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5: Employee Compensation and Benefits - Assignment Example

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The paper examines the factors that should be considered when designing a compensation and benefit package. It outlines the importance of benefits when it comes to motivating employees…
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Assignment 5: Employee Compensation and Benefits
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Download file to see previous pages A compensation package is made of pay scale, benefits package, reward program and company perks. The best compensation and benefits package for employees gives the organization a chance to compete aggressively in the market. The paper examines the development of a compensation and benefits package for a secretary.
The use of a strategic plan when designing employee compensation will help in attracting competent workers. Companies that pay wages that are above the average salaries in the industry have audacity to demand the best workers in the market. It is a fact that hiring experienced and talented workers will affect the company performance positively. It aids in revenue improvement and business establishment. Therefore, the compensation plan for the secretary will be offered based on her experience, which will determine if she is good at her work or not.
It is imperative to include a rewards plan for employees when designing a compensation package. The rewards can be based on company loyalty and work performance (Daft, 2011). For example, an organization can offer a commission system that offers rewards for sales people who can exceed a certain level of sales in a month. It will encourage competition among employees. In the case of the secretary, it would be appropriate to put a rewards plan so that she can be motivated to produce the best results in all responsibilities. In addition, the company is looking for dedicated individuals and a reward plan will help in motivating him/her to be to give her best.
The benefits and benefits that a company offer has a direct influence on the type of employees that it will attract (Messmer, 2007). It is essential for an organization to offer health insurance benefits to its full-time workers. It shows the organization appreciates employee services and health. Company benefits entail things like paid ...Download file to see next pagesRead More
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