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
Particular attention will be followed on the following aspects: Evaluation of the organisation’s current reward strategy. What motivates the dealing team? Assess the extent to which team-based pay is appropriate. Analyse and discuss the role of HR particularly the Compensation and Benefits Manager.
With globalization taking place, there was now a need to look for new markets like China and India. However, to grow multi-dimensionally the firm needed to operate more effectively especially by having an HR department that was aligned to their strategic growth plan.
Human resource management represents the function within an organization that centres on recruitment, availing direction for individuals working within the organization, and management of employees. Effective HRM allows employees to contribute effectively and productively to the overall success and attainment of the organization’s goals and objectives.
His career growth has been rapid and his future prospects are great.
I have put together a comprehensive package based on industry standards aligned closely with the company policy. His base salary offered will be $85,860 and is approximately an increase of 18% over what he is currently getting.
Hotel resort lodging is a service business. Aside from the lodging space that hotel resorts provide with customers, what the customers pay for in response to their accommodation needs include all the services that the hotel resort provides. From the
The public sector often is at a disadvantage in terms of recruiting in comparison with the private sector due to the fact that private companies have the ability to offer higher compensation packages than governmental entities.
23). Human resource planning refers to the process through which an organization or a company seek to gather and quantify demand and supply of human resources in order to meet present and future needs of the organization. It focuses on the quality of workers