Compensation & Benefits
Running Head: COMPENSATON AND BENEFITS
Compensation and Benefits in the Twenty-first Century
Abstract
Team platinum will explore compensation and benefits in the 21st century. Any review of total compensation must include the crucial areas of health and retirement benefits and financial compensation, as well as discuss the implications of pivotal changes in the market and demographics which impact organizations and overall performance management issues. There are several different compensation and benefit strategies that can be combined in innovative ways to meet the needs of the both the organization and the diverse needs of the employees. The proper administration of a total compensation and benefits package is a critical aspect in an organization’s ability to recruit and retain the most qualified applicants in today’s competitive market.
Table of Contents
Abstract 2
Compensation and Benefits in the 21st Century 4
Compensation 4
Base Pay 5
Variable Pay 6
Benefits 7
Retirement & Insurance Benefits 9
Benefits Impact 9
Advantages and Disadvantages of Retirement Plans 10
Insurance Plans Comparison 12
Pivotal Change 14
Technology 14
Generational Diversity 15
Trust 16
Performance Management 17
A Tool for Success 18
Shared Expectations 18
Advantages and Disadvantages 19
Conclusion 20
References 21
Compensation and Benefits in the Twenty-first Century
Many of the leading organizations in the 21st century must be competitive in many ways. Due to the fact that a large portion of the money they spend goes to their employees, they must have a system in place that compensates their employees competitively and falls in line with the organizational goals. Organizations must not only determine compensation, but must also determine the benefits that will be offered, consider the changing job market and demographics of the personnel pool, as well as what type of performance management they plan to incorporate in order to
Compensation and Benefits in the Twenty-first Century
Abstract
Team platinum will explore compensation and benefits in the 21st century. Any review of total compensation must include the crucial areas of health and retirement benefits and financial compensation, as well as discuss the implications of pivotal changes in the market and demographics which impact organizations and overall performance management issues. There are several different compensation and benefit strategies that can be combined in innovative ways to meet the needs of the both the organization and the diverse needs of the employees. The proper administration of a total compensation and benefits package is a critical aspect in an organization’s ability to recruit and retain the most qualified applicants in today’s competitive market.
Table of Contents
Abstract 2
Compensation and Benefits in the 21st Century 4
Compensation 4
Base Pay 5
Variable Pay 6
Benefits 7
Retirement & Insurance Benefits 9
Benefits Impact 9
Advantages and Disadvantages of Retirement Plans 10
Insurance Plans Comparison 12
Pivotal Change 14
Technology 14
Generational Diversity 15
Trust 16
Performance Management 17
A Tool for Success 18
Shared Expectations 18
Advantages and Disadvantages 19
Conclusion 20
References 21
Compensation and Benefits in the Twenty-first Century
Many of the leading organizations in the 21st century must be competitive in many ways. Due to the fact that a large portion of the money they spend goes to their employees, they must have a system in place that compensates their employees competitively and falls in line with the organizational goals. Organizations must not only determine compensation, but must also determine the benefits that will be offered, consider the changing job market and demographics of the personnel pool, as well as what type of performance management they plan to incorporate in order to
References: Agnes, M., Webster’s New World College Dictionary, Sixth Edition, Wiley Publishing Inc., Cleveland, Oh. 2006. Author Unknown, Fewer Than Half of Workers Satisfied with Their Benefits, 2007, www.firstdoor.com/AnswerSource, retrieved 14 January 2009. Author Unknown, HR Magazine, (August, 2008). Types of Health Plans, 72. Author Unknown, HR Magazine, (August, 2008) Bohlander, G., Snell, S., Managing Human Resources, Thirteen Edition, 2004. Burchell, B., Ladipo, D., & Wilkinson, F. (Eds.). (2002). Job Insecurity and Work Intensification. London: Routledge. Cetron, Marvin J., and Owen Davies. "Trends Now Changing the World: Technology, the Workplace, Management, and Institutions." The Futurist Mar. 2001: 27. Jurkiewicz, C. L. (2000). Generation X and the Public Employee. Public Personnel Management, 29(1), 55. Retrieved January 17, 2009, from Questia database: http://www.questia.com/PM.qst?a=o&d=5001739809. Krannich, R. Phd., Krannich C. Phd., Salary Negotiation Tips for Professionals, Impact Publications, Manassas Park, VA, 20111, 2005. Mathis, R.L., Jackson, J.H., Human Resource Management, Twelfth Edition, 2008. McNamara, C. MBA, Phd., Field Guide to Leadership and Supervision, Guide to Compensation, Authenticity Consulting, LLC, 2008, http://www.hr-guide.com/data/G400.htm, retrieved 12 January 2009.