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Compensation And Benefits: Salaries And Wages

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Question:

Discuss about the Compensation and Benefits for Salaries and Wages.

 

Answer:

Introduction

In exchange of employment, an employee receives benefits, salaries and wages from the firm which refers to “compensation”. It may include annual salary, bonus, or hourly wages and benefits like health care coverage, insurance, retirement savings, etc. Individual firm has their own components and payroll system. In a professional carrier, working for a company like Tim Hortons, an employee requires getting indirect benefits from the firm which helps employees get attracted towards the firm along with holding them towards it. Tim Hortons is an organisation which deals with chain of restaurants in more than nine countries that requires an incessant group of working people. This report will discuss three important indirect benefits an employer can offer to keep up with its employees (HrCouncil.ca).

Compensation And Benefits

Bonuses and Raises: The management system that deal with employees’ performance management generally plans the percentage of raises and amount of bonuses to be distributed among employees based upon employees ratings and performance. For example, employees with outstanding performance could receive a direct raise in salary of six percent and gradually decreasing for incompetent employees. Similarly bonus can be given after calculating the percentile of gross salary of employees or by dividing the pool of stock contributed to organisational success. In many companies the incentives are kept for development of bottom line and incrementing public share value (Mayhew, 2018). Retirement benefits: This scheme would attract the employees as under retirement benefit plans, the employers provide employees with income when they are no longer able to work. This plan guarantees payment after retirement. Pension is another way in which an amount of salary is accumulated for stipulated time period which is calculated after combining employees service years, salary and age. In many countries there are registered saving plans that provide exemptions from taxes which again help in saving money (Mayhew, 2018).

Group Health Benefits: This is one way in which the employees are provided with health care benefits. Under this plan, employers pay an amount of portion from the monthly premium plans, leaving the rest amount to be deducted from employees pay. From health plans sponsored by employers, the premium deducted gets exemptions under pre-tax schemes. Heath coverage relives the employees from health coverage expense like dental, vision, accidents etc. Many employers provide employees with short term disability insurance and as a part of employees compensation offers long term disability coverage that again makes employees less worried about ill upcoming (Merhar, 2016)

 

Effects Of Benefits And Compensation

For any company to keep a hold of highly qualified staff is the most challenging job. Therefore compensation and benefits, although costly, helps in maintaining organisational success by attracting employees and infusing loyalty among them. Employers dealing in traditional ways of providing employees with limited programmes find difficulties in retaining its staff to the organisation. By improvising additional benefits and compensation, the productivity may get increased as employees get less worried about themselves and their family.

Bonuses and yearly increments make employees work more. Employees get a piece of mind as their future is secured and thus seems more satisfied with their work environment which increases work effectiveness. Insurance schemes and retirement plans avoids them switching over companies along with feeling a sense of pride over their employers for taking care of their health and future (Mazurek).

 

References

HrCouncil.ca. (n.d.). Compensation & Benefits. Retrieved from https://hrcouncil.ca/hr-toolkit/compensation-employee.cfm

Mayhew, R. (2018). Example of an Employee Compensation Plan. Retrieved from https://smallbusiness.chron.com/example-employee-compensation-plan-10068.html

Mazurek, S. (n.d.). Employee Benefits and Compensation . Retrieved from https://managementhelp.org/payandbenefits/index.htm

Merhar, C. (2016). Examples of Common Small Business Employee Benefits. Retrieved from https://www.peoplekeep.com/blog/examples-of-common-small-business-employee-benefits

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