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Compenstation plans task 1.docx - Running Head: EMPLOYEE...

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Running Head: EMPLOYEE COMPENSATION PLANS1Employee Compensation PlansName-Student Number-Course Number and Name-Semester –Instructor’s Name-Date Submitted-
EMPLOYEE COMPENSATION PLANS2IntroductionA 'complete benefit plan' covers all the salary elements of an organizational strategy:employees' wages, benefits, rewards and full employment terms. Employee compensation plansalso include higher schedules, marginal salaries and other employer-offered incentives or vendordiscounts. A well-designed, up-to-date, applicable and labor law-oriented compensationphilosophy supports numerous critical market elements, including strategic strategies, financialand business targets, competition issues within an industry, organizational criteria, and thegeneral incentive techniques that help retain your organization’s top talent (McNeil, 2006). TheSHRM also outlines the objective and value of maintaining a complex and strategic scheme ofcompensation: It illustrates how the company's compensation and benefits philosophies supportthe business strategy, industry competition, operational goals and workforce needs. It helps toattract promising candidates into the business. It is a strong incentive for employers to achievehigh expectations and go above goals. It helps the business to compete in the industry in terms ofminimum income, wages, gross benefits and benefits.From the case study, we can see that Marilyn Brown would not give staff incentives thatwould help them more uncomfortable working for the business. It just offers them a minimumwage equivalent to any employee that it thinks will contribute to equity promotion. What shedoesn't realize is that different workers can be handled accordingly regardless of such reasons inorder to preserve productivity. In addition, insurance and other incentive programs, which arediscussed below, contribute to good individual success in an organization.
EMPLOYEE COMPENSATION PLANS3Need for a compensation programCompanies need a reliable reward program to succeed and to employ and retain the bestworkers. Employers who just go after something they think would pay their employees willultimately lose their talented game. It is also crazy to control an employee without a set budget.

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Term
Spring
Professor
NoProfessor
Tags
Employee Benefit, Salary, Employment compensation

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