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Essay / Research Paper Abstract
This 3-page paper discusses various types of organizational compensation. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: AS43_MTcomppack.doc
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Unformatted sample text from the term paper:
of compensation - for many employees, its the major part of a compensation plan. But a well-crafted, thoughtful compensation plan involves more than just throwing a bunch of money into
the pool and presenting it to an employee. Any kind of compensation plan needs to take into account the organizations culture as well as employee needs.
Employee compensation, in its most basic form, is defined as "the total amount of the monetary and non-monetary pay provided to an employee by an employer in
return for work perform as required" (Healthfield, 2011). We already pointed out that "salary" is one form of compensation. But there are other types - and selecting these types depends
a great deal on several factors. For example, the organization that is trying to attract more women may have a generous maternity compensation
package (or adoption package) that allows for weeks of paid time off and help in finding the right pediatrician and stress-relief providers. Perhaps such an organization would offer on-site day
care or reimbursement for outside day care as well, if there was no on-site day care center. Healthfield points out that a well-rounded
compensation plan should be based on research about what similar jobs in the area might be paying, employee accomplishments and contributions to an organization, how profitable a company might be
at any time (which would determine bonuses or any kind of profit sharing) and whether an organization is interested in attracting and retaining a particular type of employee. This is
why compensation is also considered to be a motivational tool, both to get an employee on board at a company and to keep him or her there over the long
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