14 May Only Bid If You Can Meet Budget- HR
Please respond to each part. 150 words each part and any references you used must be in APA format including in-text citation. Your participation must be substantive; this means that you must be furthering the discussion, not just responding with, “I agree.”
Part 1
Yes, there is a link between compensation and higher levels of performance. The three reasons for my answer are employee retention, motivation and job satisfaction. Compensation does not only consist of money, it also includes adjustable benefits. Some of these benefits are medical care, dental care, vision care and employee perks. The only way that an Organization will be able to ensure that employees are performing their best (without being monitored) is to have a good compensation package. A good compensations package guarantees employee retention. The reason why a good compensations package guarantees employee retention is, that employees will be more inclined to stay with the company, because they feel that they are being well compensated for the work that they do. This will also eliminate the Organization having to pay expenses from turnovers.
Next, a strong compensations package will also motivate employees. Compensation is know for being the main reason why employees work hard and strive for greater heights. It gives the employees the power to push themselves. Resulting in, an increase in efficiency and effectiveness. Lastly, job satisfaction will be increased. When employees are happy with their compensation package, there are fewer mishaps and customers are treated extremely well. Employees will be more inclined to treat customers and each other with kindness, because they do not feel unappreciated and unimportant. The organizational market influences the compensation philosophy, because the compensation philosophy has to document the Company’s position pertaining to employee compensation and why the Organization pays the employees a certain amount.
Reference
Sharp, Brian. (2017, August 23). How Compensation Affects Employee Performance. Retrieved from: hrsoft.com/blog/how-compensation-affects-employee-performance/
Part 2
Yes, there is a link between compensation and higher levels of performance. The three reasons for my answer are employee retention, motivation and job satisfaction. Compensation does not only consist of money, it also includes adjustable benefits. Some of these benefits are medical care, dental care, vision care and employee perks. The only way that an Organization will be able to ensure that employees are performing their best (without being monitored) is to have a good compensation package. A good compensations package guarantees employee retention. The reason why a good compensations package guarantees employee retention is, that employees will be more inclined to stay with the company, because they feel that they are being well compensated for the work that they do. This will also eliminate the Organization having to pay expenses from turnovers.
Next, a strong compensations package will also motivate employees. Compensation is know for being the main reason why employees work hard and strive for greater heights. It gives the employees the power to push themselves. Resulting in, an increase in efficiency and effectiveness. Lastly, job satisfaction will be increased. When employees are happy with their compensation package, there are fewer mishaps and customers are treated extremely well. Employees will be more inclined to treat customers and each other with kindness, because they do not feel unappreciated and unimportant. The organizational market influences the compensation philosophy, because the compensation philosophy has to document the Company’s position pertaining to employee compensation and why the Organization pays the employees a certain amount.
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