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Alternative compensation systems to motivate employees (Essay Sample)


Hi i would like to to get an estimate on the attached file/paper. (5-6 page) college level, I need a (1) paragraph summary of what the paper will be about, an outline (listed as abstract for payment) and a 5 page paper APA format of the attached file. Suggested sample topics in file. Textbook Information Management (11th Edition) by Stephen P. Robbins/Mary Coulter. Published by Pearson/PrenticeHall, Upper Saddle River, NJ 0745


Alternative Compensation Systems to Motivate Employees
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Outline of the Paper
Thesis: Alternative Compensation Systems to Motivate Employees
Compensation Management
Factors to consider when developing compensation plans
Employee Compensation Alternatives during Tough Times
Understanding Work Force Needs
Advantages of Compensation
Human resources are garnering significance all over the world and now organizations are taking notice of this. This is because human resource plays an important part in identifying talent and going ahead to develop it. Employee compensation is one of the most crucial components of the success of any business or organization that is under the domain of Human Resource. This paper describes how a manager can offer compensation packages in order to motivate his or her employees especially during trying times and ensure that the business successfully recovers as well as maintain its workforce. It precedes the full import of the necessity of maintaining an invigorated and motivated workforce for the sustenance of the operations of an organization based on an organization’s compensation plan.
Alternative Compensation Systems to Motivate Employees
Compensation is done in monetary and/or non-monetary payment terms. This is given to an employee so as to appreciate the services he/she has done for the company satisfactorily, that is, in terms of time dedicated to the company, effort and skill, (Heathfield, 2013). It is also done on the basis of several considerations, for example, market research concerning the worth of other similar jobs in the market field. If an employee in some other company is getting a certain amount of compensation, another employee offering the same service for another company should have the same amount of compensation as the other employee, if not the same. Another issue that determines the amount of compensation is the contribution and the accomplishments that an employee does or already has done. An employee who has done much of accomplishments and has made notable contributions deserves more compensation.
Compensation Management
It is important for a business compensation structure to be given a lot of consideration. This is because this compensation structure is the one that reflects the true value of these employees, (Fogleman, 2004). Most managers are put to task when trying to come up with a good employee compensation plan. They tend to ask, “What do I have to give in terms of payment to have hardworking and loyal employees?” the manager, however, should reflect on what his/her compensation plan should say in itself.
Therefore, determining an appropriate employee compensation plan may be a sensitive topic. Thus every concern that is related to human resource needs to be addressed and most importantly having an understanding of the financial aspect of this employee compensation plan. Another mistake that managers may make is thinking that employee compensation is just the amount directly paid to an employee. The managers need to know that there are other costs that need to be included in the payroll of the employee.
Thus, an employee compensation plan should have the following strategy. Firstly, the plan should have incentives and bonuses which have clear guidelines. However, these incentives and bonuses should not be viewed as guaranteed payments but a measure of performance either by an individual, a team or a company. They should be given with regard to performance; otherwise they will not serve as motivating factors, (Newman, 2007).
The second factor to consider is to understand the costs of benefit plan before they are offered. Offering benefits is one good incentive for employees but they can be a burden in terms of costs to the company. If there are benefits to be added, consideration should be giv...
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