Compensation has been one of the most widely discussed topics in most organizations owing to its increased importance at the workplace. It is so essential that even government agencies have come up with acts aimed at ensuring that equity in compensation plans are availed to every employee working in the organization since managers who are concerned with the overall cost of production might come up with fraudulent measures of compensation (Hayes, 2020).
The goals of the compensation plan in an organization depend on incorporate structure strategies and philosophies of the organization and aim at attraction and retention of the best employee while meeting the overall cost capacity of an organization. By applying compensation plans like bonuses and pay rise, employers might achieve high employee performance as employees will be more motivated. However, specific trends in compensation like pay equity, minimum wage, and total rewards pose a threat to maintaining a well-balanced compensation plan (Daniels, 2019). Thus, in an attempt to incorporate these trends, it will be essential to keep abreast oflegal changes and guidelines, making recruitment and hiring process more effective to help address both corporate organizational strategies while at the same time remaining productive.
Daniels, L. B. (2019, August 1). Seven trends in compensation. Retrieved from Milliman: https://us.milliman.com/en/insight/seven-trends-in-compensation
Hayes, S. N., Noseworthy, J. H., & Farrugia, G. (2020, January). A structured compensation plan results in equitable physician compensation: a single-center analysis. In Mayo Clinic Proceedings (Vol. 95, No. 1, pp. 35-43). Elsevier.
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