If an employee is compensated by a salary, employees are compensated differently from those that may have an hourly compensation rate. Compensation is a key factor that impacts employee satisfaction while also having a direct influence on how successful the overall organization can be.
Salary General salary compensation refers to an amount of money that you pay an employee for the work they do without consideration for quantity or quality of the work performed Entrepreneur Media, Inc. Employees who are paid a salary are given the expectations that they need to complete the entire job in order to earn their compensation.
To ensure that employees are a proper fit for Clayton, and in order to keep costs down, Clayton should institute a mandatory day waiting period before new employees qualify for any of the companies benefits.
Hire Writer When you hear the person, understand the situation and the feelings, then you are in a position to take constructive action or to reply to her or him in a way that makes sense. Employees see direct correlation between good performance and reward. Creating a more motivated workforce that is focused on a goal to provide quality production benefits everyone.
If our company has highly driven employees focused on producing quality work, the company will benefit in the short term and long term. Why would an employee want to do that? Understanding that each client is different from each other, focusing on each client while actively listen, not judging and knowing that the client is there for help is a way to adapt your communication between clients and or patients.
It helps them gather information, solve their problems themselves and try out other alternatives. This strategy will create a workforce of highly motivated, performers that are excited and engaged to succeed.
Some of these benefits have a waiting period prior to eligibility, and there is also a hour a week minimum requirement to be eligible for most benefits www. Employees can also benefit from participating in a voluntary benefits program that includes dental insurance, auto and home insurance, and pet insurance.
Longevity-based Longevity-based compensation is a compensation strategy that more mirrors a type of contract where the employer will pay the employee a compensation based on their length of service or seniority.
Additional benefits include referral bonuses, relocation program assistance and employee discounts www. Sometimes you need specific information i. Hire Writer The downside of this approach is that you create a more competitive environment that may impact employee-to-employee relations.
A few strategies and or techniques that allow us to see a better approach to communicating can be using open-end questions such as Where would you like to begin?
Clayton should offer a basic benefits package that should include healthcare, vision, dental coverage, life insurance and disability coverage with the employee paying part of the premium cost to help keep benefits costs down. Time-Based pay structure promotes loyalty to the organization since promotions and increases in pay are based on the length of times the employee is with the organization, but the disadvantages outweigh the positive.
Introduction The Human Resources department was asked to research possible compensation strategies for our manufacturing organization.
This compensation differs from both hourly paid employees or performance-based paid employees.
Total Compensation and Benefits Strategy:Compensation And Benefits Strategies Recommendations Essay Sample. Market Evaluation: When constructing a benefits and compensation strategy, it is important to understand what companies in comparable markets are providing to their employees.
A strong accent is placed on the fact that compensation and wages strategies should transparently reflect the fiscal potency of the company and align it to the administration scheme and aims.
In the yesteryear, rewards and wages normally grew merely by a consistent and changeless spinal point. The following proposal includes a job description and qualifications, training program, method for evaluating employee and team performance, challenges of a team performance evaluation, incentive and benefits package, strategies for managing employees careers development and a compensation plan.
This essay endeavours to understand the best compensation and benefits strategies that high performing organisations in the high technology industry have undertaken. Summary and Analysis of literature. Compensation and Benefits Strategy Landslide Limousine (LL), a small business in Austin, Texas, hired Atwood and Allen Consulting (AAC) to conduct a market evaluation and provide recommendations for the following: a position in the market, a compensation structure, a total compensation and benefits strategy, and performance incentives.
Essay Help: Evaluate how compensation strategies tie into underlying corporate values. Examine how organizations determine the relative importance of compensable factors. Evaluate how compensation strategies tie into underlying corporate values.
Analyze an example which demonstrates how an organization’s compensation and .Download