Please answer the following questions in about a paragraph useing at least one source for each question. Please also write a couple sentences to reply to the student posts that I attach underneath the question. This is going in a discussion forum so please refrain from referring to “the student”. Write the responses as if you are having a conversation with that person.
Question 1: The Nature of Compensation
For our first question, take a moment to think about compensation. What does compensation mean to you as an employee? Talk to your colleagues at your workplace. What do they think about compensation – and how well they are believe they are compensated. Are there issues? Is it really all about money? Is there a psychic component to compensation for you or for them? Conduct brief research and see what experts say is the effect of satisfied employees on a company’s bottom-line.
Student Post Simmone B response to Question 1
“Good Evening Class,
In my opinion compensation means receiving a form of payment for a service provided to a company and can be given to an individual in different ways. Some of the ways an individual can be compensated are as follows: bonus, time off, increase in pay, stock options, overtime pay, profit sharing, etc. I believe managers and supervisors believe a form of compensation should be given to employees for motivation purposes and show a sign of appreciation. Upon speaking with a few of my teammates, they do not believe they are being compensated accordingly. This is because each Trust Associates should be assigned to only two Trust Officers , however, at the moment they are assigned to three or four trust officers per person. Since each Trust officers have over 250 clients per person and all require different assistance , it can be very difficult and overwhelming for one individual to help a total of over 1000 clients. Ultimately, I do not think compensation is not all about money, but employees would like to be shown some sort of appreciation for their hard work. My previous job I was working minimum wage but truly enjoyed it compare to my current position where I am working more than minimum wages. For example; at my previous job my manager would take the whole team under his department to either an outdoor activities such as bowling or buy lunch to shows us his appreciation. The team didn’t make money individually, but he treated us to a fun day out to relax and have a good time or purchase lunch for the team. I know for a fact the whole department really felt appreciated by his simple act of kindness.
According to an article written by Marin ” Employee Satisfaction and Company Success” employee satisfaction translates into tangible effects that inevitably lead to a company’s increased profitability and success. For example, employee turnover is drastically lower for companies with employees who report a high level of job satisfaction. A low turnover rate means that the very best employees are staying and that the number of new trainees is reduced. The time saved in training new employees translates into more time spent directly on other measures that can increase a business’s success. Given that human beings are naturally incentivized by the promise of a reward, encouraging words and specific prizes for successful job performance will encourage many employees to work harder and be more satisfied with the results of their labor. This leads to more success for their company.
Marin, M. J. (n.d.). Marc J. Marin. Retrieved from https://gatewaycfs.com/education/employee-satisfaction/”
Question 2: Benefits
Why do employers provide employee benefits, rather than providing all compensation in the form of pay and letting employees purchase the services they want? Of the benefits discussed in chapter 7, list the ones you consider essential- that is, the benefits you would require in any job offer. Why are these benefits important to you?
Student Post Mia J Question 2: Benefits
“Due to federal and state legislation’s the employer must provide certain employee benefits instead of providing all compensation in the form of pay. Those benefits include complying with worker’s compensation requirements, state and federal workers unemployment taxes and withholding for FICA taxes. While an employer will pay those benefits to stay within state and federal mandates, some benefits are offered to increase morale, reduce turnover and offer competitive hiring packages to perspective employees. Retirement plans, medical plans, paid time off and incentive pay systems are all voluntary employer benefits that are offered to stay competitive Human. (n.d.).
The benefits that are most important to me is medical insurance and paid time off. I think without the employer’s assistance or providing this benefit it would cost me more and would decrease my overall take home pay if the employer did not provide these benefits.
Human. (n.d.). Human Resource Management. Retrieved from http://www.saylor.org/site/textbooks/Human%20Resource%20Management.pdf”