In the case for exercise 4 the company is unable to provide Ethan with monetary compensation for his favor able performance review. Along with stagnant wages, a disconnect is taking place between Ethan and the firm because the most common personal financial challenge affecting employees is a vast majority of people are aware that is counter-part Jim received a significant increase in the past. Although, this scenario is somewhat troubling they're not required to give raises. At the same time, you're not required to stay with them. You've always got the option of getting a job with a company that pays more. You've got a year of experience already...unless they've got benefits that you really care about, or some other reason to stay, don't hesitate to shop around for a better paying Employers have several options with respect to non-monetary compensation. These can include benefits (including medical or other insurance), flex-time, time off, free or discounted parking, gym membership discounts, retirement matching, mentoring programs, tuition assistance, and childcare. All of these benefits communicate to employees that their work is valued and promote a positive work-life balance. The idea behind benefits is to build a community and support system, which enables employees to focus on work rather than worry about life.
Non-monetary benefits are essential to attracting a productive workforce. Many skilled laborers will not accept a position that does not offer at least a simple benefits package. It is standard practice in U.S. culture to offer basic non-monetary benefits to full-time, permanent employees. Part-time and contract workers are not always offered these benefits, partly as a result of the high cost to businesses.
Offering benefits above the expected amount can be an incentive program and used to recruit highly skilled employees to an organization. For example, skilled employees may be more likely to join an organization that offers free onsite parking, retirement benefits, and extra paid time off than an organization that does not offer these fringe benefits. Companies also use non-monetary benefits to increase and maintain employee morale and satisfaction.
Employers have several options with respect to non-monetary compensation. These can include benefits (including medical or other insurance), flex-time, time off, free or discounted parking, gym membership discounts, retirement matching, mentoring programs, tuition assistance, and childcare. All of these benefits communicate to employees that their work is valued and promote a positive work-life balance. The idea behind benefits is to build a community and support system, which enables employees to focus on work rather than worry about life.
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they're not required to give raises. At the same time, you're not required to stay with them. You've always got the option of getting a job with a company that pays more. You've got a year of experience already...unless they've got benefits that you really care about, or some other reason to stay, don't hesitate to shop around for a better paying
