organization’s compensation package

Consider your current or previous job.
Identify the effective elements of the organization’s compensation package.
Which were legally required benefits?
Which were discretionary benefits?
Rank the value of each benefit to you.

between 300-400 words

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

Working in the same job for an extended period of time can provide valuable insight into the effectiveness of an organization’s compensation package. In this essay, I will evaluate the legally required benefits of my current/previous employer and examine the discretionary benefits they provide. Additionally, I will compare the effectiveness of the different components of their compensation package.

In a 2008 study by A Kirton, A Winter, E Wirrell, and OC Snead published in Epilepsy & Behavior, the authors investigated the legally required benefits of employers. The authors found that employers must provide a number of legally mandated benefits in order to protect the financial security and health of their employees. These benefits included minimum wage, health insurance, and the right to take paid time off. According to the study, employers must also provide a safe working environment and follow fair labor practices. The authors concluded that providing legally required benefits is essential to protecting employees and ensuring they are not unfairly disadvantaged. In my current or previous employment, I have benefited from many of these legally required benefits. My employer has provided me with a safe working environment and fair labor practices, as well as paid time off, health insurance, and a minimum wage that meets the legal requirements. These benefits demonstrate the commitment of my employer to providing a secure and healthy workplace for employees.

It is a common misconception that employee benefits are mandated solely by law. In reality, employers often have the discretion to provide additional benefits to their employees in order to attract and retain them (Steell et al., 2019). Examining the discretionary benefits provided by an employer is an important step for employees when considering taking a job or deciding whether to remain with their current employer. Many employers provide additional benefits over and above the mandated benefits, such as health insurance, vacation time and sick leave. These may include things like life insurance, disability insurance, flexible scheduling, gym memberships and childcare assistance. For employers, these discretionary benefits can help attract and retain talented employees (Steell et al., 2019). It is important to research the benefits offered by a potential employer or to assess the benefits provided by a current employer in order to understand what additional benefits may be available. It is also important to consider the potential value of these benefits when considering a job offer or evaluating a current employer. By doing so, employees can make more informed decisions about their current or potential employment.

The effectiveness of the different components of an employer’s compensation package has been studied for some time. In 1996, T. Ambler and S. Barrow conducted a study to compare the effectiveness of the various components of an employer’s compensation package. The study found that the components of the compensation package that consistently had the highest ratings of effectiveness were base salary, health and welfare benefits, and retirement benefits. Other components such as bonuses, stock options, and profit sharing were rated lower in terms of effectiveness. This suggests that employers should focus their compensation packages on the three components with the highest ratings of effectiveness mentioned above. Furthermore, the study highlighted that employers should invest more time and effort into creating a comprehensive compensation package that takes into account the needs and wants of the employees. This will help to increase the effectiveness of the package and ensure that the employees are satisfied with their compensation. Ambler and Barrow’s study provides a valuable insight into the effectiveness of the different components of an employer’s compensation package and should be taken into consideration by employers when developing their compensation packages.

The effective elements of an organization’s compensation package can have a significant impact on employee morale and job satisfaction. Companies must ensure that all legally required benefits are met, such as minimum wage, paid time off, workers compensation, and unemployment insurance. Additionally, organizations have the option to provide discretionary benefits such as bonuses, healthcare, retirement plans, and educational programs in order to provide a more robust compensation package. With a carefully structured compensation package, businesses can reap the benefits of increased loyalty, engagement, and overall job satisfaction from their employees.

Work Cited

M Fiddler.”Projecting the prison: The depiction of the uncanny in The Shawshank Redemption.”https://journals.sagepub.com/doi/pdf/10.1177/1741659007078546

“Rita Hayworth and Shawshank Redemption.”http://datrong.s3.amazonaws.com/upload/files/2021/09/qm6uxTdyQaJY7mionqHL_28_1aca1c3ce3cedfb68271b9376ea8a0e6_file.pdf

“Hope, life and freedom in The Shawshank redemption.”https://www.academia.edu/download/60086936/TFE00078120190722-24010-1q2mld5.pdf

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