Week 5
This week’s paper help to identify the different scenarios a company can go through and how diversity plays an important role in creating a rewards system and how motivations can be determine by this diversity at work. Career development is important for the employee and for the company as well, since the company needs to be preparing for the upcoming changes in this changing economy. Companies now in days are aware of the need to invest in human capital as part of the organization development. Companies need to retain their investment through motivational strategies but always understanding Diversity. Diversity plays an important place in the structure of compensation and rewards system, since needs and motivation vary from one employee to another.
In order to remain competitive, as well as attract and retain top employees, employers are faced with the task of creating a winning compensation strategy that will not only accomplish these objectives, but will also stay in line with corporate budgeting constraints. It's a fact that employee compensation is much more than just a salary. It can encompass the extras such as vacation and sick time, company vehicles, corporate memberships, and a variety of benefit options designed to provide employees and their families with, at a minimum, health insurance and retirement income. While employers are legally obligated to provide certain state and federally sponsored benefits, the majority of employers also offer, and often contribute to, additional employee benefits.
Employees also have greater expectations of what should be included in their compensation packages, and they may demand specific benefits that can be costly for small businesses. Costly or not, building a fair and attractive compensation package is critical for attracting and retaining employees. Salary and wages are usually the single largest component of a compensation package, and not surprisingly, the most common point of...
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