Total Compensation Methods Paper
***Part I need help with is:
Analyze the effect of various compensation methods on employees and organizations***
Prepare a paper which analyzes the effect of various compensation methods and benefit programs on employees and organizations. Relate salary and benefit administration strategies to organizational culture and performance.
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There can be many effects on an organization by utilizing different compensation methods for employees. In the beginning of hiring an employee(s), compensation is used to recruit said employee. The compensation may be the factor in whether or not an employee takes a job or turns a job down. After an employee is hired, compensation is thereafter used to retain an employee in your organization. Yearly compensation reviews should be made in order to determine if the compensation being utilized for said employee is fair to both you and the employee.
There are many different types of compensation methods that an organization can utilize in any employee's situation. These compensation methods include, pay - whether said pay is on an hourly basis, salary basis. Further, an organization should determine whether or not the employee will receive commission, overtime, and bonuses. Outside of normal salary, other forms of compensation include profit sharing/401-K's/other retirements, insurance such as dental, vision, or health, and finally any sick or vacation leave.
All of the above ...
This solution provides an explanation of the effect that various compensation methods have on its employees.