Name Institution Course Instructor Date Benefits and Compensation in HRM Benefits are any form or methods of appreciation given to employees for the work done though they are not the basic payment given to the employee (WorldatWork 12). They can be in form of services or cash…
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The work that follows highlights problems solved by giving compensation and benefits to employees and its importance. Issues addressed by compensation and benefits Benefits and compensation are some of the important methods of motivating workers in an organization or a company. Due to high competition in the job market, employers seek to maintain their employees (Grobler 24). The award of benefits and compensation by employers to their employees saves them a number of problems. First, it saves the organization loss of employees because an employee cannot go for another job (Sims 458). A company that lacks good motivation to its employees will always look for more employees to replace those that have left the company due to unfavorable working conditions. An employee will always admire to work under better terms of service. Secondly, it saves poor production. This is because there will be enough workforce for the particular fields in the organization. Poor production will only result in an organization where there is no recognition on the importance of the work done by employees (Kleynhans 59). It is only that organization that gives motivation to its workers through giving benefits and compensation that will succeed it solving this problem. Poor production leads to poor achievement or profits. Poor quality of the products will always lead to poor sales in the market. This also leads to high losses incurred by the organization due to lack of recovery of the expenses incurred in the production process after sales (WorldatWork 451). Thirdly, it reduces competition on the company’s products (Kleynhans 35). If the employees leave and have the ability to start their own companies, they will, and this will give competition to the organization from which formerly employed them. If the employees are unable to start their companies, they will look for employment in other companies in the same field, which offer better terms of service. Due to the increased demand for labor force, the workers prefer the company that offers fair terms (Grobler 85). This promotes production due to enough workforce and motivated workers. Compensation and benefits saves a company of bad reputation. For example if an organization abruptly terminates a worker’s employment is and there is no compensation, definitely, the worker would not be happy with the treat given. This tarnishes the organization’s name, and as long as employers still flock the market looking for employment, they will not wish to work in an organization that treats workers unfairly. Reputation is a virtue that is very vital in the business line. If the is spoilt, the organization goes on low production due to lack of workers (Kleynhans 237). Compensations also save a company from court cases. Court cases emerge for instance when an injury occurs to an employee in the line of duty and no compensation. The worker may look for a personal lawyer and sue the company to court (Grobler 88). On the contrary, if the company awards compensation to workers incase of emergencies like these, the program will save the company time, because of all the processes undergone in processing the cases and pursuing them in court and saves finances accompanying the court cases. Suing a company in court leads to decline in the production progress, as many activities will slow down due to lack of the personnel involved in the process, and the finances used in processing the
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DECLARATION This is to be stated that all the content in this thesis/dissertation is a result of my own research efforts. The content has not been produced without any individual’s help, neither is it influenced by any individual’s work. The contribution of few researchers has been included in the thesis/dissertation, however, they have been given due credit at all instances.
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