Tim Hortons Employee Benefits
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Added on 2021-04-16
Tim Hortons Employee Benefits
Added on 2021-04-16
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TIM HORTONSCOMPENSATION AND BENEFITS[Type the document subtitle]STUDENT NAME[Pick the date]
2INTRODUCTIONIn exchange of employment, an employee receives benefits, salaries and wages from the firm which refers to “compensation”. It may include annual salary, bonus, or hourly wages and benefits like health care coverage, insurance, retirementsavings, etc. Individual firm has their own components and payroll system. In a professional carrier, working for a company like Tim Hortons, an employee requires getting indirect benefits from the firm which helps employees get attracted towards the firm along with holding them towards it. Tim Hortons is an organisation which deals with chain of restaurants in more than nine countries that requires an incessantgroup of working people. This report will discuss three important indirect benefits an employer can offer to keep up with its employees[ CITATION HrC \l 1033 ].COMPENSATION AND BENEFITSBonuses and Raises: The management system that deal with employees’ performance management generally plans the percentage of raises and amount of bonuses to be distributed among employees based upon employees ratings and performance. For example, employees with outstanding performance could receive a direct raise in salary of six percent and gradually decreasing for incompetent employees. Similarly bonus can be given after calculating the percentile of gross salary of employees or by dividing the pool of stock contributed to organisational success. In many companies the incentives are kept for development of bottom line and incrementing public share value[ CITATION Rut18 \l 1033 ]. Retirement benefits: This scheme would attract the employees as under retirement benefit plans, the employers provide employees with income when they are no longer able to work. This plan guarantees payment after retirement. Pension is another way in which an amount of salary is
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