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Compensation and BenefitsConsider the cost of benefits in major organizations. What impact do benefit offerings have on marketplace competitiveness and the ability to attract and keep quality employ
Compensation and Benefits
Consider the cost of benefits in major organizations. What impact do benefit offerings have on marketplace competitiveness and the ability to attract and keep quality employees? Do you think pay is the primary motivating factor for most job applicants and existing employees?
Initial post should be 150-250 words in length. Please cite at least one scholarly reference in addition to the course text to support your response.
Course text reference
All employers want to attract and keep high performing employees on staff and motivated. Many employees carefully consider not only their salary, but other benefits such as retirement plans, health plans, vacation time, etc. Accordingly, organizations should offer pay and benefits that are “competitive with other employers’ pay and benefits; employers should also clearly use pay and benefits to motivate employees to attain specific outcomes that the organization wants to see” (Youssef-Morgan, 2015, ch. 8). There are two forms of compensation: direct and indirect. Direct compensation is compensation in the form of wages, salaries, commissions and bonuses that an employer provides regularly and consistently (Coker, 2015). Indirect compensation is defined as “non-monetary payment to employees such as leave of absences, health insurance, life & disability insurance, company car, cell phones and retirement plans” (Coker, 2015).
Coker, D. (2015). The importance of compensation plan in an organization. HR Digest.