This paper analyzes the compensation and benefits system of Holland Enterprises and the effect of compensation and benefits system of the firm. Also, the report analyzes whether compensation and benefits system is important in attracting and retaining employees or not…
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Compensation and benefits system do not only include the rewards and benefits given by the organization in monetary terms but non-monetary rewards like health insurance, vacation, sick leave etc are also included in it. Increasing the compensation and benefits could increase the motivation of employees but from the perspective of organization it could increase the cost and thus reduce the profitability, therefore, human resource department should come up with a system that ensures a healthy and constructive environment is built and maintained and at the same time profitability of the organization is not hurt. Compensation and benefits offered by the organizations should be evaluated and employees that give more efforts should be rewarded accordingly. There are more than 3,500 employees employed at Holland Enterprises. ...is an important aspect as better compensation helps in improving the productivity of the employees and as the productivity of the organization improves, it will help the company in generating more sales or increasing its revenues. There are two important aspects that the organization has to look while giving higher compensation and benefits to employees; the first one is that higher compensation helps in improving the sales of the company, however, the second aspect of increasing the compensation is that it increases the cost of the company and therefore it might not lead to improving the profitability (Spector, 2006). Human resource is the most important resource of any organization regardless of what kind of products or services the company offers, therefore, it is important to satisfy the needs of human resource and to provide them effective compensation and benefits so that they remain motivated as well as productive (Hurtz, & Donovan, 2000). It is important to provide employees market competitive salary so that they are able to retain employees. Holland Enterprises has lost a large number of employees since 2007 because of their compensation and benefits system as the compensation offered by the company is unfair and the company does not reward the employees accordingly, therefore, several employees have resigned from Holland Enterprises. principle components of a typical compensation and benefits system There is no perfect compensation and benefits system that every organization can adapt. Compensation and benefits system has to change according to the specific situation and specific organizational culture.
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Employee Compensation and Benefits
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t therefore influence decisions on the human resource management aspects and this paper discusses legal compliance, equity, and transparency as the most important professional and ethical issues in compensation and benefits.
Legal factors are important aspects of an
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