Compensation and Benefits

Thus, employers must know how the compensation they offer for critical positions differs with compensation for similar positions at other organizations in the market. Therefore, if an organization is recognized to be a great place to work in terms of factors such as training, resources, technology, work environment, staffing, and scheduling, the organization may be able to pay less than its competitors do within an acceptable range. However, if competitors are viewed more favorably as an employer, on the other hand, the organization will need to use compensation as its strength. Although, any strategy based solely on compensation will not succeed in the long run because a successful strategy combines market-rate compensation and a work environment that is competitively distinguishing and unique (Gering & Conner,

Compensation packages can include bonuses, benefits like health insurance, retirement benefits, paid time off, and professional development opportunities. Some of the compensation packages can include hourly salary, annual salary and other compensations like fee-for-service, bundle payment models and pay-for-performance. Factors employers need to consider at the time of offering a compensation package are the availability of healthcare providers, the demand for certain services, where those services are offered and which trends are affecting the delivery of those services.

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).

For the most part, a company’s compensation policy aims to ensure that employees are compensated in a fair and competitive manner. However, the compensation objectives employed by different companies can vary widely. This is especially true when taking into account wages vs. skills, competitor salaries, pay-for-performance, and other elements of compensation, like overtime, incentives, etc. (Snell, Morris, & Bohlander, 2015).

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

The challenges of an organization can influence the performance of an organization from a satisfaction with pay (Gomez-Mejia, Balkin, & Cardy, 2016, p. 296). The employee salary within an organization is a huge cause for turnover of employees (p. 296). First, the topic of employee salary is of great importance for the current and potential workforce (Lee & Lin, 2014, p. 1577). In addition, employees that have the perception on receiving lower compensation that others within their market will lack in performance and have a desire to leave the organization (p. 1577). In retrospect, the regular evaluation of compensation within the organization is vital to the reduction of employee turnover (p. 1577).

As important as attracting good employees is, it is just as important to retain them. As always, benefit packages help to retain employees. After spending as much time as you should have in attracting good employees, it only makes sense that you would go to certain lengths to keep them.

Dennis Whedbee’s crew moved quickly to prepare an oil well for pumping on the Sweet Grass Woman lease site, an area of vast plains teeming with crude oil in North Dakota. It was a mundane fall day in September of 2012, and Whedbee, a derrickhand, was helping remove a pipe fitting from the well when it suddenly burst. Oil pressurized at more than 700 pounds per square inch spewed out of the well, hitting Whedbee and instantly ripping off his arm below the elbow (Grabell et al.). Little did Whedbee know that the worst was yet come when he would struggle with laws restricting his workers’ compensation benefits for years to come. Whedbee is not the only one who has faced these difficulties. Over the past few decades,

This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. Attached to this paper is a Powerpoint presentation that will detail this employee compensation and benefits package, as well as an the eligibility of exempt or non-exempt status, other benefits that might be considered, government regulations that influence the compensation, two other organizations with similar compensation, and how this package aligns with the HRM strategy.

Some organizations are unwilling to show their reward systems and pay policies (Lawler, 1995). Many Human Resources professionals believe gender pay gaps to be resolvable through the monitoring of pay levels and communication (Report on Salary Surveys).Greater pay transparency has been a great benefit to the board, employees and managers as they now know what is happening across the business and they are able to confidently justify their actions (Commission Policy Report).All market-related supplements are recorded and reviewed separately from basic salary to ensure openness and transparency. Regular research market rates within the various labor markets in which they operate is undertaken improving transparency would also help to improve talent development, as employees would be able to see what they could earn if they wanted to move to another division and upgrade their skill set. (Commission Policy Report).

Although research generally confirms that pay-for-performance plans can influence greater outcomes, it is unclear how effective different pay plans are relative to each other (Park, 2012). Like most things in business, compensation is something that requires evaluation, study, assessment, strategy, modeling and integration.  Achieving a pay for performance culture does not happen without paying attention to the behaviors, activities, rewards and motivations that have to be linked and reinforced through a well engineered and successfully executed process.  Actually if that process does not tie rewards to shareholder financial objectives, employ the proper mix of compensation elements, result in meaningful dollars, embrace performance that employees can impact and are effectively communicated and reinforced, then the results it produces will likely fall short (Vision Link Advisory Group, 2013).

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.

Two different families live in the same neighborhood; in the home are both parents and one child, the children are both boys. One family spanks their child when he miss behaves; the other family does not spank their child when he miss behaves they simply tell him it's not okay to act that way. The family who supported corporal punishment spanked their child daily, they did it to re-enforce to the child that the parents were the boss and that he needed to listen to them; and that when he acted out in a bad manner then he would be punished for his behavior. Eventually that child learned what he could and couldn't not do, he learned that his parents were the boss and he needed to follow their rules that they set, as well as learning right from wrong. That child grew up showing everyone respect, and he knew that in real life if he got in trouble and didn't follow the rules that there would be consequences to his actions. The other family raised their child without spanking him; yes the child knew what was right and what was wrong but he didn't care because there was no discipline or consequences for his actions. The family constantly argued and yelled at each other and it was not a peaceful home. When that child grew up he didn't care for the consequences of his actions and constantly acted out in society. Not every situation are like these two but many are, the punishment of the child is up to the parent. Parents can gain a lot from spanking their child; and their child can learn a lot like discipline, respect, and taking responsibilities of their actions, and excepting the consequences.

Kurt Vonnegut’s novel Slaughterhouse 5 (1969) and Jess Walters’ novel The Zero (2006) share a series of similarities not only in the formal aspects of the novel but also in their contents. Both authors create a fictional narrative in order to present their experiences of two of the most traumatic events related to the contemporary history of the United States: the participation of the United States in the Second World War and the collapse of the Twin Towers on 9/11. Thus, both works can be seen as attempts to re-write reality after a traumatic experience.

There are many causes of poverty and inequality in both India and Afghanistan including the poverty circle, problems with population, poor governance and a lack of access to international markets