Total Compensation Methods Paper
Thesis
Employee benefits and compensation are concerns of many employers today. Over a period of time employers are designing creative ways to meet employee professionally and personally by maintaining their benefits and compensation package satisfactory to employees. In recent years organizations has began to offer an array of benefits that goes beyond basic health care and retirement. In today's workforce, employees can expect added or supplemental health benefits that can include dental, vision, chiropractic, and employee-assistance programs. In addition to retirement and pension programs that give a multitude of options to meet an employee's specific needs. Some of the benefits include retirement plans, health life insurance, life insurance, disability insurance, vacation, employee stock ownership plans, etc. In addition, organizations offer compensation packages that include wages and salary, merit-based programs, bonus-based programs, commission-based programs, etc. As revealed in this paper, benefits and compensation programs in addition to salary and benefit strategies are all key elements to employee retention, moral, productivity and organization growth.
Total Compensation Methods
Benefits are important as a reward, in that organizations wish to reward employees not only for their job and performance, but also for their commitment to the organization. There are several approaches to consider when planning for employee compensation. Employee compensation can focus on individual programs, group strategies, or organization wide changes. In the case of individual programs, employers must incorporate organizational goals into the compensation program. In this manner, the success of the individual greatly affects the success of the entire organization. When employers reward incentive benefits to groups, employees must cooperate and share their knowledge so that the entire group can meet its performance target. When...
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