Wednesday, May 13, 2020

Toyota Compensation and Benefits - 792 Words

Toyota Compensation and Benefits Trends in Human Resources Management Teresa Hall U8a1 Instructor: John Devellier Toyota Motor Corporation has never faced an issue with their employee compensation and benefits packages. Part of their philosophy has been people are their greatest asset and they treat them as such by paying them a good salary and empowering their employees. How can they attract top talent? Well even the top executives at Toyota do not make a seven figure salary. Wages are determined with a fair market value in mind, but it is the â€Å"me† versus â€Å"we† attitude that drives Toyotas success. Describe the formal pay structure†¦show more content†¦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. There is no waste of any kind at Toyota and sometimes that means eliminating positions and tasks that may potentially harm the environment. But that does not mean that the employee is discarded along the way. They are just retrained into another job. Describe any current issues faced by the organization as they relate to compensation and benefits. The current recession has made Toyota consider the â€Å"unthinkable† for them and that is laying people off. In previous articles this has never been an issue for Toyota as people are their most valuable asset. They have managed to avoid it thus far by reducing man hours, moving people to different operations and rethinking their benefit packages. They are in favor of tailoring an individual benefit plan instead of offering the comprehensive group 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 http://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.html Toyota. (n.d.). Toyota motor corporation. Retrieved fromShow MoreRelatedSwot Analysis Of Toyota s Strategic Management1714 Words   |  7 Pageshas since the last two decades rise to a level of dominance in the auto-motive industry. Toyota is headquartered in Tokyo, Japan and is the largest producers of automobile in Japan as well as the second largest in the world. Toyota has aimed in produce similar quality products as its competitors but at a lower cost which has been the basis of its strategy. Theories of strategies are continuously utilized by Toyota, which has lead the company to be the cost and strategy leader it is today. Strategy canRead MoreToyota Uses The Hoshin Kanri Strategy System846 Words   |  4 PagesToyota uses the Hoshin Kanri strategy system. It is similar to the managing by objectives (MBO) strategy except the difference between the two is that Hoshin focuses on processes and results whereas and MBO solely focuses on results. This is the reason why many compa nies are not able to be as successful as Toyota. With an MBO system, performance appraisals focus managers’ attention on the wrong thing: individual people. Focusing on results led to management by top-down targets and fear (Liker).Read MoreLearning to Lead at Toyota1601 Words   |  7 PagesI. Executive Summary Toyota is one of the world’s largest car manufacturers which have a better approach on developing their product and management’s quality, reliability, productivity, cost reduction, sales and market share growth, and market capitalization. It is one thing to realize that the Toyota Production System (TPS) is a system of nested experiments which operations are constantly improved also known as Kaizen. It is another from TPS to have an organization in which employees and managersRead MoreOrganizational Image : An Organization805 Words   |  4 PagesTherefore, it is up to Human Resource (HR) management to understand what is most valued by these workers and balance it with the employers’ expectations. In many cases, HR will have to adapt their incentives, benefits and retention strategies for workers that are only driven by financial compensation. It will not be enough simply to recruit able staff. Companies, ie HR, will have to make sure that their people are com mitted, productive and do not leave after a short period , incurring substantial turnoverRead MoreTraining And Development Efforts Help Employees989 Words   |  4 PagesTherefore, it is up to Human Resource (HR) management to understand what is most valued by these workers and balance it with the employers’ expectations. In many cases, HR, will have to adapt their incentives, benefits and retention strategies for workers that are only driven by financial compensation. It will not be enough simply to recruit able staff. Companies, i.e. HR, will have to make sure that their people are committed, productive and do not leave after a short period , incurring substantial turnoverRead MoreToyota Case Study Essay1723 Words   |  7 PagesLife in the Fast Lane? Overview: The Toyota Production System has long been hailed and admired as the source of Toyota’s outstanding performance as a manufacturer. TPS aims to eliminate waste, reduce defects and maximize flow. TPS aims to increase efficiency and productivity by employing a unique production system that cuts costs through continuous improvement. Long term goal is to yield sharp reductions in product development and manufacturing lead times. Toyota want to be the industry best and theyRead MoreToyotas Objectives in Global Automotive Industry1185 Words   |  5 PagesAutomotive Research study shows. The majority of those jobs are in supplier and related industries. About 6.6 million jobs are connected to automotive manufacturing and new vehicle sales. This generates more than $240 billion in annual private sector compensation. (Automakers Drive U.S. Economy on Many Different Levels, New Study Show, 2003) The following is the findings of the study Contribution of The Automotive Industry to the U.S. Economy: *The auto industry is responsible for more than 100,000Read MoreCase Study : Puente Hills Toyota Essay981 Words   |  4 PagesPuente Hills Toyota Background and History Hitchcock Automotive Services owns Puente Hills Toyota (PHT), which is a privately held company. In addition to, Hitchcock Automotive Services owning Puente Hills Toyota, they also own two other Toyota dealerships, a Volkswagen, Ford, Hyundai, and BMW dealership, all located in California. Puente Hills Toyota was a large Toyota dealership with about $85 million in annual sales. PHT employs around 145 employees and was awarded several excellent performanceRead MoreAnalysis for Toyota Essay1659 Words   |  7 PagesContent 1. Introduction 2 2. Ownership advantages 3 2.1 Toyota Production System (TPS) and Just-In-Time (JIT) management 3 2.2 Resource – based view: core competencies of Toyota 4 3. Internalization advantages 6 4. Location advantages 7 4. Conclusion 8 References 9 Appendix 10 1. Introduction As the leading auto manufacturing company, Toyota is not only the symbol of Japan, but also the one of the best business models for MNCs expansion overseas. Since the company was establishedRead MoreHuman Resource Management Policies and Practices That Can Support Business Strategies and Contribute to Improved Performance of the Organization4241 Words   |  17 Pagesand Selection (Toyota) 6 2.2. Training and Professional Development (Singapore Airlines) 15 2.3. Performance Management (Quantum) 18 2.4. Employee Benefits and Compensation ExxonMobil 19 2.4.1. Salary amp; Compensation: 20 2.4.2. Additional Benefits 21 3.0. RECOMMENDATION AND CONCLUSION 21 Bibliography 23 Table of Figures Figure 1 Recruitment and Selection Process 7 Figure 2 Job Analysis Model 9 Figure 3 Toyota Sales Result 2010 12 Figure 4 Toyota Recruitment Process

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.