Total Compensation Methods Paper - 1884 Words

Total Compensation Methods Paper The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to the organization’s success. (Noe, Hollenbeck, Gerhart, and Wright, 2004) Some examples are wage and salary administration, incentive pay, insurance, vacation leave†¦show more content†¦Although an employee does not need to show proof of an employer being negligent, the employee will lose workers compensation benefits if the injury is self-inflected. The Family Medical Leave Act (FMLA) is a federal law requiring organizations with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption, to care for seriously ill family members, or for an employee’s own serious illness. (Noe, Hollenbeck, Gerhart, and Wright, 2004) FMLA protects the employee from losing their job because of one of the listed criteria above. Although some compensation and benefit methods are required by law, there are benefits that employees have come to expect like medical benefits, retirement plans, and paid leave. A company that offers such benefits is more appealing to a potential employee when searching for a job. In most companies, medical, dental, and vision plans are a shared cost and the most important benefit to an employee. Most companies that offer these types of benefits will receive a break in cost due to the number of employees that they are covering. (Noe, Hollenbeck, Gerhart, and Wright, 2004) This benefits the employee by taking some of the financial burden off of expensive premiums. Medical benefits also ensure the wellness of employees allowing them to continue his or her job with a company so that the company continues toShow MoreRelatedRecruitment And Selection Methods Used By Ohio Bath Solutions Essay1689 Words   |  7 PagesRecruitment and Selection The recruitment and selection methods used by organizations can make the difference in attracting highly talented employees. Attracting skilled candidates requires employers to use several techniques, including advertising job openings, establishing an employer brand, and actively pursuing desirable candidates. In addition, the company needs to offer potential employees an incentive to work for the company. 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