Employee Compensation And Benefits Packages Essay

1245 WordsDec 13, 20155 Pages
Employee Compensation and Benefits Organizations create compensation and benefits packages in order to attract the best talent. In today’s global economy it is imperative that organizations offer compensation packages that are competitive in order to recruit the very best talent in the world. However, in order to be successful, compensation packages must align with business strategies. Authors “Mathis, Jackson, and Valentine (2014) explain that an effective total rewards approach balances the interests and costs of the company with the needs and expectations of employees” (p. 369). In order to gain a competitive edge, organizations must balance the costs of payroll and benefits with rewarding employees for their contributions. This paper will analyze the construction of a compensation and benefits package that is needed for a new secretary position at the Frye Memorial Hospital in Huntington, WV. The paper will highlight the essential elements of a compensation package. Moreover, the paper will examine how the compensation package aligns the Human Resource (HR) strategy with the Hospital’s business strategy. Aligning HR Strategy with Business Strategy Frye Memorial is located in Huntington, WV. It is the primary source of employment in Huntington; however, because of its remote location, the Hospital struggles to recruit talent from outside of the state. In an effort to attract talented workers in the surrounding areas, Frye memorial designs compensation
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