Methods, Strategies and Performances
LaTonya Hopes
This paper is submitted in partial fulfillment of the requirements for
Human Resource Administration
BUS 5273-50
Texas Woman 's University
School of Management
Dr. Derek Crews
February 8, 2013
Table of Contents
Abstract ……....................................................................................................................... 3
Introduction ……………………………………………………………………………………. 4
Literature Review ……………………………………………………………………………. 5
Discussion ………………………………………………………………………………………. 9
Conclusion …………………………………………………………………………………….. 10
References ……………………………………………………………………………………. 12
ABSTRACT
This paper explores compensation strategies within organizations including an analysis of the impact of various compensation methods, strategies related to organizational performance and benefit programs for employees. Employee compensation, which covers all forms of pay or rewards has become more complex in recent years and since compensation comprises the largest expense for most organizations it is important for managers to understand how to effectively manage compensation-related activities. Compensation and benefit strategies are ways that organizations can use pay and benefits to recognize and reward employees’ contributions to company’s success. There is a wide variety of pay practices in use by employers today. Some of the most common practices include the use of benefits, compensation philosophies, and tying performance to compensation rewards. Organizations continue to find the best solutions to motivate their workforces and get the greatest return on their investments. The findings below highlight consistencies in some of the most common compensation programs and practices and how they vary from one another.
Human resources managers strive to adopt strategies to enable them to manage work forces effectively as the economy and technology faces rapid
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