Compensation and Benefits
Compensation and Benefits:
Methods, Strategies and Performances
LaTonya Hopes
This paper is submitted in partial fulfillment of the requirements for
Human Resource Administration
BUS 5273-50
Texas Woman 's University
School of Management
Dr. Derek Crews
February 8, 2013
Table of Contents
Abstract ……....................................................................................................................... 3
Introduction ……………………………………………………………………………………. 4
Literature Review ……………………………………………………………………………. 5
Discussion ………………………………………………………………………………………. 9
Conclusion …………………………………………………………………………………….. 10
References ……………………………………………………………………………………. 12
ABSTRACT
This paper explores compensation strategies within organizations including an analysis of the impact of various compensation methods, strategies related to organizational performance and benefit programs for employees. Employee compensation, which covers all forms of pay or rewards has become more complex in recent years and since compensation comprises the largest expense for most organizations it is important for managers to understand how to effectively manage compensation-related activities. Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to company’s success. There is a wide variety of pay practices in use by employers today. Some of the most common practices include the use of benefits, compensation philosophies, and tying performance to compensation rewards. Organizations continue to find the best solutions to motivate their workforces and get the greatest return on their investments. The findings below highlight consistencies in some of the most common compensation programs and practices and how they vary from one another.
Human resources managers strive to adopt strategies to enable them to manage work forces effectively as the economy and technology faces rapid
Methods, Strategies and Performances
LaTonya Hopes
This paper is submitted in partial fulfillment of the requirements for
Human Resource Administration
BUS 5273-50
Texas Woman 's University
School of Management
Dr. Derek Crews
February 8, 2013
Table of Contents
Abstract ……....................................................................................................................... 3
Introduction ……………………………………………………………………………………. 4
Literature Review ……………………………………………………………………………. 5
Discussion ………………………………………………………………………………………. 9
Conclusion …………………………………………………………………………………….. 10
References ……………………………………………………………………………………. 12
ABSTRACT
This paper explores compensation strategies within organizations including an analysis of the impact of various compensation methods, strategies related to organizational performance and benefit programs for employees. Employee compensation, which covers all forms of pay or rewards has become more complex in recent years and since compensation comprises the largest expense for most organizations it is important for managers to understand how to effectively manage compensation-related activities. Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to company’s success. There is a wide variety of pay practices in use by employers today. Some of the most common practices include the use of benefits, compensation philosophies, and tying performance to compensation rewards. Organizations continue to find the best solutions to motivate their workforces and get the greatest return on their investments. The findings below highlight consistencies in some of the most common compensation programs and practices and how they vary from one another.
Human resources managers strive to adopt strategies to enable them to manage work forces effectively as the economy and technology faces rapid
References: Cascio, W.F. (2003). Managing human resources: Productivity, Quality of work, life, profits Compensation: Outline and Definitions,” HR Guide to the Internet, 2000, Dec. 2007 www.hr-guide.com/data/G400.htm Employee Benefits and Compensation (Employee Pay)." Employee Benefits and Compensation (Employee Pay) "Essentials of Pay for Performance." Essentials of Pay for Performance. VisionLink Advisory Group, n.d. Web. 05 Feb. 2013. Retrieved from http://www.vladvisors.com/compensation-information/Essentials-of Pay- for-Performance-article.aspx Judge, T.A., Thoresen, C.J., Bono, J.E., & Patton, G.K. (2001). The job satisfaction-job performance relationship: A qualitative and quantitative review. Psychological Bulletin, 127(3): 376-407. Lister, J. "Strategic Plan for Employee Compensation and Benefits." Small Business. Houston Chronicle, n.d. Web. 08 Feb. 2013. Retrieved from http://smallbusiness.chron.com/strategic-plan-employee-compensation-benefits- 15613.html Parker, S. "Refocusing Performance Management for High Performance." Refocusing Performance Management for High Performance. Sage Journals, n.d. Web. 08 Feb. 2013. Rocavert, Troy (2008, June 14). The Easy Home Based Business Myth. Retrieved on February 08, 2013, from http://www.isnare.com/?aid=205171&ca=Business Sibson: “Developing a Compensation Philosophy That Goes Beyond Mom and Apple Pie." Sibson Consulting, 01 Aug. 2005. Web. 08 Feb. 2013.