Describe any problems associated with compensation policies of the organization. Some of the problems associated with compensation result in the low wages paid to employees versus other automakers. Initially Toyota offers high salaries in an effort to attract the best talent, but there it ends. Even top executives in Toyota rarely receive more than a seven figure salary. After all the training and development Toyota puts into its employees, whatsoever can be wooed away from other companies with the address of more money.Describe the environmental factors that have influenced compensation and benefits of the organization. Toyota believes in â€Å"green” and that is passed on to its employees by making them socially aware of establishing a low carbon society. in that location is no waste of any kind at Toyota and sometimes that means eliminating p ositions and tasks that may potentially persecute the environment. But that does not mean that the employee is discarded along the way. They are just retrained into another job.Describe any up-to-the-minute issues faced by the organization as they colligate to compensation and benefits. The current recession has made Toyota flip the â€Å"unthinkable” for them and that is laying people off. In old articles this has never been an issue for Toyota as people are their most valuable asset. They have managed to avoid it frankincense far by reducing man hours, move people to different operations and rethinking their benefit packages. They are in favor of tailoring an individual benefit plan instead of offering the comprehensive concourse plans they now offer.References: Kentent. (2009). Toyota production system. Retrieved from http://kentent. hubpages. com/hub/Toyota-Production-System Miller, J. , & Novak, V. (2008, December 11). Auto worker salaries. Retrieved from htt p://www. factcheck. org/2008/12/auto-worker-salaries/ Toyota. (2003). Toyota environmental and social report. Retrieved from http://www. toyota. co. jp/en/environmental_rep/03/jyugyoin03. hypertext markup language Toyota. (n. d. ). Toyota motor corporation. Retrieved from http://www. toyota-global. com/sustainability/environmental_responsibility/\r\n'