EmployeeCompensation and Benefits
EmployeeCompensation and Benefits
Today,the role of a human resource manager is of great importance for anyindustry that wants to prosper (Milkovich,Newman & Gerhart, 2011).Many institutions aim at attracting, maintaining and motivating theirstaff to attain the organizational targets. Recently, one upcomingcorporation hired me as the director for the human resource. As adirector, I am responsible for promoting and implementing humanresource values through directing the staff. I need to hire a newsecretary for the human resource department. The role of a humanresources clerk is to support the workers and give information to theemployees and other stakeholders in the business.
Itis paramount to develop a competitive compensation and benefitspackage to make the job opportunity look appealing. The common typeof organization within the institution is the line and stafforganization. It involves a string of officers who have the power tomake decisions and implement them with an aim to attain the goals ofthe organization (Salazar& Sawyer, 2011).The staff officers assist the line directors in constructing thepolicies and plans while planning the decisions. This organizationhas a hierarchy of power from the senior officers to the juniorstaff. In the institution, each department has a line officer whoexercises full control over the planning.
Lineand staff organization have several types of the labor force, forinstance, the personal staff, the professionals and the generalworkers or assistants (Salazar& Sawyer, 2011).This kind of structure increases the efficiency of the organizationand drives it towards specialization. Through the line and stafforganization, the department can make use of the experience andadvice it has (Hilscher,et al,2016).This type of structure allows the introduction of new technologiesand procedures without any disruption to the activities of theorganization. However, this kind of structure framework may bringabout some shortcomings such as conflict of powers among the line andstaff officers. Ultimately, it leads to a blame game for unfavorablework results among the officers.
Compensationmanagement is a favorable tool used by the companies to attract,sustain and motivate its workers. Compensation is the employer’sadvances for the appreciation of the staff’s work. According toBiswas(2014),compensation is the monetary value advanced to the employees fortheir services. Another motivating factor for the employees is thebenefits a non-financial type of compensation offered to the workersbesides the salaries. A well-formulated wages and benefits plan wouldhelp the institution by creating job satisfaction. As a result, theemployees would be motivated to work.
Someworkers value money more and hence they opt to work for thoseinstitutions which provide the highest monetary benefits. Otherpeople appreciate their achievement more than financial benefits.Hence, they would want to work for the firms that provideopportunities for promotion further learning to enhance skills andcareer development. A well-motivated workforce ensures that theinstitution works optimally and hence it can reach its target levelof sales. The reward programs make the workforce active and reducecases of absenteeism and voluntary turnover. It also boosts theemployee`s self-esteem as the managers recognize and reward them foroutstanding work.
Itis crucial for an institution to design an attractive reward andrecognition program that motivates the workers as well as keepingthem motivated in their work (Salazar& Sawyer, 2011).As a result, the company would benefit because the employee`s outputis optimum.
Biswas,B., Biswas, B., & Biswas, B. (2014). Employeebenefits design and compensation.Upper Saddle River, NJ: Pearson Education / FTPress Delivers.
Hilscher,J., Landskroner, Y., & Raviv, A. (2016). Optimal regulation,executive compensation and risk taking by financialinstitutions. ExecutiveCompensation and Risk Taking by Financial Institutions (March 18,2016).
Milkovich,G., Newman, J., & Gerhart, B. (2011). Compensation.New York: McGraw-Hill Irwin.
Salazar,A. & Sawyer, S. (2011). Handbookof information technology in organizations and electronic markets.New Jersey: World Scientific.