Benefits And Benefits Of Employees

Employee compensation is critical for the satisfaction, motivation, and preservation of the workforce within an organization. HR managers plan, direct, and coordinate salaries, retirement plans, health insurance, and other employee benefits that an organization offers its employees. An organization should spend a great deal of time and resources to plan, create, and implement effective employee compensation strategies. Accordingly, in my opinion HR managers need to carefully examine these strategies that will ultimately effect and meet the organization’s targets and objectives. According to Gerade (2003), the implementation of reward and compensation within an organization will alter an employee’s thought toward organizations view of

The right compensation program will depend on the organization’s business strategy and goals. To achieve these, an organization must recruit and select the best possible employees. To attract such employees, there must be an attractive compensation plan. Competitors will be offering different payment options, this may be based on pay rate or special perks, and a company’s stock options. Organizations must be aggressive yet reasonable to compete with competitors. Retaining and encouraging employees to perform at their best may be achieved through an immediate incentive award

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

Pay and Rewards – pay and rewards attract, motivate and retain staff. The employment contract which lists rewards, whether it be pay, bonus or benefits, can remove animosity amongst employees and employers. However, recent research reveals that employees are no longer motivated by a financial reward alone, but

A motivated workforce can be a significant success when employees are motivated to work at a higher levels of productivity. Also this means the whole organization is more effective at reaching it’s goals. Rewards can be a positive outcome when it comes to boosting your organizations self-confidence and higher employee satisfaction. Having a reward system can always be a good outcomes because this shows how much your workers are willing to work to achieving a goal in order to receive something in return. This not only gets things done but brings out another side of your organizations as a whole.

Compensation strategies within a company are very important. Companies need to invest in offering compensation benefits to their employees because they enhance an employee’s wiliness to stay long term with the company. They also provide a positive foundation between the employee and employer. If an employee is happy and content with the company they work for then this will benefit the company and the employee. The employee will be motivated to do a good job for the company and in the long run the extra money and work that the employer puts in for the added benefits will pay off. In this report you will see how Paid Time off (PTO) , bonuses and merit pay increases will benefit not only the employee but the business.

Monetary rewards usually refer to extrinsic rewards like bonus, promotion, salary adjustment, allowances, cash price, incentives, medical benefits, life insurance, stock grants as so on which provided by organization directly to employees. Non-monetary or intrinsic rewards like recognition, flexibility in working hour, greater autonomy etc are easier to implement and less expensive as compared to extrinsic rewards. In this article, the authors stress on the important of both extrinsic and intrinsic rewards in motivating employees towards excellent work performance and achieving organization objectives. The authors believe employees are not only need monetary rewards but also recognition through non-monetary rewards. By incorporating non-monetary rewards into compensation system will help in maintaining job interest and corporation among employees. Beside individual rewards, the authors also encourage rewards are to be given to cross function team which will result in knowledge sharing among team member, foster commitment and ultimately improve team performance towards achieving organization

The most significant benefit is “Total compensation package, or total rewards,” because they include far more than salary. Total compensation also includes the indirect benefits that result, such as 401(k) plans, vacation time, holiday pay, and healthcare coverage. When a company offers employees an attractive compensation package, they create an enjoyable environment in which workers want to work, and often stay longer with the enterprise (Dessler, 2008), and (Lecture Notes, 2015).

Pay structures, regardless of the size of the organization, must have two things going for them, which are external and internal equities. In order to give employees purpose to continue to give their loyalty and retention, there must be incentives as paying for education, experience and training, job tenure, demonstrated skills, or a combination of these attributes consistently. Organizations should develop a well written compensation program which includes incentives, and addresses both external and internal equities.

Total compensation is the monetary and nonmonetary rewards offered to employees. Therefore, this can help the organization be effective or prevent it from being effective. Consequently, the purpose of this paper is to briefly analyze the positive and negative effects of total compensation.

Employee benefits are an important component of compensation for many US employees. Approximately 30% of worker compensation comes in the form of fringe benefits, and benefits have been linked to increased productivity and worker satisfaction, and reduced absenteeism (Artz, 2010). While health and life insurance are common benefits provided to employees, firms also offer EAP programs, child care, flexible work hours, work-at-home programs, long-term disability insurance, and health and wellness programs including well-baby programs, gym memberships, stress reduction programs, on-site flu vaccines, and weight management programs.

Compensation strategy is attracting lots of attention from new hire employees or current employees. Employees know that, properly engaged and managed compensation program can expand the reach of organization goal and the future career of individual’s goal. Compensation strategy provides an opportunity to reward eligible employees based on company and individual performance. They are designed to support the company’s total compensational goal and assist in attraction, motivating and retaining talented employees. Also, it provides eligible employees with a competitive variable benefit earning opportunity based on mission and goal achievement. Management has responsibility to develop and implement the processes and programs required to administer the compensation system at the same time. Management is also responsible for ensuring that compensation strategy is consistent with the policy and guidelines.

You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability. The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization.

Employee compensation and benefits provides many different alternatives for employers to reward and retain their employees both near and long term. It is standard set of programs that are designed to reward and motivate employees to perform at exceptional levels as well as retaining these good employees for many years. Employee compensation and benefits has been an ongoing discussion of the Financial Accounting Standards Board (FASB) for quite some time. One key area is not only to provide guidance, but to simplify a complicated process. While there is a wide range of benefits offered by employers, the three of the areas of compensation and benefits that will be analyzed will be stock compensation, pensions and other post- retirement

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