Compensation and Benefits support Essay Example | Topics and Well Written Essays - 500 words

Compensation and Benefits sponsor - Essay ExampleThe strategic compensation plan of an organization certainly plays an important role to philander competent resource. Competitive price tags will attract experienced employees to come and join the organization. Hence, employees having better reservation and experience can be of great help in meeting the set revenue targets too establishing the credibility of the organization in the market (Balkin & GomezMejia 157).The strategic compensation plan for employees should be based on pay for performance. How can be a visionary and non-visionary person treated alike? As furthermost as the sales employees are concerned, they should be given commission on their total sales. Reward arrangement in an organization is a source of motivation for the employees to pursue their goals. Thinking of hard working by the employees without hoping for a reward is very difficult (Balkin & GomezMejia 158).Retention of valuable resource amounts a hard gla ss to crack if it is not supported by the monetary benefits. There is an adage that happy laborers work more. To keep employees of repute for a longer period of time, it is utmost important for HRM to compensate them through sum up in salary, promotion and cash performance reward so that they may not jump into early(a) companies for better career prospects. If aforementioned measures are implemented in letter and in spirit, experienced custody will think twice before going out in searching of another hire out opportunity (Armstrong 72).Competitive compensation and benefits are the key elements to attract the best talent available in the job market. Further, organizations that offer insurance covered health policy and guaranteed paid vacation are the hotcakes for the profitable job hunters. It should be the focal point of HRM of any corporate entity in their compensation policy. Mentioned benefits should be linked with the increased profitability of the company and the performa nce of the employees as well