timer Asked: Sep 6th, 2018
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Question description

Compensation is one of the fundamental responsibilities of an HR department, with the ability to offer a compensation package that attracts and retains employees serving as a key to obtain the talent to pursue dramatic organizational goals.

In a well-written paper, address the following aspects related to an organization’s compensation program:

  • Explain the need and rationale for a compensation philosophy.
  • Propose a compensation philosophy that may be applicable and utilized for a Fortune 500 company.
  • Finally, discuss the principal types of monetary, or core, compensation and when it may be most applicable to use one type of compensation over another.

Your paper should meet the following requirements:

Tutor Answer

School: New York University

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Compensation in an Organization
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Compensation in an Organization
In every organization, compensation plays an important role in employee behavior
aligning with the objectives of the business. Attributes like lateness, drug abuse, unsafe actions,
inadequate training, alcoholism, incompetence, and absenteeism can distraught the business’s
objectives apple cart. For the organization to realize her goals, they must practice productive
employment. Without a doubt, employing the right man in the right job discards ineffective
business management vast space. However, elements of human-like expectations, ambitions,
egos, and emotions to plays a critical role in business success. Hence, organizations create a just
system of compensation for them to achieve their goals. Compensation is the monetary and nonmonetary pay total amount that an employer provides to an employee in return for a performed
work as per the requirements. Compensation is a blend of your pay value, bonuses, health
insurance, vacation, among another perk such as parking, free lunches, and free events, that you
may receive (Healthfield, 2018). This paper through its review of compensation looks at the
compensation philosophy need and rationale, propose a philosophy of compensation is
appropriate and may be applied to a Fortune 500 company. Lastly, the principal monetary types,
or core compensation and when it may be most applicable to use one form over another.
Apanpa and Farinmade (2017) explain Compensation Philosophy as the foundation of the
manner in which the talent required to achieve business objectives are rewarded by the
organizations. This philosophy guides the company on where they aim to mainstay its wage
inside a group partner and the kind of compensation basics to be...

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