Employee Compensation and Benefits Essay

Companies forthwith should mirror their fee and benefit programs with their long- limit business strategy and organizational culture. concord to Casio (2010), Pay systems are designed to attract, retain, and go employees (p.421). The most important objective is loveliness or to achieve internal, external, and individual loveliness and maintain a balance in relationships amidst direct and indirect forms of compensation, and between the pay rates of supervisory and nonsupervisory employees. Employers moldiness perform billet analysis, develop job descriptions, evaluate the prize of job/ correct in the organization, develop pay bodily structure and pay levels to create competitive employee compensation and benefits (Cascio, 2010).Components of Employee Compensation and BenefitsEmployers must gain their workers trust, loyalty, and motif to ensure organizational goals are achieved. there are three major components of the benefits portion security and health (e.g. health ins urance, hindrance insurance, hospitalization, surgical, maternity coverage, pension plans, etc.), payments for time not worked (e.g. vacations, holidays, personal excused absences, grievances and negotiations, sabbatical leaves, etc.), and employee go (e.g. tuition aid, credit unions, auto insurance, fittingness and wellness programs, moving and transfer allowances, stock-purchase plans, referral awards, curve work schedules, etc.). Factors such as the chase are important strategic conceptualizeations in the design of benefits programs the long-term plans of a business, its tip of development, its projected rate of growth or downsizing, characteristics of its workforce, legal requirements, the competitiveness of its benefits package, and its total compensation strategy (Casio, 2010).Organizational Data to take Human Capital Management Functions Organizations consider merciful capital focusing as a function of the humanresources plane section in managing organizations most important asset, their employees. By creating a competitive compensation and benefits package, management puts emphasis on the economic value of their personnel. Because of todays competitive environment, develop incentives that constantly improve employee performance, job satisfaction, and get along motivation of every individual assiduous is essential to effectively achieve the organizations vision, mission, and goals. When the organizations human capital management functions and policies inspire employees to excel, as a result of the compensation, benefits, and incentives provided to them, everyone wins (Casio, 2010)ReferencesCascio, W. F. (2010). Managing human resources Productivity, timber of work life, profits (8th ed.) New York, NY McGraw-Hill/Irwin.