An Effective Compensation And Benefits Package - 1248 Words

With an effective compensation and benefits package, the organization will see improvements to include quality employees. There will still be ample turnover, which is healthy for the business. Provided the package is reviewed and updated to be current and remains competitive, you will consistently draw upper echelon talent, and exceptional performers. Employee Training and Development In regards to training a strong, educated, and high-performance workforce, an up-to-date training plan that will equip employees with the tools necessary to meet organizational goals. Learning plans will need to be technical, as well as practical. Managerial level employees will have access to a tuition assistance program that will encourage higher education for use within the organization and their field of expertise. Employees will not only be equipped to perform the core tasks of their profession, but will also be well versed in teamwork, sensitivity, leadership, and recognizing various personality types, and how to better interact with them. They will be offered monthly internal training sessions, hosted by their co-workers, and will alternatively host them as well. This allows for fiscally sound cross-training opportunities, and well-rounded individuals to advance within the organization. This will also serve as a measure of the effectiveness of the training program, by allo wing the employees to demonstrate their knowledge to their peers and leadership. Work-Force Diversity As partShow MoreRelatedEmployee Compensation And Benefits Packages Essay1245 Words   |  5 PagesEmployee Compensation and Benefits Organizations create compensation and benefits packages in order to attract the best talent. In today’s global economy it is imperative that organizations offer compensation packages that are competitive in order to recruit the very best talent in the world. However, in order to be successful, compensation packages must align with business strategies. Authors â€Å"Mathis, Jackson, and Valentine (2014) explain that an effective total rewards approach balances theRead MoreCompensation Of Memorial Hospital Savannah1075 Words   |  5 PagesCompensation Packages- Memorial Hospital Savannah HR is the one responsible of the development of the organization compensation system and of the development of the pay structures, programs and policies.an effective compensation system will be focused on compelling with the law, cost-effectiveness, provide equity in all aspects and enhancement of the organization (Flynn, 2015). Compensation packages can include bonuses, benefits like health insurance, retirement benefits, paid time off, and professionalRead Moreï » ¿Case Study â€Å"Al Dunlap at Sunbeam†1020 Words   |  5 Pagesinterests are to a large extent compatible, especially from a long-term perspective, managers should also take into consideration the interests of multiple constituencies when operating a company. For example, both shareholders and customers may benefit from a company’s successful research and development (RD) projects on cutting-edge products as customers can have high-value products while shareholders may profit considerably from the sales. Meanwhile, like shareholders, stakeholders also haveRead MoreJob Description Of Cox Manufacturing Company843 Words   |  4 Pagesrecords. The Current Compensation and Benefit Package for Employee They offer a wide range services that differentiate a Good Job from a Great Job these includes: †¢ Paid Holiday ïÆ' ¼ Full time employee receives five standard, paid holidays with additional days added based on performance †¢ Health Insurance ïÆ' ¼ Available on the list of the month following 90 days of services: (i) Medical and dental (ii) Life insurance and supplemental insurance †¢ Weekly compensation ïÆ' ¼ A form of benefit an employee getsRead MoreConsiderations for Compensation and Benefits1442 Words   |  6 PagesConsiderations for Compensation and Benefits Abstract Compensation is one of the most important considerations perspective employees will make prior to accepting a job offer. For this reason, another performance of Human Resource (HR) professionals is the compensation analysis. The focus of the analyst in this position is to use strategy in formulating compensation and benefits packages that are attractive and conducive to maintaining talented employees (Editorial Board, 2011). As another criticalRead MoreHuman Resource Practices With Business Goals1363 Words   |  6 Pagesgoals with employee motives, a well-rounded compensation plan precedes attainment of these business goals(Martocchio 3). As can be seen by this statement, compensation is a major concern for all players in the business world today. As a matter of fact, if a company fails to properly manage their compensation package they will find themselves being left behind by the competition. In particular, what exactly does being left behind in compensation and benefits mean? It stands that other companies willRead MoreWhat Advice Would You Give Monroe And Why? . In A Situation1183 Words   |  5 Pagesdetermine your salary and benefit package the first piece of advice would be to approach the situation armed with information. Review the salary ranges for the same or similar positions and determine your value based on experience, skills and your business exposure. For Monroe, being responsible for determining his own compensation package will provide information to the employer around his business management and negotiation skills. How he goes about developing this package will provide direct insightRead MoreComponents Of The Compensation Program1463 Words   |  6 Pagesof expatriate compensation After the preliminary consideration, the basic structure of international compensation programs is similar to the structure of domestic compensation programs (Martocchio, 2015). The main component includes base pay and employee benefits. The nonperformance-based incentive and allowance differ international compensation packages from domestic compensation packages. In the following section, I will focus on the difference part between expatriate compensation and domestic compensationRead MoreCompensation Pl Definition And Strategy1609 Words   |  7 PagesThe Compensation Plan, Definition and Strategy Compensation is commonly defined as a systematic approach to offering value to employees in exchange for their time, effort and work completed. An organization may provide several different types of compensation that impacts the overall satisfaction of the employees and the growth and success of the company. Essentially, amalgamating the compensation plan to the organizational goals, objectives and company philosophy will support recruitment and retentionRead MoreEmployee Benefit Plan Development : Employee Benefits Essay1508 Words   |  7 PagesEmployee Benefit Plan Development â€Å"Understanding your employee’s perspective can go a long way towards increasing productivity and happiness† – Kathryn Minshew, founder of The Muse. In today’s highly competitive and robust job market, benefit programs have become an integral aspect of an employer’s total compensation package. In fact, an employer’s total benefit package plays just an important role in attracting and retaining talent for organizations as monetary compensation, according to a recent