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Compensation Systems” Please respond to the following: •Analyze the compensation professional’s goals to determine which would be the most difficult for you to realize. Discuss ways you might be able to overcome these difficulties. •Create a list of five best practices that any organization could use to leverage a compensation system for positive impact. Provide specific examples to support your response.
Expert Answer
Compenstation profesional goals:
Goals of compensation is to attract employees to organisation and to enhance their commitment level.Compensation package includes salary, healthcare supports, incentives etc.
Compensation can be financial, non financial benefits. Professional goals which can be interlinked with compensation would be in the nature of
- Meeting KPI’s aligned to employees
- ROA ( Return on Assets)
- Brand value
- Better client management through employee enrichment
- Employee retenion
Thus retuns on asset is the financial benefit that can be gained by investing on employees through taking work out of them in the billable format.
Five best practices in compensation can be
- Ensuring secracy in compensation policies
- No partialitiy and favorism to be involved
- Keep industrial standards of salary structure
- Reward on performance anc criteria based requirement
- Review of goals and feedback mechanism to be included.
Feedback and review system in compensation is necessary because it helps understanding employees satusfaction to a great extent. Less compensation or unfair compensation results in high attrition of high level dissatisfaction can affect company goals. Employees are resources to the company, thus compensation is one of the important direct motivation for many employees. The compensation goals prime consideration is to meet organisationaol goals through better employee engagement.
Companys like Walmart has face serious challenges due to low salary structure for their floorstaffs. This results in huge agitation and attirtion and even affect companys brand value to a great extent. At the same time amazon has enhance their credibility through better compensation policies. Thus employee retention, employee satisfaction to an extent can be drive via comp-ensational policies. Such policies should be aligned with entire organisational policies, industrial standards, economic situations and future perspective.
