Discussion 6 (Essay Sample)
Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response. Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references. 1.What are the major elements of a total compensation package? 2.Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace?source..
The major compensation packages should include the following (Larcker, 2014):
Base salary. The fixed payments are made over the year on an hourly, semi-monthly, or annual basis. It reflects the value of the position the organization has in the market. Additionally, it also shows the worker’s knowledge, capabilities, and performance.
Benefits. They include health benefits, retirement benefits, education benefits, work-life and personal life balance, as well as, professional development.
Bonuses. They are the additional payments that employees receive when the organizational performance exceeds the set targets. Most organizations give bonuses as a percentage of the salary and often has a guaranteed minimum and a particular maximum. Additionally, it is determined by the employee productivity that contributed to the organizational performance.
Pension. It is the strategies employed by the organization to enable the workers to put aside m...
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