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Essay / Research Paper Abstract
This 6 page paper looks at the way in which compensation a remuneration strategies are used by companies when determining the way they will pay their employees. The paper considers the impact of various compensation methods and approaches on employees and organizations and discusses salary and benefit administration strategies in the context of organizational culture and performance. The bibliography cites 5 sources.
Page Count:
6 pages (~225 words per page)
File: TS14_TEpaystrat.rtf
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Unformatted sample text from the term paper:
approaches to the way the compensation and benefits packages should be decided and rewarded. One approach to the development of benefits packages and
total compensation has been at the discretion of the employer. This can be seen as a purely economic model to the way that remuneration is determined, which may also encompass
an employers personal values. Basic supply and demand theory indicates that about good or service faces a demand in excess of its supply and the price will increase, likewise where
there is a supply of a good or service which is in excess of the demand and price will decrease (Nellis and Parker, 2000). It is a pattern which is
seen in the labor market, employers may seek to dictate what they are prepared to pay in relationship to market conditions, seeking to minimize the amount they spend on the
wages bill. This is seen particularly in areas of low paid jobs when employers pay minimum wages and not supplement that remuneration
package with additional benefits. Companies which employ illegal or black market labor, or offer jobs that require few skills, may pay less if the primary strategy of the manager or
owner is that of profit maximization the short term. This can also reflect the general employment relationship in such circumstances; where the balance of power rests with the employer rather
than the employee. It may be argued that for unpopular jobs a high level of payment is also necessary. This was found by Ford in his factory when he had
to offer a five dollar day after introducing scientific work methods; it is also seen in many of the dirty jobs in modern society, such as work in the sewers
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