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Competitive Benefits - Research Paper Example

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Some of the compensation components include retirement plans, sick leaves, educational assistance, health insurance, and paid holidays among others. Such…
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Competitive Benefits
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Download file to see previous pages Therefore, this discourse kicks off by analyzing the benefits that come with compensation components and ways in which organizations whose employees are unionized can remain competitive.
According to the Bureau of Labor Statistics, employees who are represented by a union receive higher salary as compared to the non- union workers. Moreover, they have more access to various benefits such as medical insurance, despite the declining rate of union membership. Research shows that in the year 2001, only 18 million workers were under a union as compared to 16 million workers in the year 2011. Nevertheless, it is without doubt that unions have an affirmative effect on various aspects of job quality such as employee benefits and wages (Long, 2013). Therefore, this treatise focuses on analyzing how a firm whose workers are represented by a union can remain competitive against the non-unionized workers. It will also give limelight to the role of benefits and the components of an employee benefit package. It is without doubt that compensation benefits play a major role in reducing turnover, enhancing productivity, and increasing the rate of morale among workers.
Employee benefits are non-wage compensation that is offered to workers in addition to their normal salaries. For organizations that endeavor to hire competitive workers, they have an attractive benefits package that is either monetary or non-monetary. For instance, the monetary compensation benefits can include bonuses, profit sharing, and stock options among others. There are also the non-monetary benefits such as health insurance, pension plans, disability insurance, paid holidays, educational assistance, flexible working hours, sick leave, work at home oriented programs, retirement plans, and dental insurance among others. It is to be noted that such benefits are paramount in attracting, motivating, rewarding, and retaining workers (Reddick & Coggburn, 2012).
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