Employee Compensation and Benefits

Running head: EMPLOYEE COMPENSATION AND BENEFITS
EMPLOYEE COMPENSATION AND BENEFITS
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1EMPLOYEE COMPENSATION AND BENEFITS
Section 1
Employee compensation and benefits package is an important aspect of every
organization. Usually organizations provide a specific package of comprehensive employee
benefits. They provide these benefits in order to retain as well as attract employees. Along with
salary, a particular package of employee benefit is standard as well as expected of the entire
compensation package (Jackson, Schuler & Jiang, 2014). This assignment discusses regarding
the development of an employee compensation and benefits package for employees in a
multinational company.
Every organization must have a developed comprehensive employee and benefits
package. In order to provide useful and generous benefits to the employees, a proper financial
planning should be carried out. Most of the packages are not very cheap and the costs have a
chance to rise at a very high rate when the company would expand. There are various steps
should be developed in order to develop this package. The steps are as follows
 Health insurance: health insurance can be described as the basic foundation of a
comprehensive employee benefits package which is needed as well as wanted by
employees. Health insurance is usually preferred by all the employees irrespective
of the organization being multinational or small. The organization that has been
chosen should include health insurance as their basic criteria in developing a
package (Brewster, Chung & Sparrow, 2016). If the company wants to include
only one benefit in their package, health insurance should be the one.
 Paid offs from work: usually companies do not include paid offs in their
benefits. Without this benefit any comprehensive employee benefits package
would be incomplete. In the form of employee benefits package, the employers