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The compensation and benefit strategy of an organization - Coursework Example

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The importance of compensation packages and other related benefits is vital in the organization perspective. These monetary or non-monetary…
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The compensation and benefit strategy of an organization
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Download file to see previous pages The research studies show that company managers are not focusing on these kinds of additional benefits for the employees.
Compensation can include monetary and non-monetary terms. The additional component to basic salary includes health insurance, performance bonuses, retirement investment opportunities, awards, gold medals and many other benefits, which actually motivate employees and attract the potential capable people to become a part of the organization. These compensation packages actually help any organization to increase the job satisfaction level of the employees, to decrease the absenteeism rate of the employees and enhance organizational commitment towards the mutually shared goals. All of these ultimately help to achieve the main milestone of low employee turnover rate in the organization.
Here we are taking the example of the famous pesticide Company Bayer. Bayer Crop Science is a multinational Company having its widespread operations in many countries including Asian countries. The strategy and policy making for the multinational companies is a little bit different from other companies. All the multinational companies have to make their policies and strategies in the way that they can be fit according to the norms and values of different cultures. For this purpose, they can go for a standard set of the policies and the strategies, which can help them to cop up with the problems. Another solution can be the flexibility in the decision making process and the strategy making so that they can be changed according to any specific geographical area or territory.
Bayer Crop Science is working hard on the improvement of the compensation packages and other benefits plans. The Human resource managers at Bayer Crop Science truly know the importance of these compensation plans and their beneficial impacts on the employee’s ...Download file to see next pagesRead More
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