BUS681 Ashford University Week 1 Importance of Compensable Factors Analysis

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NAT164

Business Finance

BUS681

ashford university

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Week 1 - Assignment

Journal Article Research and Analysis

Strategic compensation is a component of the human resource system. Organizations must determine the importance of many factors when choosing compensation and benefits. Write a three-to-five page essay (not including the title and reference pages) that summarizes the impact and effect of compensation within an organization. Your paper should be written in a scholarly third-person tone; it should be in APA format. In addition to the introduction and conclusion, your paper should address the following:

  1. Examine how organizations determine the relative importance of compensable factors.
  2. Evaluate how compensation strategies tie into underlying corporate values.
  3. Analyze an example which demonstrates how an organization’s compensation and benefits programs have been utilized to obtain corporate strategic goals.

In addition to the text, cite at least two scholarly references to support your discussion.

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Explanation & Answer

Attached.

Running head: BENEFITS AND COMPENSATIONS

Benefits and Compensations
Student’s Name
Institution
Year

1

BENEFITS AND COMPENSATIONS

2

Benefits and Compensations
Employee compensation plays a very critical role in improving the performance of
employees. Therefore, it is important for human resource managers to consider various
compensable factors when designing wage and salary brackets for various categories of
employees (Gagné, 2014). Some of the common compensable factors which human resources
managers need to consider when computing employees' wages and salaries include the
experience, their education, their working conditions, the complexity of their duties and also
their mental and physical demands. Therefore the compensation and benefits which an employee
is entitled to are normally determined by numerous factors which human resource managers and
also employers need to consider while hiring employees. By taking into account these
compensable factors, employers and human resource managers can adequately compensate
employees and improve their performance at their workplace. Aside from this, employee
compensation also helps to improve employee motivation, boost employee loyalty and also
increase job satisfaction (Bishow & Monaco, 2016). Some of the commonly used compensation
tools include commissions, bonuses, overtime pay and also insurances and also allowances.
How Organizations Determine the Relative Importance of Compensable Factors
When computing compensation plans, human resource managers need to determine the
importance ...


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