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U08a1 Compensation & Benefits Assignment Template - Essay Example

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Summary
Compensation and benefits is a sub-division of human resources management, dealing with employee remuneration and benefits through policy-making initiatives. Incentives that stimulate better work may be provided periodically, depending on an organization’s culture and…
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U08a1 Compensation & Benefits Assignment Template

Download file to see previous pages... Legally mandated benefits involve guaranteed pay; these are monetary reward provided by an employer based on the relationship between employee and employer. In most cases, guaranteed pay is best presented in basic salary (Andrus, 2012). On the other hand, variable pay is an example of voluntary benefits paid by an organization to a worker that is based on management discretion, effectiveness or results realized. Usually, voluntary benefits are best represented in bonus forms and sales incentives.
Benefit communication should involve offering employees the right information on the incentives they stand to gain and allowing them adequate time to make hard decisions, if any. The practice also involves helping them go about permanent conditions, which is usually easier to manage than awaiting the eleventh hour. Employees should be educated on behaviors like maintaining good health and refraining from drug use (Tacchino, & Littell, 2011).
Compensation policies are often riddled with different problems. These include the challenge of hiring the right employee to a given position. Unfavorable Political, Economic, Social, Technological, Legal and Environmental conditions hinder the implementation of better compensation policies (Szendrei, & Rodriguez, 2010).
Pros. Formal pay structure is advantageous because an employee can make permanent plans based on it. Non-monetary compensation enables the employee to save monetary resources, and feels part of the organization.
Cons. Monetary compensation can be easily wasted by the employee. Non-monetary compensation may sound a long-drawn burden to an employee, especially those who have access to better non-monetary compensation offered by an organization.
Organizations carry out a cost benefit analysis to find out how effective, or how badly, an intended action will impact organizational goals. Even though, the analysis can be employed for almost any case, it is usually executed on ...Download file to see next pagesRead More
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