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2 pages/≈550 words
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APA
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Management
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English (U.S.)
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Topic:

Compensation, Benefits, Retention and Motivation. Management Essay (Essay Sample)

Instructions:

COMPENSATION, BENEFITS, RETENTION AND MOTIVATION
Question 1: Compensation, Benefits, and Retention
What is the relationship between compensation and employee retention? Do employees stay with organizations based on salary? Do they leave organizations because of compensation factors? How do benefits impact retention? Use the articles and resources provided to support your ideas.
Question 2: Monetary and Non-Monetary Rewards and Motivation
Part A: Explain the concept of a Total Rewards Philosophy. Discuss the difference between rewards and compensation. Why is it important to understand what motivates employees? Why do organizations provide both monetary and non-monetary rewards to employees? Use the articles and resources provided to support your ideas.
Part B: Of the benefits discussed in chapter 7, list the ones you consider essential. Why are these benefits important to you?

Need to respond to Erika Weaver:
Question 1: Compensation, Benefits, and Retention
What is the relationship between compensation and employee retention? Do employees stay with organizations based on salary? Do they leave organizations because of compensation factors? How do benefits impact retention? Use the articles and resources provided to support your ideas.
Most people, with the exception of the independently wealthy, work to receive a paycheck. Compensation is a whole package that includes not only our salary, but benefits such as health insurance, retirement plans, and tuition reimbursement (Compensation and Benefits, n.d.). To retain employees, it is important that the compensation packages align with core values of the organization (Compensation and Benefits, n.d.). To retain employees, an organization must be competitive and adequately fit the performance of the employee (Compensation and Benefits, n.d.). It is also important to understand what benefits are valuable to the employees. An example of this is some employees may find a flexible spending account to be an important factor, whereas other employees may find tuition reimbursement important. It may be helpful to the organization to poll the employees to determine which elements of the compensation package are important to them and make necessary adjustments to stay competitive (Compensation and Benefits, n.d.).
References
Chapter 6: Compensation and Benefits (n.d.), Human resource management. http://www.saylor.org/site/textbooks/Human%20Resource%20Management.pdf
Need to respond to David Grimes:
A. Total rewards philosophy – Have you defined yours? - Helping your business tHRive (2016) explains,"The total rewards philosophy outlines the organization’s intent of what and how to reward its employees – the total package. It drives and rewards the behaviors and competencies required to achieve the organization’s goals, creates a framework for rewards decisions, and provides corporate governance." It's important to understand what motivates your employees because they will work harder and do more for the company when they are motivated. Organizations must evolve reward systems that motivate each individual according to his or her level of self-development and need for either monetary benefit or fulfillment imperative (Juneja,(n.d.)). Non-monetary rewards can be things like time off, or publically recognizing employee's work.
B. Paid time off is especially important for full-time employees. It's a good feeling knowing that you can take time for yourself, or take a vacation and not worry about losing money.

source..
Content:


Compensation, Benefits, Retention and Motivation
Student’s Name
Institutional Affiliation
Compensation, Benefits, Retention and Motivation
Question 1: Compensation, Benefits, and Retention
Employee and compensation end to correspond with each other in creating an influential level as far as job performance is concerned. Some companies assume that employees are usually interested only in compensation when this is not the case. Some sources state that salary determination is based on employees’ actual skills but not solely on the job title. Employees may leave an organization due to issues with internal pay equity as this creates an unbearable internal atmosphere (Sarmad, Ajmal, Shamim, Saleh & Malik, 2016). It is important for companies to compensate their employees as per their job performance but not as per other qualities such as age or gender. When employees receive benefits, they influence retention as they feel encouraged to work harder and in turn, they feel appreciated.
As Weaver explains, the ultimate goal for job searching is to earn a salary. However, employees are also interested in other packages the companies offer and this plays a vital role in employee retention. Companies are indeed becoming competitive as they strive in retaining the best employees to avoid attrition. However, these packages are different depending on the cadre.

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