The Employee Total Compensation Program

In the case presented both AFLAC and L.L. Bean had their own distinctive ways of utilizing their products in order to enhance the total compensation for its employees. The factor that has deterred more employees away from their current employer is that of benefit packages, and reward systems. As stated by () “compensation affects a person economically, sociologically, and psychologically. For this reason, mishandling compensation issues is likely to have a strong negative impact on employees and, ultimately, on the firm’s performance” (p.313). Many felt just a bump in pay wasn’t enough to substantiate their hard work or the efforts that the performance efforts provided to their organization. As stated by () “the right total rewards system a blend of monetary and non-monetary

Give contests to the workers between each other and give points to the workers for whatever good things they have done and also must deduct points when they do not do well suppose for example when a worker keep absenting themselves must deduct points for every absence so the staffs will turn up every day and they will be motivated to turn up for work for everyday and put in such a way that that the staff who earns the most points will get rewarded with the most bonus and that will motivate the staffs to do good

As mentioned, a key L.L. Bean response to their strengths and weaknesses was to provide a mixture of traditional and non-traditional rewards to the employees. In conjunction with base compensation, the organization provided performance-based bonuses, profit sharing, and healthcare benefits as forms of traditional rewards. These traditional awards are closely aligned to monetary awards since these benefits are commonly used and expected in today’s business environment. Although the effectiveness of monetary rewards is questionable, at minimum these rewards provide a direct reciprocity to the employee for their

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

In a free market, such as the one used in the United States of America, competition between companies is cutthroat as businesses look for every possible way to have the edge over competitors. One of the major ways that businesses stay ahead of the competition is attracting and retaining the most talented employees. It is common practice for companies in the United States of America to provide several non-wage compensations to employees with the aim of sweetening the employment and reducing turnover (entrepreneur.com, n.d). Employees have come to appreciate the benefits offered by companies and consider benefits just as important as their salary.

Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Boston, MA:

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

Stress is a part of life, that everyone is faced with, it can be detrimental or beneficial. As individuals take on various roles, having to adapt to the changes in environment from work to family can be challenging. Maintaining a balance between meeting the demands and expectations of the workplace can lead to overwhelming feelings, if stress is not appropriately managed. Equally important, that the individual act responsibly on their own time by dedicating time to themselves, and what they enjoy doing to stay healthy, in this manner having more control in personal life, which can carry over to workplace. If the individual feels overwhelmed, stressed at work, burned out, or dissatisfied at the job, then work resources such as Employee Assistance

By achieving to provide these reward programs for its company employees it stay in line with two of its guiding principles which is to supply quality service for their agents and provide an enriching and rewarding workplace for their employees. These rewards are also used to attract better qualified employees and to push employees to have a greater impact on their community. The needs of the company’s employees are a driving factor behind Aflac’s total rewards programs. Aflac’s total rewards statements which was originally a one page document is now an in-depth review of the value of the employment compensation and benefits. These are examples of non-traditional rewards that are used by Aflac. Traditional rewards that Aflac uses is that the company has an “Volunteer of the Month” where one of their employees goes and volunteers for a charity of their choice and they get rewarded by the company they also offer bonus, wages, internal promotion, voluntary benefits and paid leave.

This paper will analyze the agency’s compensation for employees. A rationale on the cost and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. The effects of the increase on benefits for the agency will be discuss and a chart depicting the increase for each percentage will be provided. The trend of the agency over the past five years will be reviewed and an analysis explaining the trend for expenditures will be prepared.

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

The objective of a suitably structured executive compensation package is to engage, retain, and motivate CEOs and senior management. When it comes to attracting the best senior talent, having the right compensation strategy can make the difference between success and failure. Knowing what strategies work, and those that don’t, is a vital part of any senior recruitment strategy. The objective of this survey is to provide insights into the remuneration and benefits structure and compare the existing compensation package for various private and public organisations operating in the technology and engineering space. This involves examining both salary and benefits components such as bonuses of overall remuneration for the six job positions that are the primary drivers of different compensation levels.

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.

Employee turnover represents a severe problem for companies of all types and sizes, and empirical observations and studies confirm that people will leave one job in search of another if they believe they are not being treated right, including the level of compensation they receive in exchange for their services (Hardy, 2007). Employees who are motivated and

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.