Description
Write a research paper in which you address the compensation and benefits of a selected organization, based on information you have gathered and analyzed about the organization.
Structuring and communicating a total compensation package that meets regulatory requirements and the needs of the workforce requires a delicate balancing act between what is required and what will contribute to an effective relationship between employer, employee, and the community in which the company operates. Communicating benefits programs to employees can be as important as the benefits themselves. Knowing how to leverage all available compensation options is a necessary skill for any HR professional.
SHOW LESSBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Apply human resource strategies to business needs.
- Analyze the costs of employee benefits to a company.
- Explain how benefits are communicated to employees.
- Analyze issues related to compensation and benefits packages organizations face.
- Competency 3: Examine core functions of Human Resource Management.
- Describe types of employee compensation.
- Explain the differences between benefits that are legally mandated and those that are voluntary.
- Competency 4: Appreciate the strategic value of HRM within a competitive global business environment.
- Explain the role of benchmarking activities in developing a competitive compensation structure.
- Describe environmental factors that can influence the compensation and benefits offered by an organization.
Explanation & Answer
Hi Elizabeth The paper is ready. Thank you for your patience.
Running head: COMPENSATION
1
Compensation
Student’s Name
Institution
COMPENSATION
2
Human Resource Strategies
Human resorce strategies refers to the overall plan that is aimed to aid in the
implementation of a specific human resource management functional areas. These strategies act
as a guide to the decision makers as they are manadated with the alignment of the HRM
functional areas and the organisational strategy. Occassionally, some rganisations categorise the
HR strategies into: culture, people, organisation and human resource systems (Bamberger, Biron,
& Meshoulam, 2014).
Cost of Employees Benefits
Notably benefits to employees are optional. These benefits include; retirement benefit,
group insurance, daycare, vacation, funding for education, sick leave, or tution reimbursement.
Despite the expensive nature of these benefits, there exist intrinsic benefits associated with
employee benefits. Often, the benefits is a way in which the organisation retains its highly
qualified employees, thus low employee turnover (Beam & Mcfaden, 2001).
Among the advantages of providing benefits to the employees for the employer, include:
•
An avenue for corporation savings as premiums are tax deductible.
•
The benefits are likely to attract and retain highly qualified employees.
•
Provision of benefits enhances high productivity as the employees are at ease
since their welfare is well taken care of.
•
Analysts have described benefits provision to be a strategy to manage hi...