Saturday, May 11, 2019

Recognizing Employee Contributions - Compensation & Benefits Essay

Recognizing Employee Contributions - allowance & Benefits - Essay ExampleEvery firm develops a specific structure of compensation and benefits. Incentive birth is an integral part of benefits being offered to employees. In this particular take up views and opinions will be abandoned to a new retail conjunction so as to retain its talented base of employees. Team members race to leave an organization when they are not satisfied with organizational environment or their compensation structure. It is major(ip) responsibility of HR manager to continuously modify compensation framework in order to endure the best benefits to employees. Workforce can be proceedd either through monetary rewards or non-monetary appreciation. This study outlines current scenario of a retail company that is into internet sales as well as has retail outlets. Employee survey in the firm has revealed that employees are not satisfied with compensation system and are leave jobs. In this study different appr oaches would be highlighted that can help to retain employees and facilitate developing remove compensation system.Incentive pay is essential for retaining employees within the system. Pay can be defined as the first reward that is presumptuousness to managers or employees. Incentives are additional benefits given to employees so as to motivate them for undertaking new challenges. Pay can be classified into three segments such as rudimentary pay, pay for performance and merit pay. Basic pay occupies the main portion of compensation and is referred to as hourly wage or salary. Merit pay is totally based on predetermined criteria. On the other(a) hand, pay for performance can be defined as incentive pay system. Rewards are given to distinguish between competencies possessed by team members and their respective contributions towards firms overall success. there are certain new pay techniques that can be adopted by the retail company so as to retain its employee base. Amongst all t he techniques two mechanisms are most suitable in the given situation such as

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