Organization Compensation and Benefits Package Assignment Help Choices for Compensation and Benefits Package
At present, several choices are available for an organization to develop a comprehensive compensation and benefits
package to attract and retain talented employees. A well-balanced or comprehensive compensation package is a mix of monetary and non-monetary benefits that is useful for an organization to provide security for today, plan for future as well as balance work and personal life of its employees. Some of the options are discussed below by business strategy assignment experts – Incentive Pay: The incentive plan is an effective choice for an organization to develop a competitive compensation package.
Under this plan, the organization can offers cash incentive for all employees in order to motivate them to perform or to achieve their targets. Retirement and Profit Sharing Plan: The designing of retirement and profit sharing plan is also a good option for a company to compensate benefits to the employees. It is a combination of direct and indirect compensation in which the organization can distribute a part of its profit to its employees and offer pension after retirement. Flexible Benefits: The organization also has choice to provide flexible benefits to its employees in terms of flexible working timing, work at home option, medical facilities, life/disability insurance and paid-time off in order to develop a comprehensive and well-balanced compensation package. Professional Growth & Development Opportunity: It is a type of indirect compensation in which an organization can provide training, professional development, higher education and internal promotion opportunities to its employees in order to attract talented employees. Along with these, there are also some other choices like stock option plan, vacation pay, cash rewards, health care plans and higher salary that are available for an organization to develop a comprehensive compensation and benefits program. Get business assignment help on any topic from our most experienced and professors of Australia, US and UK experts. You can e-mail us or call us any time for original assignment help.