Compensation & Benefits Essay Example | Topics and Well Written Essays - 3750 words

Compensation & Benefits - Essay ExampleIncentive remuneration and benefits trick an important role in making a company achieve higher levels of employee productivity. Compensation is star of the major motivating sources behind employees productivity and if a company offers attractive benefits for its employees as a proceeds of their individual performances, the employees become motivated and inspired to do more for the company. Therefore, we can say that employee productivity like a shot depends on the remuneration and benefits being offered to them by the company.Companies use compensation and benefits programs for various reasons. Some of the major reasons for implementing compensation conceptions include hiring and retaining talented employees, increasing moral of the employees, promote the performances of the employees, achieving quality in every business activity, encouraging employees loyalty with the company, reducing the turnover, and making the employees satisfied wi th the company. These were some of the reasons of why companies design and implement different kinds of compensation and benefits programs for the employees.There are some important factors, which need to be considered while designing and implementing a tight-laced compensation and benefits plan in a company. These factors play an important role in the successful execution of a compensation plan. If a company wants to develop a compensation plan for its employees, it needs to fulfil into consideration these factors in order to get desired results from the plan. If any of these factors is overlooked, the compensation plan will non be able to produce expected results for the company. Some of those factors include organizations culture, statement of plans objectives, linking performance to organizations goals and objectives, needs and demands of the employees, discrimination, employees