Compensation packages
Compensation is one of the fundamental responsibilities of an HR department, with the ability to offer a compensation package that attracts and retains employees serving as a key to obtain the talent to pursue dramatic organizational goals.
In a well-written paper, address the following aspects related to an organization’s compensation program:
- Explain the need and rationale for a compensation philosophy.
- Propose a compensation philosophy that may be applicable and utilized for a Fortune 500 company.
- Finally, discuss the principal types of monetary, or core, compensation and when it may be most applicable to use one type of compensation over another.
Your paper should meet the following requirements:
- Be 3-4 pages in length
- Include at least two scholarly sources that support your position as stated in this assignment
- Be formatted according to the APA Requirements
Grammar and punctuation are key! Sample paper attached.
PLEASE FOLLOW THE ATTACHMENT TO HELP YOU FORMAT YOUR PAPER RIGHT
Answer preview
Organizations that understand the significance of compensation packages manage to motivate their employees which increase workplace productivity (Milkovich, et al., 2002). Compensation can be described as the rewards given to employees for their hard work. Such awards can be health benefits, bonuses, salaries, retirement plans, vacation and sick leave benefits among others. The human resource departments have a significant role to play in establishing compensation strategies that not only attract talented employees but also retain employees. The design strategy of identifying the goals and desired outcomes for an organization assists in the development of a compensation philosophy…
(950 words)