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Workplace Compensation and Benefits
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Workplace Compensation and Benefits
Response 1
Our organization emphasizes on the human resource and effectiveness by utilizing the maximum resources available. For our organization, employees are the main resource through which the objectives can be achieved. My previous organization was an NGO, where we were only paid monthly, and there was no other compensation for our work. Whereas, my current workplace is providing compensations based on our behavior, quality work, attendance, and punctuality. While the plan for the compensation is fair because it is based on the efficient work of the employee and there is no bias in the plan. Compensation is important to determine the satisfaction levels of the employees in the organization ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"DaIQwmZn","properties":{"formattedCitation":"(Mabaso, 2018)","plainCitation":"(Mabaso, 2018)","noteIndex":0},"citationItems":[{"id":112,"uris":["http://zotero.org/users/local/smYQhi21/items/6JQFFMZZ"],"uri":["http://zotero.org/users/local/smYQhi21/items/6JQFFMZZ"],"itemData":{"id":112,"type":"article-journal","title":"Impact of Compensation and Benefits on Job Satisfaction","container-title":"Research Journal of Business Management","volume":"11","source":"ResearchGate","journalAbbreviation":"Research Journal of Business Management","author":[{"family":"Mabaso","given":"Calvin"}],"issued":{"date-parts":[["2018",6,24]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Mabaso, 2018). When organizations meet the needs of the employees, their satisfaction level at the workplace is increased and this results in the efficiency of the organizations.
Response 2
My present workplace, when compared to the previous one, is better because both were private companies with the same nature of work, but it had no compensation and benefit plans. We the employees used to work under the pressure of a boss, and we were not provided with the facilities which we have now. However, there are some companies in the industry which are providing compensation to its employees but not all of the companies compensate. Companies which provide compensations, improve in a short time because the employees are encouraged to work and they are satisfied with their working environments
Response 3
In Human Resource Management, employee compensation plans are important and have many benefits like employee efficiency and achievements of objectives. However, the compensation plan of the company can be improved by introducing the fringe benefits which include, lunch, insurances, flexibility in working environments and a comfortable working environment to the employees ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"PDpvWKUh","properties":{"formattedCitation":"(Karia & Omari, 2015)","plainCitation":"(Karia & Omari, 2015)","noteIndex":0},"citationItems":[{"id":116,"uris":["http://zotero.org/users/local/smYQhi21/items/2H5BXAZT"],"uri":["http://zotero.org/users/local/smYQhi21/items/2H5BXAZT"],"itemData":{"id":116,"type":"article-journal","title":"Importance of Compensation and Benefits on Performance of Public Water Utilities in Tanzania","container-title":"African journal of business management","page":"2518-312","volume":"1","source":"ResearchGate","abstract":"This study was conducted to determine the importance of compensation and benefits on performance of public water utilities in Tanzania. Probability and none probability techniques was applied in this study and both correlation and descriptive research designs were used. The study targeted a population of 1355 employees of the five selected public water utilities. A sample size of 417 was obtained by the use of Krejcie and Morgan formula (1970). Questionnaire, focus group discussion and interview instruments were used for data collection. Data analyzed by descriptive and inferential statistics with the help of the SPSS Version 20.0. The results revealed that there is a statistical significant relationship between compensation and benefits with organizational performance. Correlation correlated at r(370)= 0.505**, p<0.01 signified that compensation and benefits practices are positive predictors of performance of the public water utilities. The study recommends that financial, non-financial, tangible and intangible compensation should be effectively realized to the public water utilities employees' so as to enhance performance of both employees and organization.","journalAbbreviation":"African journal of business management","author":[{"family":"Karia","given":"Adam"},{"family":"Omari","given":"Stella"}],"issued":{"date-parts":[["2015",1,1]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Karia & Omari, 2015). The maximum number of compensations would subject the company towards success as this can attract the employees to work with honesty and work efficiently.
References
ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Karia, A., & Omari, S. (2015). Importance of Compensation and Benefits on Performance of Public Water Utilities in Tanzania. African Journal of Business Management, 1, 2518–312.
Mabaso, C. (2018). Impact of Compensation and Benefits on Job Satisfaction. Research Journal of Business Management, 11.
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