Business HR Research Paper - Essay Example

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Compensation Systems and Strategies Human Resources Date Abstract The objective of this paper is to provide discussions and arguments on systems and structures of compensation of employees with a view of human resource relations. The paper talks about the different types of compensation and the differences that exist between them…
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Business HR Research Paper
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Download file to see previous pages The major findings of the research showed that the system of compensation of an organization determines the motivation of the employees towards their work and the skill of the employees of the organization. This illustrates that the productivity of an organization partly depends the compensation structure in the organization. The paper also has provisions on how to improve productivity of the human resource departments of organizations and the general organization in the form strategies concerning compensation structures revisions. Key words: skills, motivation, rewards Contents 1 Introduction 4 2 Competitive compensation system 4 2.1 Objectives of competitive compensation structures 5 3 Effect of different compensation structures 5 3.1 Motivation 6 3.2 Strategies to incorporate in motivating employees 6 3.3 Skill set of the employees 7 3.4 Strategies for the increasing and retaining the numbers of skilled employees 7 4 Challenges of the compensation systems 8 5 Conclusion 9 1 Introduction In the business world, compensation refers to all rewards that employees can earn in relation to the labor they provide. A good compensation system is an important aspect of a successful human resource management program, which is vital for the success of a management enterprise as a whole. The compensation may be in the form of direct financial compensation that is provided after regular intervals like wages and bonuses, indirect financial compensation that consists of financial rewards that are not part of the direct compensation, and non-financial compensation that deals with the work environment. However, the compensation should put into consideration the uniqueness of each employee. Compensation systems seek to create a rational method for the determination of the pay of employees in accordance with their performance in their respective jobs (Bhattacharya and Sengupta, 2009). This creates a feeling of equity among the human resource. The compensation in terms of wages is important in the determination of the maintenance of an organization’s human resource that implies the goal of developing a good compensation system attract, motivate, and retain a quality human resource department that will improve the company’s prosperity. 2 Competitive compensation system A competitive compensation system is a product of trying to attain external equity within a market. External equity is a situation where the pay rates for the employees of an organization are at least similar to the average pay rates in the market (Walker, 2004). If the compensation system of the organization is quite similar to the average compensation system in the market, the goals of developing compensation systems in terms of attracting, motivating and retaining employees are not achieved as they might seek the employ of similar organizations. This prompts employers to take steps enabling compensation of employees using rates that are necessary for the finding, keeping and motivation of an adequate qualified employee number. This creates a market compensation structure that is competitive with the employers seeking to provide the most attractive policies and rates (Walker, 2004). 2.1 Objectives of competitive compensation structures The competitive compensation structures of most organizations therefore have four basic objectives; To regularly measure ...Download file to see next pagesRead More
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