Compensation and Benefits Program

Compensation and Benefits Program

It is good for organizations to have proper compensation and benefits programs. The cost consideration to take when reviewing our current program; adjusting the labor cost to financial results is key to improving the organization. Thus, benefit program makes sure that the cost labor results to an increased output are prudent in costs analysis. Also, employee performance is also another key to maintaining a good compensation and benefits program. The employees will use their time at work to give out the best. Furthermore, employee retention is another advantageous component in offering benefits in an organization. When these threes work out properly, the organization will have better returns. Thus, the reason these components play an important role is because their application cost is minimal.

A new P.T.O plan involves offering good insurance to the employees. When the employees have good insurance system on them, they will produce more for the organization. Thus, the reason behind this is that they will have peace of mind while at the workplace. Job sharing is another consideration. Through education partnership, organizations tend to get new graduate to help with internships and thus secures job sharing. This reduces the backlogs n also compensates for absentees. Organizations give out regular part-time jobs to help proper and accurate outcomes. The part-time jobs give the employees the chance to earn extra.

The advantage of proper compensation and benefits programs is both to the employer and to the employees. To the employers, they retain qualified management that keeps high-risk at low cost and quality outcome. On the other hand, the employee will work under a conducive environment free of uncertainty. Moreover, the management is assured of continued institutional memory. Further, the workforce will feel a sense of pride for their recognition in the benefits and job security. Bonuses, leaves offs and benefits motivate employees more in an organization.

References

Busch, R. S. (2008). Management and marketing strategies, Hoboken: John and Wiley & Sons

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