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Compensation and Benefits support - Essay Example

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Plan that relates to employees compensation, devised by HRM determines the pay and perks of an employee. The plan in question contains number of measures for the…
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Compensation and Benefits support
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Download file to see previous pages The strategic compensation plan of an organization certainly plays an important role to woo competent resource. Competitive price tags will attract experienced employees to come and join the organization. Hence, employees having better qualification and experience can be of great help in meeting the set revenue targets besides establishing the credibility of the organization in the market (Balkin & Gomez‐Mejia 157).
The strategic compensation plan for employees should be based on pay for performance. How can be a visionary and non-visionary person treated alike? As far as the sales employees are concerned, they should be given commission on their total sales. Reward system in an organization is a source of motivation for the employees to pursue their goals. Thinking of hard working by the employees without hoping for a reward is very difficult (Balkin & Gomez‐Mejia 158).
Retention of valuable resource amounts a hard nut to crack if it is not supported by the monetary benefits. There is an adage that “happy laborers work more”. To keep employees of repute for a longer period of time, it is utmost important for HRM to compensate them through increase in salary, promotion and cash performance reward so that they may not jump into other companies for better career prospects. If aforementioned measures are implemented in letter and in spirit, experienced workforce will think twice before going out in searching of another job opportunity (Armstrong 72).
Competitive compensation and benefits are the key elements to attract the best talent available in the job market. Further, organizations that offer insurance covered health policy and guaranteed paid vacation are the hotcakes for the lucrative job hunters. It should be the focal point of HRM of any corporate entity in their compensation policy. Mentioned benefits should be linked with the increased profitability of the company and the performance of the employees as well ...Download file to see next pagesRead More
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