Thursday, May 14, 2020

The Development And Implementation Of An Appropriate...

Overview Employee compensations refer to the sum of all the benefits and rewards granted to an employee due to their employment with an organization. The development and implementation of an appropriate compensation system will help an organization attract and retain the most talented and qualified people to help realize a company s mission and goals. According to R. Wayne Mondy (2014) compensation is one of the largest motivators and concerns of employees. Further, comprehensive compensation packages have been adopted by nearly every business as an effective technique in overall success of an organization and employee satisfaction. Benefits have become increasingly important since the economic recession beginning in 2008. Many people who managed to retain employment through this time period were forced to take a decrease in both direct financial benefits and non financial benefits. According to the Bureau of Labor and Statistics the US economy grew at an outstanding 3.5% in the thir d quarter of 2014 and consumer confidence is cautiously returning. (BLS, 2014) Growth combined with confidence means reduced unemployment and business owners will see a smaller and smaller amount of qualified people in the labor pool. In turn, business owners, human resource managers and organizations overall will be faced with a more difficult task to recruit and retain the most qualified employees who must then be placed in the positions best suited to their knowledge, skills, andShow MoreRelatedThe Importance of an Organizations Performance Management System1538 Words   |  7 Pagesthat a performance management system can have on other areas of human resource management, it is necessary to define the relationship between a performance management system and human resource management. First, a performance management system is one area of human resource management. 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