Compensation and the benefits package from the organisation
prepare a PowerPoint presentation consisting of 5 slides per student not including the cover slide and the reference slide. Every slide needs to include 100 words in the Notes section
You must use at least one reference, in addition to your book. You need to use in-text citations. Your in-text citation and your reference (on your reference slide) must be in APA format.
Compensation and the benefits package from the organisation
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What Defines a Competitive Compensation and Benefits Package?
One way businesses attract and retain top talent is by offering comprehensive compensation and benefits packages. What your organization provides depends on the budget available, the size of your company, and what your employees value most. While larger firms and government employers tend to provide comprehensive compensation packages, small businesses tend to start with a few elements and build on those as business allows.
Sairam rayapureddy(560612)
If you’re a small business owner/HR manager: If your business is looking to start or expand what you offer as part of your compensation package, look at the categories below and define your own goals and a plan for growing and expanding what you offer.
If you’re an employee: This article is written for employers, HR professionals, and managers who want help in evaluating their current compensation offerings. However, even if you’re a job candidate or current employee, you may find the tips and baseline numbers below helpful as you evaluate your expectations and requests for your own compensation package.
Sairam rayapureddy(560612)
A compensation package is an important part of the overall strategic HRM plan, since much of the company budget is for employee compensation.
A compensation package can include salary, bonuses, health-care plans, and a variety of other types of compensation.
The goals of compensation are to attract people to work for your organization and to retain people who are already working in the organization.
Compensation is also used to motivate employees to work at their peak performance and improve morale.
Employees who are fairly compensated tend to provide better customer service, which can result in organizational growth and development.
Sairam rayapureddy(560612)
WorldatWork offers several certifications in the area of compensation:
Certified Compensation Professional (CCP)
Certified Benefits Professional (CBP)
Certified Sales Compensation Professional (CSCP)
Certified Executive Compensation Professional (CECP)
These certifications involve taking a multiple-choice exam online or at one of the WorldatWork testing locations. The exams test for knowledge, experience, and skills in each of the compensation certification areas and can be a valuable asset to you when applying for HR positions.
Sairam rayapureddy(560612)
The certifications are based on many of the aspects of this chapter, including understanding the goals of compensation packages for employees, which is our focus for this section.
First, the compensation package should be positive enough to attract the best people for the job. An organization that does not pay as well as others within the same industry will likely not be able to attract the best candidates, resulting in a poorer overall company performance.
Once the best employees and talent come to work for your organization, you want the compensation to be competitive enough to motivate people to stay with your organization. Although we know that compensation packages are not the only thing that motivates people, compensation is a key component.
Third, compensation can be used to improve morale, motivation, and satisfaction among employees. If employees are not satisfied, this can result not only in higher turnover but also in poor quality of work for those employees who do stay. A proper compensation plan can also increase loyalty in the organization.
Sairam rayapureddy(560612)
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Requirement of the hour
Every organisation provides the compensation packages of different types to their employees.
The compensation packages have to have the bonuses (Bailey, Mankin, Kelliher & Garavan, 2018).
The organisation should give some incentives to the employees to increase their performance.
They have to provide competitive packages to them. To attract and retain them.
Compensation packages are the things which are provided to the employees in order to provide them some extra support or the pay from the organisation to promote them to do work with much more enthusiastic way and do not become lousy on the job. The incentives are also provided by the organisations to the employees to promote them in their work and as the gift to them from the side of the organisation due to their good performance (Bailey, Mankin, Kelliher & Garavan, 2018). This things also help the organisation to attract the employees from the different organisations or from outside to them and retain their own employees.
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Requirement of the hour
The organisation can use the long term incentives packages (Bailey, Mankin, Kelliher & Garavan, 2018).
This helps the organisation to maintain their employees with them for long period of time.
The one of the best compensation package which can be used by the organisation is health insurance.
The use of the life and the disability insurance is also the good thing.
The compensation packages are the some type of the strategy of the organisation which is done by them in order to make the competition in the market and try to attract the experienced employees towards them which is going to be good assets to them. They can also increases their trust in the market by providing good compensation packages to the employees and this thing also help them in retaining their employees for longer period of time and even employees also like to work there Bailey, Mankin, Kelliher & Garavan, 2018). The organisation also provides the health insurance to the employees in order to make sure them the organisations are thinking about them.
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Utilisation of the packages
The utilisation of the retirement plan in the compensation packages.
The other one of the most important compensation which can be provided by the organisation is time off.
Raises are also the good benefits in the package of the compensation.
The organisation can give hourly wage compensation (Kuehnl, Seubert, Rehfuess, von Elm, Nowak & Glaser, 2019).
The organisation also has to earn the trust of the employees in order to make them believe that the organisation is also looking after them and they can give their more efforts to the organisation. The organisation can also provide them the time off to the employees in order to make sure that the employees are also go for some relaxing activities or for some programs related to the their families. Raises to the employees are also a good thing to promote them to work. And this thing makes the good thinking in their mind about the job they are doing (Kuehnl, Seubert, Rehfuess, von Elm, Nowak & Glaser, 2019.
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Utilisation of the packages
The organisation should also provide the overtime pay compensation to the employees.
The compensation can also be given in the loan taken from the employees from the organisation (Stewart & Brown, 2019).
The organisation can also provide some paid time off to the employees.
The use of the organisation trip is also the good employee compensation techniques.
The organisation also try the tactics to pay the employees when they are doing the work more than there time limit. And this is known as the over time pay, and this is done in order to motivate the employees to work more for the organisation even after the time limit. This thing increases the work done in the organisation and helps in promoting the enthusiasm for the work between the employees. The organisation can also provide so time off to the employees as the stress buster to the employees and send to the trip, this thing Increases the team bond also and relationships between them (Stewart & Brown, 2019).
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Implementation of the core ideas
The method of the profits sharing is also the good way to compensation packages.
The stock options are also the good method of use of benefits package.
Provide commission to the employees is also the good way (Stewart & Brown, 2019).
Parties and the vacation can also be used by the organisation.
The organisation is also used the methods of sharing the profits with the employees and this is done to encourage them and making the great environment in the organisation. The employee are now thinking the organisation profit as there own profit and do work like that and try to do work in the manner that the organisation can get more benefits or profits so they are also able to get some parts of it Stewart & Brown, 2019). Commission and the parties are also one of the good methods of providing compensation packages. This also benefits the organisation and employees in the good manner.
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References:
Stewart, G. L., & Brown, K. G. (2019). Human resource management. Wiley.
Bailey, C., Mankin, D., Kelliher, C., & Garavan, T. (2018). Strategic human resource management. Oxford University Press.
Kuehnl, A., Seubert, C., Rehfuess, E., von Elm, E., Nowak, D., & Glaser, J. (2019). Human resource management training of supervisors for improving health and well‐being of employees. Cochrane Database of Systematic Reviews, (9).
