Compensation & Benefits Assignment

Added on - 21 Apr 2020

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Running head: COMPENSATION AND BENEFITSIMPORTANCE OF COMPENSATION AND BENEFITSName of the StudentName of the UniversityAuthor note
1COMPENSATION AND BENEFITSTable of ContentsIntroduction:...............................................................................................................................3Discussion:.................................................................................................................................4Efficiency wages of the employees:.......................................................................................4Importance of compensation and benefits for both employers and employees.....................4Role of the managers:.........................................................................................................5The common type of compensation plans the companies offer for the employees:..............7Medical care:......................................................................................................................7Retirement plans:...............................................................................................................8Non-Retirement plans:.......................................................................................................8The ethical issues faced by the managers regarding compensation:......................................9The equity issues regarding compensation, which are faced by the managers:...................10Other issues faced by the managers:....................................................................................11Evaluation of the dysfunctional behavior of the employees:...........................................11Supporting the emotional stability of the employees:......................................................12Conclusion:..............................................................................................................................13
2COMPENSATION AND BENEFITSReferences:...............................................................................................................................14
3COMPENSATION AND BENEFITSIntroduction:An organization can only remain strong if the members of that organizationparticipate in their role behavior effectively and necessarily. To motivate the members tocontribute effectively, an organization have to provide them with inducements. Thistransaction process is the heart of the employee-employer relationship. From the perspectiveof cost management, managing the compensation effectively is often a critical process for themanagers (Edmans 2012).Compensation can be referred to all the benefits, financial return and the services anemployee receives from the management of the organization as a part of the employee-management relationship (Flood 2017). They might receive pay directly as cash wages andincentives, or they by indirect benefit from the services such as pensions, health insuranceand paid time off. There are many programs, which distribute the compensation to theemployees and one employer can use more than one program. Compensation can be regardedas one of the most complex disciplines in the talent management field or human resources.The manager who handles the compensation issues requires the knowledge of employmenttrends, job valuation and the adaptability of the job in various financial conditions (Bryantand Allen 2013).In this critical analysis of the need of benefits and compensation for the developmentand growth of company and the employee both is going to be discussed. The aim of the reportis to focus about the issues the mangers of any organization faces regarding the compensationof the employees. The discussion will include the role of managers to control and motivatethe employees for their development and the efficiency of different wages will be discussed.
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