Team Reflection

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Week Three Team Reflection HRM 531 Week Three Team Reflection Employee benefits and compensation are essential to a successful business. A company’s ability to thrive is often due in large part to the workers it employs. Because of this, it is important that the compensation and benefits the employer offers to the employees are competitive and comprehensive. Week three objectives include explaining how to create these benefit packages, determining the appropriate components of the employee compensation and benefits, and using organizational and market data to conduct human capital management functions. The learning team will explain the topics of struggle for the team, the topics of comfort for the team, and explain how these…show more content…
A recommendation in this situation is to offer a monetary bonus to motivate employees. Most of the team members indicate that his or her employer benefit packages are highly competitive after reviewing the objectives. One team member indicates that having some of the nonmonetary benefits are just as important as the monetary benefits such as discounts on various items, opportunities for corporate travel, and appreciation events. One may also benefit from offering an annual bonus, which will give employees more initiative to provide better job performance. As an employee for a small, local government, understanding that many organizations must offer a smaller compensation package because of limitations on income sources is easy. Minimal travel time, lower costs for services, flexible work schedules, ability to earn and use “comp” time rather than using sick or vacation time, and having the chance to help a community and family are positive reasons to remain in such an organization. Another work application to a team members workplace is the changing philosophies regarding pay systems. One team member indicates her organization reduces the size of the workforce by outsourcing and offering early retirements. This organization does not give high raises or hire for positions with high pay; instead, they have employees do more work for the same pay. Several members operate on a merit pay system; therefore, applying this concept to current jobs is

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