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Compensation (Human Resources) - Essay Example

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At the time the employee is employed, salary is being known and the rest of the compensation package followed. Thus, it is the right of the employee to know…
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Compensation (Human Resources)
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Compensation (Human Resources)

Download file to see previous pages... ion is simply the salary of an employee while indirect compensation is more different for it includes legal obligation programs such as health insurance, retirement programs, paid leave or housing. Benefits and rewards receive by the employee from the employer is the non-monetary compensation. According to Tatum (2010), in order for employees to be more productive and motivated, business should provide more detailed incentive – the total compensation package. The package should be well designed to attract, retain, and motivate competent workers in the organization.
To decide on what component to be included in the compensation package is far more complicated than just deciding on the payment of employees. The expectations of the employees on what would their compensation package consist of, would be a pressure for the organization. The components of the total compensation package include total compensation (base pay and incentives), benefits, work-life balance and training, career and personal growth (Construction Business Owner, 2007). These components are needed for an organization to survive into today’s tough business environment.
Base pay and incentives are usually the largest component and the most common of a compensation package. These are important being the introduction of employment to assure that employees have comfort in their lifestyle. Salary would be based on the role of the worker on how the role is being delivered while incentive usually refers to the payment for performance.
Benefits are the second component that typically provides: medical benefits, dental plan, paid time off, holidays, social security and many others (Construction Business Owner, 2007). Giving benefits to their employees are adopted by over 80 percent companies today. This component is important to attract employees who are looking for long-term and stable jobs that would surely build loyalty in the organization. Another component of compensation package is the work-life ...Download file to see next pagesRead More
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