Compensation and Benefit System - Essay Example

Comments (1) Cite this document
Employee benefits usually include health indemnity, holiday time, disability coverage and retirement plans. Compensation incorporates a set salary or inspirational income plans, for instance, commission, bonuses and value income…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.5% of users find it useful
Compensation and Benefit System
Read TextPreview

Extract of sample "Compensation and Benefit System"

Download file to see previous pages With the passage of time, more workers are comparing one business to another not just with respect to salary but also benefits. A number of individuals, indeed, are more concerned about the benefits they get instead of wages because of family requirements or aspects of their standard of living, such as “health care coverage and financial planning” (World at Work, 2007). If someone has a company, his employee compensation and benefits package may simply be the basis someone does or does not agree to the job offer. To make the company aggressive and create a center of attention for very skilled applicants, one has to present an attractive benefits package. The business should make this a significant element of the planning process, if the management would like to appoint and retain top workers. In the present day, employees are not ready to work merely for the money; they look forward to something more than cash. This ‘something more than cash’ is known as employee benefits or fringe benefits. Employee benefits are non-monetary type of compensation provided besides cash earnings to improve employees’ lives - both personal and professional.
Employee benefits are not based on performance. Employees get benefits irrespective of their performances. “Employee benefits as a whole have no direct affect on employee performance” (Dixon et al, 2009); however, insufficient benefits do contribute to a decreasing satisfaction level along with increasing absence and turnover in workers. Therefore, the employers would have to plan their benefit package vigilantly. All individuals have different kinds of requirements. A few would like have cash so they work for the corporation that offers them higher salary package. Some individuals give importance to success more than cash; they would join the companies that offer better opportunities of promotion, learning, development, and personal growth. A compensation plan that goes well with employees’ requirements is more expected to encourage them to work in the way their company wants them to. The Group compensation structure includes different types of compensation. This guarantees proportionate compensation, in this manner reinforcing and supporting short as well as long-term goal setting and attainment. Executive Management’s fixed income must be individual and supported on the content and responsibility of the job, the person’s capability along with experience with respect to the job held, in addition to the region in which the position is based. As well as a fixed income, Executive Management as well has a variable income componen ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Compensation and Benefit System Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from
(Compensation and Benefit System Essay Example | Topics and Well Written Essays - 1750 Words)
“Compensation and Benefit System Essay Example | Topics and Well Written Essays - 1750 Words”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
carteritzel added comment 5 months ago
Student rated this paper as
I had an issue with a essay types of works. All until I came across this website and this particular document. Even though "Compensation and Benefit System" is far from my studies, the structure is so great that I use it all the time as an example for my own works.

CHECK THESE SAMPLES OF Compensation and Benefit System

Organization experiencing challenges with its compensation and benefit system

...? Organization experiencing challenges with its compensation and benefit system Table of Contents Introduction 3 Thesis ment 4 Review of the Literature 4 Reinforcement and Expectancy Theories 5 Equity Theory 5 Implications of the Literature 8 Conclusion and Recommendations 10 Reference 13 Bibliography 14 Introduction The compensation practices undertaken in organizations have far reaching effects on the competitive advantage of the firm. In order to develop competitive advantage of a firm in the global market, the compensation plans developed by the firm must align with the strategic plans and actions of the same. Apart from the attainment of competitive...
10 Pages(2500 words)Research Paper

The Compensation and Benefits System of Holland Enterprises

...The Compensation and Benefits System of Holland Enterprises Introduction Compensation is one of the major factors that motivate the individual and it is also important in attracting as well as retaining talented employees. Therefore compensation and benefits provided by the organization has an important role and with the passage of time more and more organizations have been emphasizing a lot on providing salaries that are market competitive and providing different kinds of benefits to the employees (Montana, 2008). Organizations have also focus a lot on ensuring that the motivation level of employees is not decreased and therefore they continuously evaluate the compensation system and benefits provided to the employees. Large... ...
6 Pages(1500 words)Research Paper

Organization's Compensation and Benefit Plan

...while general managers can look forward to $1,000 bonus if he or she is able to promote an assistant manager to general manager (Sunoo, n.d.). All this is an application of the principle of providing “benefits in kind or bonuses,” which means that as an employee gets his or her monthly wage which is taxable, a company can practice a retention system by providing bonuses in cash such as these in exchange of a business they close for the company which is not taxable (Friedman, 2010, p.161). This indeed has created a generation of employees that are motivated to do more and be at their best all the time. Another great compensation plan that Jamba awards its employees is that they provide...
5 Pages(1250 words)Research Paper

Compensation and Benefits Systems

...? Compensation and Benefits Systems Table of Contents Introduction 3 Boehringer Ingelheim Corporation 3 A Brief Historical View of the Organization 3 Assessment of Company’s Compensation and Benefit System Challenge 4 A Review of another Organization with Similar Challenge 6 Hong Kong Polytechnic University 6 Review of the literature 6 Recommendation to Management on How to Resolve the Situation 7 Implications of the literature 9 Implication of outsourcing Option 9 Implications of Software as a service (SaaS) 9 Implications of adopting human resource information system 10 Conclusion 11 References 12 Compensation and Benefits Systems I. Introduction a) Boehringer Ingelheim Corporation Boehringer Ingelheim is a German corporation... for...
9 Pages(2250 words)Assignment

Blacks Leisure Group

2 Pages(500 words)Essay

Compensation System

...Compensation System Compensation System Introduction Compensation in the work place includes forms of insurance which provides wage placement and medical benefits to injured employees. There many compensation systems, which an organization should put in to consideration. Employees have the right for a tort claim. If the organization fails to compensate the injured employee he/she has the right to sue the organization. Compensation systems changes from one jurisdiction to another. When establishing a business in a new place, the employer should be familiar with the compensation systems. The compensation can take place in different plans like weekly or monthly payment of wages, economic loss compensation, payment of medical expenses... in...
2 Pages(500 words)Essay

Db1 employee compensation and benefit

...and misuse of child labour. In addition, in 1994 the school to work opportunities act was introduced to the Fair Labour Standards Act. This act had more impact on those businesses that provided on the job training. The main rationale for this act was to provide on the site training and internship based on an agreement between the employer and the student. If any exemption was to be made from the Fair Labour Standards Act, the guidelines had to be followed. This guideline was to ensure the individual role was clearly defined as an intern and not an employee, hence was not entitled to the benefits that would have been in place if he or she was a permanent employee of the company or organization. The only expenses the...
1 Pages(250 words)Research Paper

Db3 =employee compensation and benefit

...are introduced to the incentive programs, there would be a demand to increase the value of the incentives over time. In most situations, an organization may not be in a position to increase the value of the incentives thus limiting the effectiveness of this particular behavioral change tool. Introduction of the incentive system may have both negative and positive impacts on an organization culture. For instance, Hope & Fraser (2003) point out that the strategy may increase employee competitiveness in an organization and at the same time increase reliability of incentives to influence performance. There are limited long term benefits of implementing incentives programs. With increasing demand on...
1 Pages(250 words)Research Paper

Compensation And Benefit Problems At United Aryan- Kenya

...of clothes for export. Markets are broad and include countries in Europe, Asia, and others in the American continent. Researchers also prepared questionnaires and handed them to line managers and supervisors. One thousand two hundred copies with positive responses coming from nine hundred and ninety-six pamphlets. The focus of the interview was getting their views on their salaries and other benefits, challenges emanating from the company remuneration system, areas with potential benefits, and practices they consider bets in the company compensation scheme. Challenges and solutions The first of the challenges United Aryan-Kenya is facing is developing a strategy...
8 Pages(2000 words)Research Paper

Compensation and Benefit Systems

...Compensation and Benefit Systems INTRODUCTION The compensation and benefits system in place a small organization as an employer of choice, thereby assisting the organization in attracting first-rate workers. Employs almost such a compensation that surpasses cash when thinking about whether your line of work provides them with security, constancy, and a sturdy future. A well-thought-out benefit and position system can help an organization appeal to and maintain employees. At the same time, such a benefit and compensation system does not...
5 Pages(1250 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Compensation and Benefit System for FREE!

Contact Us