Compensation and benefits
Compensation and Benefits (HRM)
Since compensation and benefits are vital part of HRM in most of the organizations, education of compensation and benefits reflect many practices and concepts pertaining to HRM. Human Resources practices do not operate in parts. They need to be strategic, logical and planned in the situation of the bigger organization, of which they are a part. Anyone in HRM is first a business partner of the organization and then an HR professional in their individual disciplines such as compensation and benefits.
A business partner is the one who is loyal to the company passionate about the business first and then to his or her respective discipline or area of work. This reflective research paper will also identify the major elements of compensation and benefits in addition to teaching strategies of these functions. It is important to implement compensation and benefits in a mutually beneficial way, for the individual and the organization.
Prior to any discussion about compensation and benefits, it is important to understand the distinction between direct and indirect compensation. Direct compensation refers to any reward, usually in cash and stock, given in direct proportion to performance. Indirect compensation is not related to performance and is given in the form of various benefits.
Compensation and benefits strategy must cascade from the organizational mission and the HR strategy. This is true of all the HR functions. However, it is particularly critical in compensation and benefits because a very large portion of the cost of doing business is due to compensation and benefits. This criticality is even more pronounced when companies are struggling to stay afloat.
Employee Benefits are offered from many companies to attract the employees and to retrain them. These benefits and compensations help the organizations to improve morale and to promote employee productivity and their performance. Benefits are offered in addition to general
Since compensation and benefits are vital part of HRM in most of the organizations, education of compensation and benefits reflect many practices and concepts pertaining to HRM. Human Resources practices do not operate in parts. They need to be strategic, logical and planned in the situation of the bigger organization, of which they are a part. Anyone in HRM is first a business partner of the organization and then an HR professional in their individual disciplines such as compensation and benefits.
A business partner is the one who is loyal to the company passionate about the business first and then to his or her respective discipline or area of work. This reflective research paper will also identify the major elements of compensation and benefits in addition to teaching strategies of these functions. It is important to implement compensation and benefits in a mutually beneficial way, for the individual and the organization.
Prior to any discussion about compensation and benefits, it is important to understand the distinction between direct and indirect compensation. Direct compensation refers to any reward, usually in cash and stock, given in direct proportion to performance. Indirect compensation is not related to performance and is given in the form of various benefits.
Compensation and benefits strategy must cascade from the organizational mission and the HR strategy. This is true of all the HR functions. However, it is particularly critical in compensation and benefits because a very large portion of the cost of doing business is due to compensation and benefits. This criticality is even more pronounced when companies are struggling to stay afloat.
Employee Benefits are offered from many companies to attract the employees and to retrain them. These benefits and compensations help the organizations to improve morale and to promote employee productivity and their performance. Benefits are offered in addition to general