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Compensation and Benefits - Essay Example

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Benefit offerings significantly increase the organization’s competitiveness in the marketplace by attracting a pool of highly competent and qualified personnel and by retaining current employees who are ensured of maintenance and development through training, rewards, and…
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Compensation and Benefits
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Download file to see previous pages One firmly believes that although pay is a motivating factor for most job applicants and existing employees, it is not the primary or sole motivating factor. Different motivational theories have identified diverse motivators ranging from needs and desires in hierarchical fashion or depending on work related opportunities for growth. As acknowledged, pay is only a part of the extrinsic motivational factors including non-financial provisions. There are also intrinsic motivational factors that include participation in decision-making, greater job freedom and discretion, more responsibility and interesting work, as well as greater opportunities for personal growth and development (Martires, 2004). All of these factors assist to motivate applicants and employees in the contemporary work ...Download file to see next pagesRead More
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