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Word Count: 1,348
Compensation can be viewed as a strategy used to attract retain and motivate employees Total compensation can come in a variety of pay forms such as cash compensation benefits and relational returns all important to an organizations pay structure When developing a pay structure managers and employers need to be conscious of a number of contributing factors pertaining to the organization such as industry size employee preferences and strategy A successful total compensation system will achieve internal alignment which links the organizations strategy and objectives to the pay relationships between jobskillscompetencies within a single organizationpg34 Internal equity provides numerous benefits such as undertaking training increases in experience reducing turnover facilitating career progression facilitating performance reducing pay-related grievances and reducing pay-related work stoppages Managers can attract retain and motivate their employees through a well-structured total compensation plan that includes cash compensation benefits and relational returns There are several different ways in which a manger can compensate their employees As mentioned above compensation can be received in a variety of pay forms such as cash compensation benefits and relational returns The total compensation in which an employee is receives directly influences their interest in staying with the organization and their internal motivation towards achieving the organizations objectives Cash compensation is made up of the employees base salary merit increases cost of living increases short-term incentives and long-term incentives A market-match pay structure consists of a 7000 base pay 2000 benefits 400 stock options and 600 bonuses This type of pay structure mimics the pay mix competitors are payingpg148 Employees are more satisfied when through receiving a mix of pay forms Providing employees with stock options gives them more incentive to act in the best interest of the organizations performance Relational returns refer to the psychological returns an employee believes they receive such as feeling valued advancement opportunities and challenging work recognition and status and
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