Employee Compensation and Benefits - Essay Example

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As such, having an effective HR department is one of the most significant ways in ensuring the company remains competitive in the market. To ensure…
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Employee Compensation and Benefits
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Download file to see previous pages However, it is worthwhile to note that it is expected to vary annually given the fact that the employee’s selections may vary. From the above, salary is the biggest portion; and it includes commissions and other bonuses that may arise. Of important to note is that salary determine the level of some benefits including insurances. Health and welfare benefit which includes education reimbursement; vision and dental coverage are important benefits that extend to the employees’ families in order for the employee to have the needed resources to maintain good health at a recommended and affordable cost. As such, it is an advantage to the company given that it increases the well being of its employee contributing to the rise of productivity and growth (Mitchell et al., 2003).
The saving and retirement plans are equally important as they will provide the employee with resources to assist in planning his or her retirement. Additionally, these benefits guarantee or offer an employee a cost-of-living adjusted earnings for life in retirement. As such, it reassures the employee that the future is taken care of and as such, s/he is therefore, able to concentrate and work towards accomplishing the company’s set objectives. It s worth noting that most employees understand the benefits of retirement plans and most a percentage of potential employees are said o refuse jobs that lack the retirement benefits. Offering an attractive retirement benefit will not benefit the employee but will also be an advantage to the company given that it will lower turnover rates. Essentially, this benefit will assist the company not only be in a position to recruit talented employees but also retain and boost their working morale. Equally enough social security and medicare are significant benefits to the employees and indirectly to the company. As noted above, the company need to attract and maintain a high value workforce so as ...Download file to see next pagesRead More
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