Compensations and Benefits Essay examples

Submitted By saimmontakim
Words: 1635
Pages: 7
Open Document
Benefits and compensation of employees Saim Montakim Professor: Barbarann Ott Stony Brook University

Benefits and compensation of employees

Benefits and compensations are the rewards that the employees of an organization are entitled to due to their services they offer to the organization. Benefits and compensations are aimed at motivating employees to work hard and bring development and improvement in an organization. According to Reilly (2010), different organizations have different formulas used to award their employees whereas there are those organizations that do not award their employees at all. Contemporary issues that have emerged as far as benefits and compensation are concerned are the fairness at which employees are rewarded. The fairness, in this case, includes the reasons unto why employee is rewarded and not the other. In some organizations, employees are rewarded according to the degree of the achievement which is dictated by the policies that are put in place by the administration. In other organizations, on the other hand, the decision of benefit and compensation relies on the hands of few individuals who are at the top rank of the organization. This paper is aimed at looking some of the compensation and benefits of health workers who work in hospitals and other health care centers.
Salary is one of the major employee compensation in almost all of the organizations. Different organizations reward their employees through salaries in different ways and after a different period. There are those organizations that pay their salaries after a period of a month whereas there is such which pay at the end of every fifteen days. In hospitals, acceding to Liang (2013) there are two factors that influence the amount one will earn and after what period. These two factors are: there are hospitals which base on managed care hospital reimbursement and Benefits and compensation of employees

those which align themselves to managed care provider reimbursement. Those that align themselves to the former can get salaries at the end of a month regardless of the services they offered after that period. The latter, on the other hand, must consider what services were offered and will only reward on ‘pay-for-service’ basis. Most of the hospitals align themselves to the latter as this is a better way to make sure that all the employees are productive and effective in the organization. Salaries as a form of compensation have been one of the most successful ways to get the best out of doctors and nurses. Health care providers always feel motivated whenever they are rewarded fairly. Hospitals which pay good salaries always get the best from their employees. Most employees always work at their best when they have enough to spend in their pockets. Hospitals which pay poorly on the other hand will have their patients poorly attended to since their employees will have divided attention towards their duties. It is thus advisable that all hospitals should award their employees and pay them well so that patients could be served well.
Apart from salaries, Thomanson et al (2001) asserts that employees in the healthcare organizations benefit from bonuses. Bonus cannot be the same for all the months as it depends with the season and the quantity and quality of work that was done by the employees. Bonuses are always used to motivate workers to endure hardships such as working over the weekend or during
Show More

Related Documents: Compensations and Benefits Essay examples

Compensation and Benefits Essay

Compensation and Benefits Plan Larry Allen, Jr., Scott Dozier, Naim Tabriz Fazlulla Khan, Natalie Prigge, Patti Rabacal HRM 531 November 19, 2012 Professor Pamela Jones Learning Team D’s proposal includes the research and summary on the Technical Support Escalation Engineer position’s compensation and benefit plan for the job analysis on the Technical Support Escalation Engineer position at Force 10 Networks, Incorporated in San Jose, California (AllBusiness, 2012). Compensation and benefits…

Words 1033 - Pages 5

Research: Compensation And Benefits

Nicole Runyon HRM 430: Compensation and Benefits Course Project May 18, 2014 Red Lobster is having issues with keeping salaried managers within its organization. Seeing it first hand, as being a manager for one year there is proof of why Red Lobster has issues keeping salaried managers in their organization. Taking a strong look at their benefits and compensation package is a great place to start. There are many problems in the compensation and benefits area when working for…

Words 632 - Pages 3

Essay on Compensation & Benefits

AND BENEFITS Compensation and Benefits in the Twenty-first Century Abstract Team platinum will explore compensation and benefits in the 21st century. Any review of total compensation must include the crucial areas of health and retirement benefits and financial compensation, as well as discuss the implications of pivotal changes in the market and demographics which impact organizations and overall performance management issues. There are several different compensation and benefit strategies…

Words 6147 - Pages 25

Compensation And Benefits Strategy

Compensation and Benefits Strategy Landslide Limousine (LL), a small business in Austin, Texas, hired Atwood and Allen Consulting (AAC) to conduct a market evaluation and provide recommendations for the following: a position in the market, a compensation structure, a total compensation and benefits strategy, and performance incentives and merit-based pay to recognize and engage employees. This will help to identify applicable laws related to pay and benefits. This paper includes citations from…

Words 1021 - Pages 5

Compensation And Benefits Of Workers In The Workforce

Compensations Improvement Needed Compensation and benefits of workers in the workforce is a very personal and touchy subject when you start talking about it out loud. I have witness so many different situations that have shown the company was in poor knowledge of how to treat their staff. First of all you have to be fair to all of the staff members. You can tell your employees that they should not discuss what they make until you are blue in the face but there will be a slip at some point or another…

Words 365 - Pages 2

Compensation And Benefits Strategies Recommendations

Compensation and Benefits Strategies Recommendations Team Dynamic Terri Cephus, Audrey Donoghue, and Brittany Yohn HRM/531 January 26, 2014 Yelena Paykina Compensation and Benefits Strategies Recommendations From: Team Dynamic To: Traci Goldeman Re: Compensation and Benefits Strategies Recommendations Cc: Terri Cephus, Audrey Donoghue, Brittnay Yohn Hello Traci, Team Dynamic received your email and has reviewed all client communication. The client is concerned about the viability and position…

Words 972 - Pages 4

Compensation And Benefits Strategies Recommendations

Compensation and Benefits Strategies Recommendations Week Three Learning Team “D” Tamie A. Christmas, Kate Bethea, Benjamin Wendel, Henry Ford Human Resource Management 531 4/20/2015 Professor Rachelle Tanega Introduction Bradley Stonefield, an owner of a small business, is looking to start a limousine service in Austin Texas called Landslide Limousines. He is looking to hire 25 employees by year's end, have projected annual net revenue of $50,000 and begin having 5% revenue growth…

Words 971 - Pages 4

Essay on Compensation And Benefits Strategies Recommendations

Benefits and Compensation Strategies Recommendations TEAM B: Ben F. Soares, Thomas Manning, Zoua Yang, Ziad Shamma HRM 531 David John Stocker Benefits and Compensation Strategies Recommendations Introduction: Market Evaluation: When constructing a benefits and compensation strategy, it is important to understand what companies in comparable markets are providing to their employees. For our company, Clayton Commercial Construction, who wants to open up operations in Arizona, it means looking…

Words 1351 - Pages 6

HR Compensation&Benefits Essay examples

would a company with such a high median salary range and such fame have a turnover problem. (Mahapatra, 2013) This is related to their current methods they apply to their hiring process as they bring in temps for the sole purpose of saving money in benefits. (Mahapatra, 2013) To address this issue one must look at facts and more internal leaks of information with this company. Currently I found data that encompasses the median pay range. Usually if the pay is good an employee will stay. So, why are…

Words 1450 - Pages 6

Week 3 Compensation and Benefits 1 Essay

Compensation and Benefits Team A HRM 531 June 4, 2015 Dr. George Taylor III Compensation and Benefits Employee benefits are a large expense that company’s take on for their employees, but it plays an important part of the organizations strategic business plan. As a small business, benefits may be limited but what and how the company offers their benefits could set them apart from competition. Compensation There are ten limousine companies in the Austin area, and providing a competitive salary and…

Words 802 - Pages 4