1. Assess the efficiency of common techniques for effectively communicating compensation and benefit plans to employees. Support your answer.
2. Suggest two (2) ethical risks of making incentive pay a large portion of employees' total compensation. Propose two (2) recommendations for ways the company might mitigate or reduce these risks
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The response addressed the query is posted in 1024 words with references.
//In human resource management, compensation and benefit plans are very crucial for employee's retention. However, way of communicating these compensation and benefits by the employer to the employees is as important as developing the plan of compensation and benefits. In this context, assessment of the efficiency of common techniques for effectively communicating compensation and benefit plans to employees are discussed in the below section. //
Compensation and Benefit plans
In every organization, there are some sets of protocols to communicate the information to the employees and obtaining the information from the employer. Effective communication regarding compensation plan in any organization is very important, otherwise employees start believing on inappropriate information (Schweitzer, 2013). Hence, employer requires conveying to employees that employees are the key assets to the organization and their needs are imperative too (Beam, & McFadden, 2001). Techniques which are used for the effective communication of the compensation and benefits plan by the companies are stated below.
For instance, audiovisual presentations involve employees to watch the audiovisual presentations than to study printed copy and explain the changes in the existing communication plans of the current employees (Beam, & McFadden, 2001). Furthermore, meeting with the employees and communicating them face to face their benefits is also an effective way. Lastly, only providing some printed material that explains the organizational plans of benefits and compensation for employees is crucial enough. There are some factors to analyze the effectiveness of methods of communication. Firstly, the communication message should be accurate and clearly understandable. Difficult language or jargons should be avoided (Schweitzer, 2013). The explanation should me made ...
The response discusses compensation and benefit plans in 1024 words with references.
I need help in starting the paper to address the below topics.
Evaluate the compensation plan available at Time Warner. The evaluation should discuss the strategic successes and failures of the compensation with regard to the following topics:
1. The strategic value of the plan as a source of competitive advantage
2. The internal alignment structures of the plan
3. The external strategies used to execute the plan
4. The use of incentives in the plan
5. The role of benefits in the plan
6. The processes and structures used to manage labor costs
7. The means of communicating the plan to the employees