Best Practices in Compensation and Benefits
Best practices in compensation and benefit
Executive summary
The purpose of this paper is to analyze the best practices in compensation and benefit strategies adopted by high performing global companies. This paper reviews peer reviewed academic journals that talk about compensation and benefits and find their relevance in the global companies.
This paper discusses journal that talks about the two different impacts of individual performance based compensation: over confidence and “perceived” inequity in organizations that have implemented individual based pay. Though individual performance based pays are widely recognized, this paper points out to socio political situations like “unionized” work environment where the performance based pay is difficult to be implemented. This paper also mentions jobs like teaching where there are constraints in measuring performance. Team based compensation improve synergy and improve team culture. The paper looks into “cross-team” performance goals which can bring two different teams under a single goal.
Impacts of benefits on employers, employees and the society have also been examined in the paper. Employee benefits of stock ownership trainings and flexible benefits have also been covered. Practical application of these benefits in the various facets of the industry has also been analyzed.
Introduction:
Compensation and benefits strategy is an integral part of an organizational strategy which helps the organizations to attract good talent, manage performance and retain talent. Compensation and benefits are now strategically seen as investments in human resource rather than an operational cost .Among the employee compensation methods, this paper analyses - performance based compensation and team based compensation. Among the employee benefits, this paper deals with how benefits are important for the employee, the employer and the society. Key types of benefits have also been discussed. This paper analyses the peer
Executive summary
The purpose of this paper is to analyze the best practices in compensation and benefit strategies adopted by high performing global companies. This paper reviews peer reviewed academic journals that talk about compensation and benefits and find their relevance in the global companies.
This paper discusses journal that talks about the two different impacts of individual performance based compensation: over confidence and “perceived” inequity in organizations that have implemented individual based pay. Though individual performance based pays are widely recognized, this paper points out to socio political situations like “unionized” work environment where the performance based pay is difficult to be implemented. This paper also mentions jobs like teaching where there are constraints in measuring performance. Team based compensation improve synergy and improve team culture. The paper looks into “cross-team” performance goals which can bring two different teams under a single goal.
Impacts of benefits on employers, employees and the society have also been examined in the paper. Employee benefits of stock ownership trainings and flexible benefits have also been covered. Practical application of these benefits in the various facets of the industry has also been analyzed.
Introduction:
Compensation and benefits strategy is an integral part of an organizational strategy which helps the organizations to attract good talent, manage performance and retain talent. Compensation and benefits are now strategically seen as investments in human resource rather than an operational cost .Among the employee compensation methods, this paper analyses - performance based compensation and team based compensation. Among the employee benefits, this paper deals with how benefits are important for the employee, the employer and the society. Key types of benefits have also been discussed. This paper analyses the peer
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