Importance Of Compensation And Benefits
Nowadays different organizations or companies are facing dynamic and constantly competition pressures, employing suitable employees are quite necessary. Hence, the successful of compensations and benefits play a significant role in nowadays’ Human Resource Management, in other words, the appropriate compensations and benefits strategy makes the organization remain in an advanced competitive position in the labor market. Hence, the paper will first briefly discuss what compensations and benefits are; how the compensation and benefits are related to the employees, the importance of compensations and benefits management and the advantages of obtaining the management strategies in the workplace.
Compensations and benefits
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Some benefits, such as unemployment and worker's compensation, are federally required.”
In this case, benefits are defined as bonuses, unemployment compensation, commission and profit sharing, life assurance, holiday leave and stock options.
Importance of compensations and benefits strategy management
Based on the previous discussion, compensations and benefits are ultimately related to the employees. No doubt, both compensations and benefits are the primary consideration for employees when they are applying for a job.
In other words, in employees’ perspective, compensations and benefits are related to the happiness and job satisfaction. Hence, besides understanding how compensations and benefits are related to the employees, it is also significant to understand the importance of compensations and benefits strategy management.
Similarly, the importance of compensations and benefits strategy management has been adapted by more and more organizations nowadays, it is considered as an advanced tool to maintain organization’s sustainable development and
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