StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Compensation and Benefits support - Essay Example

Cite this document
Summary
Plan that relates to employees compensation, devised by HRM determines the pay and perks of an employee. The plan in question contains number of measures for the…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.4% of users find it useful
Compensation and Benefits support
Read Text Preview

Extract of sample "Compensation and Benefits support"

No: Describe the ways that Compensation and Benefits support the strategic goals of an organization and how you as an HRM can shape this program to meet the organizational goals.Compensation and BenefitsHow can an organization dream of progression without compensation and monetary benefits to their employees? Plan that relates to employees compensation, devised by HRM determines the pay and perks of an employee. The plan in question contains number of measures for the employee’s benefits, which include salary, increments, cash performance award and promotion in the next higher grade.

The successful implementation of compensation plan would be instrumental in encouraging the employees that enable the organization to compete with other major market players (Balkin & Gomez‐Mejia 157). Competent ResourceThe strategic compensation plan of an organization certainly plays an important role to woo competent resource. Competitive price tags will attract experienced employees to come and join the organization. Hence, employees having better qualification and experience can be of great help in meeting the set revenue targets besides establishing the credibility of the organization in the market (Balkin & Gomez‐Mejia 157).

Pay for PerformanceThe strategic compensation plan for employees should be based on pay for performance. How can be a visionary and non-visionary person treated alike? As far as the sales employees are concerned, they should be given commission on their total sales. Reward system in an organization is a source of motivation for the employees to pursue their goals. Thinking of hard working by the employees without hoping for a reward is very difficult (Balkin & Gomez‐Mejia 158). Employee RetentionRetention of valuable resource amounts a hard nut to crack if it is not supported by the monetary benefits.

There is an adage that “happy laborers work more”. To keep employees of repute for a longer period of time, it is utmost important for HRM to compensate them through increase in salary, promotion and cash performance reward so that they may not jump into other companies for better career prospects. If aforementioned measures are implemented in letter and in spirit, experienced workforce will think twice before going out in searching of another job opportunity (Armstrong 72). Perks and BenefitsCompetitive compensation and benefits are the key elements to attract the best talent available in the job market.

Further, organizations that offer insurance covered health policy and guaranteed paid vacation are the hotcakes for the lucrative job hunters. It should be the focal point of HRM of any corporate entity in their compensation policy. Mentioned benefits should be linked with the increased profitability of the company and the performance of the employees as well (Balkin & Gomez‐Mejia 160). CompensationThe task of Human resource management (HRM) of reputable organization is to plan, implement, manage recruitment, select right person for the right job, learning, career, organizational development activities within the ambit of the organization.

It has to maximize the productivity of the organization by achieving mentioned goals. Moreover, HRM has to put in concrete efforts to promote personal development, employee’s satisfaction and to ensure compliance of employee and employer relationship laws of the land (Armstrong 75). We have discussed compensation threadbare in the earlier paragraphs. Sequentially, it is the third option of HRM to ensure payment of incentives to its employees who deserve them. The HRM specifically focuses on the development of remunerative system that accomplishes set organizational goals/objectives meant for employees e.g. retention, quality, satisfaction and motivation.

The aims of doing such things by HRM are nothing, but to help organization in its endeavor to improve their market share of business. Apart from the said perks, financial compensation and fringe benefits are utmost important for the employees. The HRM should draw an effective reward policy to meet the demands of productive head counts in recognition of its employee’s qualitative work (Armstrong 81). Works CitedArmstrong, Michael. A handbook of human resource management practice. Kogan Page Limited, 2003.

Balkin, David B., and Gomez‐Mejia, Luis R. "Matching compensation and organizational strategies." Strategic management journal 11.2 (1990): 153-169.

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Compensation and Benefits support Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Compensation and Benefits support Essay Example | Topics and Well Written Essays - 500 words. Retrieved from https://studentshare.org/human-resources/1622633-compensation-and-benefits-support
(Compensation and Benefits Support Essay Example | Topics and Well Written Essays - 500 Words)
Compensation and Benefits Support Essay Example | Topics and Well Written Essays - 500 Words. https://studentshare.org/human-resources/1622633-compensation-and-benefits-support.
“Compensation and Benefits Support Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/human-resources/1622633-compensation-and-benefits-support.
  • Cited: 0 times

CHECK THESE SAMPLES OF Compensation and Benefits support

New and Improved Rewards at Work

On the other hand, it is advisable to keep personal budget by stabilizing the compensation strategy.... compensation strategies are vital in identifying the job markets to an organization hence building the attractiveness of company's top talent.... compensation strategy and competitive advantages Nowadays, it is worth to note that employees are on the same level with the customers.... In addition, it is real that the most successful differentiators are compensation strategies....
8 Pages (2000 words) Assignment

Sales Force Compensation

Work-life comprises a particular set of organizational policies, practices, programs and philosophy which actively sustain and support efforts to help employees attain success both at the workplace, and at home.... benefits refer to programs that an employer dispenses to supplement monetary emoluments that are given to employees.... Aspects of these benefits include income protection, retirement programs, health and savings.... In the paper “Sales Force compensation” the author analyzes the provision of a total rewards program, which has been the centerpiece of organizational success....
5 Pages (1250 words) Term Paper

To be emloyed on wages

This paper will also support wage employment over self-employment.... Pros and Cons of Wage Employment Pros Some of the benefits of working in wage are extremely significant, and nearly all of the benefits surpass the benefits of self-employment.... Such employees also enjoy regular payments, as well as other benefits.... The employee issues to his or her workers a W-2, which outlines compensation, as well as taxes settled for the previous tax year....
3 Pages (750 words) Essay

A REVIEW OF PROVIDING EMPLOYEES BENEFITS IN SAMSUNG IN SOUTH KOREA

High compensation In his studies on compensation and negotiation, Chingos (1985) support an increment of salaries not only as a way of compensating them but also as... Through the establishment of Samsung's welfare system, the company provides not only financial support to the employees, but also it provides health, leisure and education facilities to the employees.... Research rationale 4 … a review of providing employees benefits in samsung in south korea (Student Name) (Student ID) (Instructor's Name) (Course Name) 18th December 2013 Word count: 2555 Table of Contents Table of Contents 1 1 Introduction 3 1....
8 Pages (2000 words) Essay

Total Compensation Methods to Compensate Employees

compensation and benefits, like we all know are rewards that an organization gives to its employees in return of their efforts and services that they have given.... compensation and benefits, as we all know are rewards that an organization gives to its employees in return of their efforts and services that they have given.... There are various methods to compensate employees and each method and benefits may have its own impact on the employees and on overall the organization, and this is what we are going to discuss below....
4 Pages (1000 words) Case Study

Recent Trends in Compensation Practices

The author of this assignment "Recent Trends in compensation Practices" touches upon the compensation practice in Verizon Communications Inc.... Human Resource Management characterizes pay in these words "worker remuneration alludes to all types of compensation to laborers and emerging from their job (Hill & Jones, 2007).... have been designing implementing effective reward system demand to clear fit between the compensation strategy and overall business planning....
6 Pages (1500 words) Assignment

Benefits Available Through Social Security

This essay will explore the background of social security compensation and the benefits derived from it in the US.... hellip; The author states that child support is no longer given priority, and neither is it a means of elderly income from the end of the nineteenth century.... Therefore, housing equity is not liquidated to provide consumption support after retirement.... In the paper “benefits Available Through Social Security,” the author discusses the changes in demographic patterns....
6 Pages (1500 words) Term Paper

Overlooking Employee Needs and Expectations of Subway

nbsp; The primary objectives of this research study are to critically outline the concepts of compensation and benefits and their influence on employees' performance and motivation.... Moreover, the research study also tends to identify the major causes that lead towards the ineffectiveness of compensation and benefits along with its impact on Subway towards attaining competitive success.... Therefore, the rationale of this research can be determined based upon critically assessing the importance of compensation and benefits that can be regarded as major elements of Human Resource Management (HRM) of an organization....
10 Pages (2500 words) Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us