Question & Answer: Determine the single most important or surprising thing you learned in COMPENSATION…..

Determine the single most important or surprising thing you learned in COMPENSATION MANAGEMENT, as well as what made it so.

Looking back on the content of COMPENSATION MANAGEMENT,, determine which element of compensation management would be the most difficult for execute correctly. Discuss ways that you may be able to address these difficulties.

Expert Answer

The single most surprising thing that I have learned in the Compensation Management course is that it can be extremely difficult for organizations to remain or become competitive in the business market without having a strategic compensation plan put in place for its workforce. I have also learned that it can be a challenge for organizations to determine the appropriate compensations packages to retain its workforce, and attract qualified employees without doing research within its industry. I also understand that compensation is more than just monetary forms of pay. In addition to salary and legally mandated benefits, compensation can include discretionary forms of benefits, bonuses and gain-share programs, along with other perks such as stocks, corporate housing, clothing and living allowances as well as company car.

As discussed in previous post, I think the element of compensation management that would be most difficult to execute correctly would be discretionary benefits. One part includes the fact that every employee’s needs are different. The way that I would address these difficulties would be to conduct surveys and implement discretionary benefits based on the majority’s needs. Another approach would be to create custom discretionary packages to give employees choices. For example, PPO and HMO health insurance options or individual and group plan packages.

Still stressed from student homework?
Get quality assistance from academic writers!