Employee Compensation And Benefits Packages Essay

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.

Compensation strategies within a company are very important. Companies need to invest in offering compensation benefits to their employees because they enhance an employee’s wiliness to stay long term with the company. They also provide a positive foundation between the employee and employer. If an employee is happy and content with the company they work for then this will benefit the company and the employee. The employee will be motivated to do a good job for the company and in the long run the extra money and work that the employer puts in for the added benefits will pay off. In this report you will see how Paid Time off (PTO) , bonuses and merit pay increases will benefit not only the employee but the business.

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).

Workers’ compensation provides temporary disability benefits for lost salary, payment for medical treatment, and compensation for permanent disability.

Pay structures, regardless of the size of the organization, must have two things going for them, which are external and internal equities. In order to give employees purpose to continue to give their loyalty and retention, there must be incentives as paying for education, experience and training, job tenure, demonstrated skills, or a combination of these attributes consistently. Organizations should develop a well written compensation program which includes incentives, and addresses both external and internal equities.

The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to the organization’s success. (Noe, Hollenbeck, Gerhart, and Wright, 2004) Some examples are wage and salary administration, incentive pay, insurance, vacation leave

A total compensation system could prevent an organization from being effective in several ways; for instance, if their total compensation package is not aligning with the employee needs, “total compensation influences employee attraction, motivation, and retention. However, the importance of the various components depend on the person and his or her situation”(Jackson, S. E., Schuler, R. S., & Werner, S. 2012). The compensation system within an organization should align to the overall Business plan to achieve expected results. In other words, the total compensation includes: base pay, performance based pay, benefits and services, and nonmonetary rewards. All of this together should reach a balance; otherwise, the expected results would be devastating. During recession, many Americans suffered, and the economy pressured many organizations to cut workers. However, experts on the matter explain, “In light of the massive number of layoffs, pay cuts look like the more humane cost-cutting tactic because they save jobs. UCLA management professor David Lewin says a small reduction in pay, when handled carefully, can even foster a collegial spirit during hard times. “It sends a signal that no one is expendable, but everyone is valued. We all suffer the pain

Research indicates that 54% of employers believe pay and reward play a key factor in staff retention (XpertHr 2011). Contrasted against why employees leave an organisation 50% stated that it was due to poor pay and performance not being recognised through rewards (Personnel today, 2004).

The Dooly County School System is a small organization that employs from 200 to 300 employees. These employees

With a steady increase in unemployment, outsourcing, and globalization, salary and benefit packages are undergoing constant change. Compensation has and always will be a key element of choice in today’s job market for candidates seeking employment. Due to a declining economy, employers have been forced to become more creative in their benefit and compensation packages offered to employees. Strategic planning has become the key element in a successful human resource department of large corporations throughout the United States. Our learning team paper will analyze the impact of three key salary methods on employees and organizations, explore three benefit packages, and explain how salary and administration

Organizations spend a great deal of time and resources in developing an effective compensation structure-one that is lawful, aligns with the strategy and objectives of the business itself, is externally competitive and can recruit and retain talented employees. However, not all positions will fall into this meticulously composed pay structure. There are groups of employees who will fall outside of the scale used for everyone else, with compensation packages seemingly at odds with what everyone else receives (Milkovich, Newman, & Gerhart, 2016, p. 502). Executives are one such group of employees-specifically senior-level executives, or CEOs. The computation of compensation CEOs receive does not follow the same process as that of other positions. As such, the compensation practices for senior-level executives have come under fire (Milkovich, et al., p. 504). There are many opponents to current executive compensation levels in our economy, many of whom cite the multimillion dollar total compensation received by some Fortune 500 executives compared to average worker pay levels (AFL-CIO, 2014). However, there are also proponents of executive compensation who believe that the inherent risk involved in these positions, in addition to market variables and job duties and responsibilities warrant the, sometimes confounding, compensation figures (Kaplan, 2008). This paper sets out to examine these arguments to determine if CEOs are over compensated in our economy.

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.

Holland Enterprises is on a new strategic direction, to attract and retain the most talented employees and to reduce turn over. Human resource department has came up with a new compensation plan. In the propose compensation and benefits system plan , I will explain a new compensation plan for Holland Enterprises, also I will explain the components of the compensation and benefit system plan in order to attract and motivate employees to be productive . In order for the compensation and benefits system plan to be operational, the package should include a necessary level of compensations to fulfill basic needs, equity with the external labor market, equity within the organization (Henderson, 2006).

HealthCo is a nonprofit health care provider operating with 36 clinics in an open system within a functional organization. The clinics include rehabilitation units, therapy facilities, hospice and geriatric units, and other highly specialized centers. HealthCo operates with approximately 6,700 employees in the eastern United States. In line with the industry, HealthCo employs a larger number of women than men in the areas of nursing and patient care.

Compensation is commonly defined as a systematic approach to offering value to employees in exchange for their time, effort and work completed. An organization may provide several different types of compensation that impacts the overall satisfaction of the employees and the growth and success of the company. Essentially, amalgamating the compensation plan to the organizational goals, objectives and company philosophy will support recruitment and retention initiatives. A company’s compensation plan should be logical, strategic and deliberate as it delivers an abundance of vital information about the organization to a prospective candidate or employee. The material reflected in the