New Trends in Employee Compensation and Benefits
This essay examines new trends in compensation and benefits. The essay discusses the impact of benefits offerings for both employer and employee, and reviews recent trends and discusses their significance.
Reasons for working vary from individual to individual, and compensation is usually among the most important reasons. However, many people list other factors that are almost equally important to them. These factors can range from opportunities to develop new skills, to an experiencing a sense of community, to more tangible benefits such as provisions for retirement. Currently benefits programs account for approximately one third of the average worker's total compensation, based on the size, profitability and philosophy of a particular employer. Programs that are effectively designed and promoted work to the advantage of both employers and employees (Wish).
Compensation packages have changed significantly over the years. They no longer consist of a flat percentage increase once a year, but rather, have evolved to include a combination of perks and benefits. These changes have occurred in response to a shift in people's wants and needs, and companies, in their desire to remain competitive, have modified their compensation programs as well. Employers who want to attract, retain, and motivate people who are committed to their success use employee compensation and benefits to accomplish this (Zoo Media Group).
Organizations are responding to a number of factors that influence new trends in compensation. These factors include the changing business environment and the impact of such things as new technology like the Internet, downsizing as a result of economic downturns, and transitioning to flexible and contingency workforces. Operational changes have impacted companies' approach to compensation as well. Many organizations no longer follow the old business model wherein authority is dictated from the top down;...
Compensation Benefit Recommendations What companies in the relevant market are providing to employees A perfect compensation package is as different as the present workforce itself is. Indeed, it must be in place for organizations to attract and retain the best employees. Workers vary extraordinarily in age, sex, location, and marital status. They additionally doubtlessly differ in the way they work from home or at the workplace. Using a phone, a computer, or
Compensation Benefits Evaluate whether or not the compensation system at Collegiate Promotions is effective. If a company wants to introduce a new product to market in a quick way, but has rigid funds they have the option of utilizing an independent sales representative model. This allows a company to use representatives in their business to cut expenses and increase sales over the phone or enter into new markets or territories. Companies use
Employee's do not have to sue the employer to get this compensation. It is normally paid through an insurance system that is financed through premiums paid by the employers. Workers' compensation premiums are based upon the accident and illness record of that organization. Obviously, larger numbers of paid claims results in higher premiums. The medical expenses are normally covered in full the under workers compensation laws. This is a
To the employer, this insight could indicate the need to avoid routine and maybe to enrich the tasks of customer service agents (Smith and Salvendy, 2007). 3. Additional information needs and usefulness The job analysis process is highly complex and it cannot be simply based on the day diary of one customer service agent. The job analysis is expected to identify the main features of the job to be performed, of
The IRS may also impose a 10% excise tax or a maximum of $10,000 on an officer who knowingly entered into a transaction (Samuels and Shoretz). When this happens, the official endeavors to enter a rebuttable presumption that the compensation and benefits are reasonable (Samuels and Shoretz 2002). The board of directors or trustees must approve the three criteria for the rebuttal. In the first, the board must be composed
Compensation and Benefits Package for a Secretary A pharmaceutical company has recently hired a new director for its human resource department as part of its initiatives to enhance productivity and organizational success. The company is also seeking to hire a new secretary for the HR department and develop an employee compensation and benefits package for this position. This package will be utilized for the position of secretary for the HR department
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