Compensation and Benefits Strategies Used By Current Organizations
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Among the various functions of Human Resource Management are compensation and benefits. However businesses hardly consider compensation plans as a strategic business but as a result of its impact on HRM activities such as recruiting, retaining employees, and motivating workers, organizations now know that compensation is one of the most critical elements when it comes to attaining success.
The role of human resource management in issues of compensation is to make sure that decision-makers clearly understand the impact of compensation and benefits on employees. In an organization, it is well established that an organized culture, considerate performance, and a targeted hiring policy are the key features that enable employee’s value their stay or employment period but it is worth noting that without a solid compensation foundation then chances of survival are reduced to minimal. Compensation and benefits offer support to an employee’s life, therefore, an organization should ensure that their compensation and benefit meet the needs and wants of their employees so as to ensure long-term employee retention.
Compensation is defined as the payment packages that employees receive when offered employment in an organization and these include; wages and benefits among others. An effective compensation strategy determines in what way compensation is of significance to the company in managing its costs and how it can improve the quality of employees.
Compensation strategies refer to plans that outline how a company decides on its employee benefits and wages. Compensation plans contain information regarding the company’s goals and purpose for offering compensation and remuneration for various roles in the company. They also determine how the company values employees when offering compensation. Executing an effective compensation strategy provides a company with a competitive advantage over its competitors and it also encourages employee loyalty.
This essay analyzed the compensation and benefits strategies used by current organizations. The key question answered is what are the compensation strategies of an organization?
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Compensation and Benefits Strategies Used By Current Organizations a Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Explain the concepts and principles of compensation and benefits strategies in the context of current organizations.
- Compare and contrast different types of compensation and benefits strategies and their impact on employee motivation, retention, and performance.
- Evaluate the effectiveness of compensation and benefits strategies in achieving organizational goals and objectives.
1.0 INTRODUCTION
Employees in an organization are referred to as the utmost cherished asset, also known as the driving force and they are very significant towards attaining success in an organization. They perform or carry out the responsibilities and activities that contribute to the organization's growth and development. Therefore they ought to be shown respect, and treated fairly and they should be provided with ample opportunities to learn, grow and develop in the business. Employees maintain the standards and principles of the organization and act with reliability, competence, and responsibility to the organization.
The primary basis of a competitive company is reflected in the behavior of its employee, once they are satisfied, highly motivated, and loyal, the company is deemed to be competitive and most likely to be successful. Employee satisfaction is usually reflected in an increase in productivity, and improved quality of the goods and services among so many other factors. Human resource management involves employees’ features and performance in an organization or a business. It may also be defined as the strategic approach used in procuring, developing, and maintaining a highly skilled workforce to effectively attain an organization's goals through a distinctive set of integrated employment policies, programs, and practices. Human Resource Management deals directly with the employees of an organization this is because it improves their productive contribution.
All the above-mentioned key tasks are directly or indirectly affected by the compensation and benefits plan that the human resource management decides. Compensation and benefits determine the values and successes in a workplace. Efficient compensation and benefits strategies are an opportunity that organizations use to distinguish themselves from their rivals in the market.
This essay will discuss how the current generation's workforce is making a new impact and how it is causing organizations to shift from their traditional compensation strategies. The essay also looks at how various companies in different sectors perceive compensation and benefit strategies.
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