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Compensation & Benefits - Essay Example

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Summary
Before going on to develop an effective compensation and benefits package, let us first get to know what compensation and benefits actually are and why is it necessary for the management of a company to implement an attractive compensation plan for the employees. Compensations…
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Compensation & Benefits

Download file to see previous pages... Incentive compensation and benefits play an important role in making a company achieve higher levels of employee productivity. Compensation is one of the major motivating sources behind employees’ productivity and if a company offers attractive benefits for its employees as a result of their individual performances, the employees become motivated and inspired to do more for the company. Therefore, we can say that employee productivity directly depends on the compensation and benefits being offered to them by the company.
Companies use compensation and benefits programs for various reasons. Some of the major reasons for implementing compensation plans include hiring and retaining talented employees, increasing moral of the employees, encouraging the performances of the employees, achieving quality in every business activity, encouraging employees’ loyalty with the company, reducing the turnover, and making the employees satisfied with the company. These were some of the reasons of why companies design and implement different kinds of compensation and benefits programs for the employees.
There are some important factors, which need to be considered while designing and implementing a proper compensation and benefits plan in a company. These factors play an important role in the successful implementation of a compensation plan. If a company wants to develop a compensation plan for its employees, it needs to take into consideration these factors in order to get desired results from the plan. If any of these factors is overlooked, the compensation plan will not be able to produce expected results for the company. Some of those factors include organization’s culture, statement of plan’s objectives, linking performance to organization’s goals and objectives, needs and demands of the employees, discrimination, employees’ ...Download file to see next pagesRead More
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