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.
Nobody downloaded yet

Management - Compensation Methods - Essay Example

Comments (0) Cite this document
COMPENSATION METHODS Presented By [your name goes here] To [your goes here] [Your class name goes here] [Your university’s name] [Due date of the paper] Introduction Employee benefits and compensation play a considerable role in attracting new employees and retaining key employees for a company…
Download full paperFile format: .doc, available for editing
Polish This Essay92.2% of users find it useful
Management - Compensation Methods
Read TextPreview

Extract of sample
"Management - Compensation Methods"

Download file to see previous pages In this paper, we will discuss some major compensation methods/employee benefit programs, which a company can use to improve employee performance. Types of Compensation According to Menguc and Barker (2003), use of compensation plans influences all dimensions of organizational performance. Companies use different types of compensations to increase employee motivation. Some major types of compensation include bonuses, free meals, housing allowance, health insurance, company car, travel allowance, free patrol, promotion based on performance base pay, overtime pay, and commissions. In some companies, the compensations like bonuses and commissions are associated with the job responsibilities of the employees. Some jobs are of very difficult nature, so the companies put some rewards for the people associated with those jobs in form of bonuses in order to encourage them and make them dedicated to their jobs. Companies categorize different types of compensations into short-term and long-term programs. Mazin and Smith (2004) asserts, “Short-term programs are usually based on cash payments, while long-term incentives typically involve stock” (p.113). Short-term rewards include cash and stock bonuses, which a company gives to the employees when they achieve short-term goals, such as, increase in the company’s revenue. ...
The basic purpose of short-term compensation programs is to increase employees’ performance and productivity over a specific time. Long-term rewards, on the other hand, are such rewards that a company gives to its employees when they increase the company stock’s value in the market. The stock value increases when a company maintains its product standard and quality for a long time. Good quality of products generates higher levels of productivity and revenues, which result in increasing the stock value of the company. Companies reserve long-term rewards usually for the employees who are at managerial posts. Calvin (2001, p.119) asserts, “In established firms, long-term incentives, such as stock options, are reserved for senior salespeople, national account managers, and sales managers”. Commissions and bonuses are two of the most useful types of compensations because they attract a large number of employees towards the companies, which offers such compensations to the employees. Commission is a form of compensation that a company gives to its employees on achieving some targets. Commissions and bonuses play a key role in retaining talented and skilled employees for a company. Increase in salaries is also one of the most effective ways to retain key employees of a company. Employees do not want to leave the job when their companies reward them in terms of increase in their salaries. Compensation programs not only make employees work hard to achieve the incentives but also make the company achieve higher levels of profitability and productivity. Apart from increase in salaries, some other types of rewards also play a good role in increasing employee motivation. These rewards include foreign trip of ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 words. Retrieved from https://studentshare.org/management/1442014-compensation-and-methods-paper
(Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 Words)
Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 Words. https://studentshare.org/management/1442014-compensation-and-methods-paper.
“Management - Compensation Methods Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.org/management/1442014-compensation-and-methods-paper.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Management Compensation Research Paper
In the contemporary corporate world, compensation is perceived as a measure of justice; an outcome of productivity. Management compensation is a means of enhancing the balance of work-employee relation by the provision of financial and nonfinancial gains to employees.
6 Pages(1500 words)Research Paper
Performance and compensation management-Annotated bibliography
Johnson, Liway & Shields, John, Lessons from management-union partnership in teacher performance appraisal in the New South Wales public education system, International Journal of Human Resource Management, 18:7 July 2007, p.1214-1227 This article focuses on performance appraisal – a key component of human resource management.
4 Pages(1000 words)Essay
Compensation Practice
The company was founded by Sam Walton in 1962 who declared three policy aims would define his business: respect for the people, service to consumers, and determined for excellence. Wal-Mart's corporate management strategy involves selling high class and brand name products at the lowermost price.
6 Pages(1500 words)Essay
Compensation and benefits management
Nowadays humans are considered as one of the most important assets required to carry out the tasks effectively and efficiently. Among many techniques which companies utilize to attract the potential minds, keep and encourage its people is Compensation and Benefits Management (Zingheim and Schuster et al., 2009).
5 Pages(1250 words)Essay
Total Compensation Methods
To answer such question we have to look from the employees' perspective. What are they expecting in return of their efforts, what would other organizations give in return of the same efforts, what security do they have in terms of career and so on. They only thing that would keep our employees happy is a well-planned compensation and benefit strategy program.
3 Pages(750 words)Essay
Compensation (HRMD)
The fringe benefits include paid vacations, fuel expenses, insurance cover, sick leaves, retirement plans and pension, employee discounts etc (Milkovich & Newman, 2007). Virtuous circle could be defined as the continued cycle
4 Pages(1000 words)Essay
Compensation & Benefits
Compensation and benefits play an essential role in attracting new employees and retaining old employees of the company. The employees
15 Pages(3750 words)Essay
Compensation Management
And as from its official website, the corporate has over 16,000 staff United Nations agency need. The management of Edison International has determined to adopt the balanced compensating record book when reviewing the
6 Pages(1500 words)Essay
Management Research Methods
Like other areas, the area of management does not lack its fair share of problems and challenges. For this reason, an effective manager is equally required to be expectant of challenges, and have a high capacity of
8 Pages(2000 words)Essay
Compensation Management
Learning about labor law and its clauses, which ensure equality in every organization, is very important. Also, it is useful to know which US federal law has empowered women and all genders
1 Pages(250 words)Coursework
Let us find you another Essay on topic Management - Compensation Methods for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us