Objectives Of Beco Compensation

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To answer the question number one which the question is what aspects of Beco’s compensation and benefits are likely to appeal to Robert,we must explain about the general concept of compensation and benefits first.Firstly,the definition of compensation is all forms of pay or rewards going to employees and arising from their employment.Besides that,the compensation can also be describe as rewards that individuals receive in return for their labors.
There are many objectives of compensation.One of the objective is to reward employees past performance.All the work done by the employees for the company is not free.All the effort must be paid by the company’s management.Besides that,the objective of compensation is to attract qualified manpower to
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The second type of compensation is non financial compensation.It refers to programs that are established by employers to satisfy employees in term of job content and job context.The examples of non financial compensation are job enlargement,job enrichment,job empowerment,autonomy,recognition and award.
The financial compensation is the main reason and initial motivator for every employees thus fulfilling the physiological needs but the non financial compensation is what makes the job more interesting and
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It provides death benefits to beneficiaries, accidental death and dismemberment benefits. All the costs involve normally paid by the employer of the organization. Through this plan, it allows employees to purchase additional amounts of insurance for nominal charges. In addition, employees may design their own plan by purchasing additional Term Life Insurance coverage for themselves, a spouse, and each eligible unmarried dependent child.
Next benefit is credit unions. Credit union exists in most organizations for the purpose of serving the financial needs of employees. It is operated by the employees under federal and state legislation and supervision. It offers variety of deposit as well as banking services and make loans to their members and the employer may provide office space and a payroll deduction service.
Besides is employee assistance program. This services provided by employers to help workers cope with a wide variety of problems that interfere with the way they perform their job. It provides diagnosis, counseling and referral for advice or treatment for problems related to alcohol, or drug abuse, emotional, financial and family difficulties. The objective is to help employees solve or prevent their personal problems that can affect their ability to work

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