An Effective Compensation And Benefits Package

Training and Development is imperative to the organization’s progress. Training helps addressing employee weaknesses and builds a reliable and skilled workforce. This will improve the employees’ performance and boost their self confidence, and innovation. By acquiring the needed knowledge and skills, employees can perform more efficiently and increase the overall productivity of the organization.

The assignment for this week focuses on the team’s understanding of the goals and objectives of training program development and delivery. Team C summarizes the following highlights of this week’s discussions: determining organizational development theories and applications; differentiating between mentoring and executive coaching; identifying the major components of employee training; and comparing career development strategies.

Training must be addressed in such a way that it covers the employees’ performance-development needs and is in accordance with their job descriptions.

Creating a strong and robust training program for the employees is essential to the success of the company. Training must be available for all employees through various delivery methods in order to meet the different learning styles and employee availability. In-person training will be provided with a certified facilitator along with a human resource representative. Materials will be provided in the form of training booklet available in print and electronic format. On-demand videos will be made available through the company portal. All training materials must be a part of new-employee orientation. Print media and on-demand videos must be maintained and updated in order to provide a refresher course to current employees.

Organizational analysis “involves determining the appropriateness of training, given the company’s business strategy, its resources available for training, and support by managers and peers for training activities” (Noe, 2013, p. 114). Organizational analysis has determined that retraining needs to occur in several key areas. Training will be given to managers, on improving communication, motivating and retaining employees through coaching and individual pathway development, with a

Making employees feel valued by giving them an opportunity to increase their knowledge and become an expert in their field shows them that you care that they are on your team and you are willing to invest money into them so you can retain them. Some training programs would be mandatory while other training programs would be offered on a voluntary basis. Offering voluntary training programs allows the employees to show their initiative by taking as many or as few of the training classes available. Training classes would include but not be limited to: technology updates, leadership courses, supervisory courses, career development courses, technical writing courses, stress management courses, work life balance courses, retirement courses, federal and state law leave courses. After completing each training course the employee would be given a certificate of completion. A copy of that certificate would go in their permanent personnel folder and the employee would be advised to include all of their completed courses on any internal

Although research generally confirms that pay-for-performance plans can influence greater outcomes, it is unclear how effective different pay plans are relative to each other (Park, 2012). Like most things in business, compensation is something that requires evaluation, study, assessment, strategy, modeling and integration.  Achieving a pay for performance culture does not happen without paying attention to the behaviors, activities, rewards and motivations that have to be linked and reinforced through a well engineered and successfully executed process.  Actually if that process does not tie rewards to shareholder financial objectives, employ the proper mix of compensation elements, result in meaningful dollars, embrace performance that employees can impact and are effectively communicated and reinforced, then the results it produces will likely fall short (Vision Link Advisory Group, 2013).

    So far, the company has made nominal attempts to make the workplace more appealing to employees, such as offering a self-funded dental and vision program to associates and increasing training for frontline employees.

In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experience high turnover rate, the constant shifting in the job market will always be a contributing factor as well as employee’s moral. Mayhew, R. (2016), explains that an “employee compensation plan” refers to all the components offered as well as the way in which they are paid, and the reason behind the employees getting the compensation case bonuses, salary increases and incentives. The fact that there are voluntary and mandatory benefits that organization provides to their employees give employees the freedom of choice, as well as the option to make the whether to stay with or leave an organization based on the benefits it provides. Variable Pay is also an option that some employers offer their employee which is performance based or results oriented. Whether it is profit sharing, merit based programs or incentive bonuses; it all comes down to which organization can provide employees with the compensation or benefits packages that best satisfy their needs.

·     Training - Employees want to increase their skills, knowledge, and abilities to remain marketable. It gives them a sense of job security. In today's workplace, the more training employees get, the more likely the employer will retain them. "According to a 1999 Emerging Workforce Study conducted by Interim Services and Louis Harris and Associates: Among employees who say their company offers poor training, 41 percent plan to leave within a year, versus only 12 percent of those who rate training opportunities as excellent. (Business Week, March 1, 1999)"

Training is a planned effort to facilitate the learning of job-related knowledge, skills, and behaviour by employees as defined by Noe et al. (2010:273).

Putting together an effective employee training program can be a monumental task if not planned properly. There are four steps, repeating to produce a continuously better program that is best for both employer and employee. The process steps include needs assessment, design, implementation, and evaluation. Once it is evaluated, it should then show some weakness that should begin the cycle again with needs assessment and

A training program that is well-designed is proven to achieve maximum results and meet the training needs identified during a training needs analysis. A well-executed training program will increase overall productivity and provide the knowledge, skills, and attitudes the employees need to perform successfully. This paper presents considerations for the design of a two-phase training program for existing employees – a two (2) day program, which covers the training needs to move the company in the right direction.

The organization for which I am designing the compensation package is a company that offers internet solution to customers in the domestic US market and the global market. The position that I am hiring is that of a company secretary. The secretary will be required to work in the office of the human resource manager and will handle all the papered and paperless documentation. The position comes with numerous benefits and packages as outlined herein.

Our textbook defines training as “systematic acquisition of skills, rules, concepts, or attitudes that result in improved performance” (p. 284). Training helps employee develop the skills and knowledge needed to perform their job correctly. In order for organizations to determine what kind of training is needed, organizations must conduct a needs analysis. The needs analysis helps determine the best training for the organization’s needs. There are three types of needs analysis that are typically conducted. These need analysis are: organizational analysis, task analysis, and person analysis.