Compensation Policy as means of Attracting and Retaining

Compensation Policy as means of Attracting and Retaining

Abstract

As a key motivator of human performance, employee pay has been the cause of many disputes. Despite different perspectives on the relevance of extrinsic incentives, there is little debate on the importance of an organization's pay and benefits philosophy as a major component of its strategic approach to recruiting and keeping the people who generate organisational value. Compensation and benefit systems are generally regarded as critical Human Resource Management (HRM) building blocks and are usually evaluated in terms of their capacity to fairly and equitably compensate workers for their contributions to an organization's performance.

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Introduction

The goal of this chapter is to discuss the significance of an organization's pay and benefits package, as well as the fundamental assumptions that underpin a compensation system. The chapter starts by listing the fundamental components of pay and benefits and outlining frequently used ways of rewarding performance. The chapter then discusses why, as a result of the nature of a globally competitive economy, so many companies have rebuilt their thinking regarding the employer-employee relationship and pay assumptions. 

The chapter ends with 10 suggestions regarding employee pay and benefit administration as companies seek to accomplish their strategic purpose, after providing six warning cautions about compensation and benefits based on the changing nature of the workplace.

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Conclusion

The employer-employee relationship has evolved significantly in the contemporary company. Unfortunately, this shift has resulted in a decrease in employee loyalty and trust, as well as redefining the employer-employee relationship as a commercial exchange. A increasing amount of data indicates that companies must carefully evaluate the direction in which this relationship is heading. 

Scholars like as Harvard's Lynn Paine have stressed the necessity of businesses combining social and financial principles in order to thrive in tomorrow's complicated world. Treating workers as valued partners has been recognized as a critical objective in restoring trust and confidence in companies.

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