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Compensation and Benefits Management MGT 6033

   

Added on  2020-04-13

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Running head: COMPENSATION AND BENEFITS MANAGEMENTCompensation and Benefits ManagementName of the Student:Name of the University:Author’s Note:Course ID:
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1COMPENSATION AND BENEFITS MANAGEMENTTable of ContentsAnswer to Question 1:.....................................................................................................................2Answer to Question 2:.....................................................................................................................4Answer to Question 3:.....................................................................................................................5References:......................................................................................................................................9
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2COMPENSATION AND BENEFITS MANAGEMENTAnswer to Question 1:There are certain advantages of offering a total rewards system in Accent Incorporatedand they are discussed briefly as follows:Employee retention and performance (Non-financial components):The total rewards system offers ostensible paths for the overall career of a staffdepending on the basic template for the particular program. When an organisation recruits anindividual on a total rewards system, it could depict that staff the points at which pay raises,bonuses, increased vacation and enhanced benefits take place during the career trajectory of theindividual (Bryant and Allen 2013). With the help of this system, Accent Incorporated couldprovide immediate incentive for staff retention by providing a staff with a series of long-termgoals and projections. Thus, it helps in ensuring transparency by fostering an effective workingrelationship in the organisation by bringing the staffs and managers on equal footing, when itcomes to knowledge concerning career trajectories. In addition, Accent Incorporated could restrict ostensible career trajectories, even thoughstaffs understand that certain aspects of such trajectories like bonuses take place only, if theperformance standards are met. This program constitutes of aspects like training andperformance management and professional development, which enable the staffs to adopt specialand new skills with the help of training and education (Cerdin and Brewster 2014). Hence, withthe help of this system, Accent Incorporated could include methods of staff performancemonitoring for enabling staffs to create and input dialogue, all of which assist in fostering anassociation of mutual input. This would lead to increased levels of understanding andprofessional respect.
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