Employee Compensation Plans
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You have asked to discuss the following questions at a staff meeting with top management next week.
Is a defined benefit plan better than a defined contributions plan? Is there a combination of retirement plans that should be offered instead? Could our retirement plan be used as a successful recruitment and retention tool? What do employees need to know in order to make effective plans toward retirement? Defend why you would select one or more plan(s) over others.
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Compensation "is the "glue" that binds the employee and the employer together and in the organized sector, this is further codified in the form of a contract or a mutually binding legal document that spells out exactly how much should be paid to the employee and the components of the compensation package."1 Compensation includes basic salary, variable pay, incentives and other facilities given to the employees. High performance should be rewarded appropriately. There are many different rewards that can be given out for high performance. Some of these include merit raises, bonuses, individual and group ...
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