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Compensation and Benefit Systems: fair and equitable compensation (Essay Sample)

Prepare a paper based on personal perceptions of what you consider as fair and equitable compensation. Use critical thinking to discuss issues from two perspectives, employee\\\'s and employer\\\'s. Critically interrogate your own concepts about compensation and benefits issues. Also, using at least 3 sources (text, websites, books, periodicals, newspapers) enhance your discussion to express a clear understanding of the issues. This paper is to be 3-4 pages in discussion length, double-spaced, using MLA format. It should also include a Cover page, and a Works Cited sheet. Post assignment in Dropbox by midnight CST SUNDAY, April 3, 2011. Note: See Week 2 Lecture Section for a sample of a Paper using MLA format. Use this as a guide for the Dropbox assignment... Note: COVER Page (Title, To, From, Date), BODY (Intro, Discussion, Recommendations, and Conclusion) with a separate Works Cited page with at least 3 sources listed. Note: sources listed in alphabetical order, second line is indented, web addresses in brackets, also, each web address should have a title or topic... do not just post a simple web address without a description or title. Book for the class-\\\"Strategic Compensation, a Human Resource Management Approach\\\" source..
Compensation and Benefit Systems
Compensation for employees is the major motivating factor for them and good compensation is important in boosting the morale of employees and makes them serve the organization diligently. Employees are the greatest asset in the organization and they have to be nurtured so that the organization progresses. Fairness ought to be exercised in employees` compensation to appreciate them for their efforts and encourage them to work even harder. The report that is presented gives my personal perception on what I consider as fair and equitable compensation (Martocchio 13). The argument is based on both the employer`s and employees` point of view, since each holds different of opinion on the compensation strategies that are applied in organizations.
Personal perceptions of what I consider as fair and equitable compensation.
Employers` compensation to employee can either be in the form of wage based on the hours worked or can be based a salary that is paid for a particular job regardless of the amount of work done. It is the decision of the employer to determine whether employees receive a wage or salary as long as they are compensated fairly for the work that they have done. It is disheartening for employee to receive wages that is lower than their expectations as this is not only oppression to them but also demotivating (Boyet, 24). While setting up the amount of compensation in terms of monetary value that is to be granted by an organization several factors are considered to ensure fairness and equality in the organization. There are some reported instances in organizations whereby employees in the same work level, with similar educational background and similar work experiences were compensated differently. This is an act of injustice and is not fair to the employee.
The wages ought to be set high enough to motivate the employee and retain them in the organization. To ensure fairness, the company ought to offer salary scales that are similar to other organizations that are in the same level. An example is in the banking sector whereby a teller in one bank ought to get the same compensation value as another individual working as a teller. Even if...
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