Briefly explain the importance of organizations having good compensation and benefits plans for their employees.
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Briefly explain the importance of organizations having good compensation and benefits
plans for their employees.
Step by step
Solved in 2 steps
- How are benefits designed for employees? Explain the types of benefits that are offered by employers. Should all employers have to offer benefits?What could be the best cash compensation plan that would be fair to both management and employees, granting periodic raise in the salary or by granting them bonuses? Why?Summarize types of employee benefits required by law?
- Discuss any laws and legal issues related to the benefits program for part time employees?There are 4 basic parts of a compensation system. Which one do you think is the most important when recruiting new employees, and why? Which one is most appealing to you when you begin a job search upon graduation, and why?How does managing employee compensation relate to overall business goals? Provide examples from a managerial perspective.
- How do organizations evaluate the effectiveness of their compensation programs?In one or two pages, describe the concept of total compensation. Why is this important?What are the legally required and discretionary benefit programs important and why are they a great incentive to recruit, motivate and retain their employees?