Employee Compensation Essay

Submitted By Lola0531
Words: 1232
Pages: 5
Open Document
Employee Compensation
Laura Navarro
HRM531
January 3, 2013
Antonia Vianna

Employee Compensation

Introduction
As an employee for a medical health billing company, I’m currently a new employee and making sure that I understand all forms of the financial tangible services, returns and employee benefits received. My relationship with EA Health is a good start with my employer and employees. I’ve been able to see our employee composition from the company. I also learned that composition and pay isn’t the same thing. Understanding employee compensation is very important with any job. I also understand and will explain my total compensation, direct composition, indirect composition, and nonfinancial compensation with the company I work for or another company. The company I work for EA Health is a Medical billing company that compensates and offers billing solutions that helps the funds back to the healthcare providers and facilities. Since day one of my hire, my employer/Human Resource team has explained and gave me a good sense of my employee right with the company. Total compensation &Direct Financial Compensation
Working with EA Health, the company has their employee’s set up on an hourly wage. But management is set up on salary and there are bonuses given in the company. During the holidays bonuses are given to all employees. Which is a nice incentive during that time of year. I see the company as a great bonus for my future. I’m learning, lead management recognizes me, and I’m able to grow with great success in the company or another administrative position. I’ve worked as a teacher in an elementary school and the difference in total compensation is to me a big change. Working in education you’re on salary as a certified teacher and bonuses are not given every year like certain companies such as EA Health. There are different rewards but my current job today has been a great change. “A good compensation strategy includes a balance between internal equity and external competitiveness. Compensation and benefits affect the productivity and happiness of employees, as well as the ability of your organization to effectively realize its objectives. It is to your advantage to ensure that your employees are creatively compensated and knowledgeable of their benefits.” (HR Counsel, 2012) I hope and look forward to continue as a good employee with EA Health. Indirect Financial Compensation
Working for a company that provides indirect financial compensation is important and usually always offered. My company offers overtime, make up time on weekends and works with you with any concerns in your schedule. “Benefits are.. Paid vacations: paid vacations provide workers with an opportunity to rest, become rejuvenated, and hopefully, become more productive. Sick pay: Each year many firms allocate, to each employee, a certain number of days of sick leave, which they can use when ill.” (Vianna, 2012) EA Health also provides great health benefits with options of PPO, HMO and more, I’m happy with what my company offers me and I’ve been able to use my health insurance and get great service with my providers. Wayne, F. Casco says, “We are witnessing the globalization of business and benefits. Thus a senior executive of a large American multinational firm recently commented. “Less than half our workforce is now in the U.S.- but 95 percent of our health-care cost are.” Workforce growth in firms like these is coming largely from outside the United States, not from within it. As a result, total compensation costs and tax/social benefits structures outside the United States play an increasingly dominant role in the benefits that American workers receive.” (Casco, pg. 463) A company must/should provide health insurance, and provide other indirect financial compensation.
Show More

Related Documents: Employee Compensation Essay

COMPLETED Employee Compensation and Ben Essay

Employee Compensation and Benefits Package for Secretarial Positions Student Name Course Number June 15, 2014 Faculty Name Employee Compensation and Benefits Package for Secretarial Positions The purpose of an effective employee compensation and benefits package is to attract, retain and motivate employees, and this is done by making sure the package is competitive and developed with the employee in mind (Ludlow & Farrell, 2010). Compensation and benefits packages or Total Rewards packages need to…

Words 811 - Pages 4

Essay On Riordan Manufacturing

Solution: Riordan Manufacturing This paper will be an analysis of the issues currently affecting Riordan Manufacturing. Riordan is facing an overall issue with low employee morale and motivation for several reasons. Changing its business strategy to team sales and support versus individual sales and support left Riordan with a compensation package not aligned with rewarding a team strategy. Desiring to remain a top player in the market Riordan needs to address several issues with performance review…

Words 3112 - Pages 13

Total Compensation Methods Paper

Total Compensation Methods Paper The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations…

Words 1900 - Pages 8

Fair And Equitable Compensation

Equitable Compensation From: Angela Tolliver To: Patty Fisher MGMT 365 Compensation and Benefit Systems November 8, 2009 Fair and Equitable Compensation The bases on which fair and equitable compensation are determined, and administered, can significantly affect employee productivity and the achievement of organizational goals. Establishing compensation programs require both large and small organizations to consider specific goals. Employee retention…

Words 1146 - Pages 5

Week 3 Assigment Essay

Week 3: Assignment Compensation, Compensation Philosophy, and Critical Components of a Compensation Strategy Linda Moody HRM430: Compensation and Benefits Professor John Dibenedetto January 19, 2015 Compensation Defined Compensation is mostly known as the paycheck that an employee receives from their employer in exchange for the hours and work contributed by the employee. However, compensation does in fact include more than just the paycheck between the employer and the employee. According to the…

Words 914 - Pages 4

Week 3 Team Assignment Essay

Compensation and Benefits Strategies Recommendations Team A MGT/521 Human Capital Management February 5th, 2015 Dr. Andrea Diese Landslide Limousines Compensation and Benefits Strategy Recommendation This paper provides an analysis of a proposed benefits and compensation package for Landslide Limousines that is comparable to companies that are similar in size and scope in Austin, Texas. Team A proposes a compensation structure and position in the market, as well as a total compensation and benefits…

Words 1479 - Pages 6

Fair and Equitable Compensation Essay examples

exchange for job performance and commitment, an employer offers rewards to employees. Adequate rewards and compensations potentially attract a quality work force, maintain the satisfaction of existing employees, keep quality employees from leaving, and motivate them in the workplace. According to research conducted by the Corporate Executive Board, the most important workplace attribute is compensation, (The Increasing Call for Work-Life Balance, 2009). Not only must wages be set high enough to motivate…

Words 1785 - Pages 8

Compensations and Benefits Essay examples

Benefits and compensation of employees Saim Montakim Professor: Barbarann Ott Stony Brook University…

Words 1635 - Pages 7

Essay about Performance Management

Introduction: In modern business world, any organization can strategically use; pay, compensation, benefits and other rewards as effective performance management instruments to increase operational efficiency and enhance performance. It is very important for the organisation to attract, motivate and retain the best people who will be a key influence on its future success. Furthermore, in recent times, most members of the community believe that skilled people are an essential part of sustaining an…

Words 3214 - Pages 13

Business Research Report Rwt1

most highly qualified and skilled employees. Edward Lawler of the Center for Effective Organizations at the University of Southern California, the author of many books on compensation, believes that “employees value themselves in relation to the market place and if a competitor were to offer higher pay it is likely that employee will change companies” (Wilson, 2003). As we look towards the future this has…

Words 2071 - Pages 9