HomeworkLib
Question

What are the components of the total compensation package, and what is the relative importance of...

What are the components of the total compensation package, and what is the relative importance of each?

When you have been job hunting, what aspect of an organization's compensation package have attracted you most? What has been least important?

What component of compensation do you wish you currently had but don't at your present employer? Why?

business   Operations-Management   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1: The major components of total compensation package are

  • Salary and wages. ... This depends on the particular role, experience of the employee.
  • Bonuses. ...The additional monetory benefit which is majorly based on the performance and companys salary policy.
  • Long-term incentives. ... This is based on long term tenure and commitment of the employee
  • Health insurance. ...
  • Retirement plans. ... After service benefit from the organization
  • Time off and flexible schedules. ... This is given inorder to provide work life balance and encourage employee to manage their personal life along with work.
  • Life and/or disability insurance. ...
  • Miscellaneous compensation.

2: The most attractive one was performance bonus which is actually give motivation for an employee to work hard and being in positive compeitition.

3: The one which I would like to have is work from option. This would have been better in certain cases where I need to be with my family and I can manage my work along with it. This option is not there in my current organization.

0 0
Add a comment
Know the answer?
Add Answer to:
What are the components of the total compensation package, and what is the relative importance of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The goals of compensation are to attract people to work for your organization and to retain...

    The goals of compensation are to attract people to work for your organization and to retain people who are already working in the organization. Employees who are fairly compensated tend to provide better customer service, which can result in organizational growth and development. A compensation package can include salary, bonuses, health-care plans, and a variety of other types of compensation. If you have had or currently have a job, do you feel the compensation plan motivated you? Why or why...

  • List the important components of action plans. Which component do you think is the most important?...

    List the important components of action plans. Which component do you think is the most important? The least important? Explain your response. OR What are the primary characteristics of action plan objectives? Are these characteristics descriptive of good organizational strategic goals? Why or why not?

  • You have been hired as a consultant to develop a new position and the appropriate compensation...

    You have been hired as a consultant to develop a new position and the appropriate compensation and benefit package for the position. Note, you may pick any industry, any size company and any geographic location as the basis for your consulting work. The company has asked for the following deliverables: -Provide an executive summary of the position, wages, benefits and incentives. -Organizational chart indicating where this position falls in the company. This will help show internal alignment. -Job Description. Be...

  • Define diversity management in detail and describe the components that have been combined to make up...

    Define diversity management in detail and describe the components that have been combined to make up our present workforce diversity. Which component do you think is making the most impact on workforce diversity today? (Answer has to be close to 250 words and at least one reference cited in APA format)

  • provide positive feedback: What is compensation? Newman, Gerhart, & Milkovich, (2017) claims compensation “…does not mean...

    provide positive feedback: What is compensation? Newman, Gerhart, & Milkovich, (2017) claims compensation “…does not mean the same thing to everyone” (p. 5). Your view differs depending on your perspective. For this assignment: Identify and explain any common views of compensation shared by Employees:The pay individuals receive in return for the work they perform. Employers: The total cost of maintaining and retaining a workforce, including things like salary, insurance, retirement, bonuses, etc. Society: “Some people see pay as a measure...

  • In considering what we have learned thus far regarding the importance of determining the cost of...

    In considering what we have learned thus far regarding the importance of determining the cost of capital as well using capital budgeting tools, explain why it is important to understand that capital budgeting is subject to the validity of the forecasted data. Additionally, explain whether this reduces the reliability of these types of tools. Are there any other alternatives, or are these tools some of the most reliable that currently exist?

  • In considering what we have learned thus far regarding the importance of determining the cost of...

    In considering what we have learned thus far regarding the importance of determining the cost of capital as well using capital budgeting tools, explain why it is important to understand that capital budgeting is subject to the validity of the forecasted data. Additionally, explain whether this reduces the reliability of these types of tools. Are there any other alternatives, or are these tools some of the most reliable that currently exist?

  • In considering what we have learned thus far regarding the importance of determining the cost of...

    In considering what we have learned thus far regarding the importance of determining the cost of capital as well using capital budgeting tools, explain why it is important to understand that capital budgeting is subject to the validity of the forecasted data. Additionally, explain whether this reduces the reliability of these types of tools. Are there any other alternatives, or are these tools some of the most reliable that currently exist?

  • Identify the components of implementing your evidence-based practice project. What has been the most difficult component,...

    Identify the components of implementing your evidence-based practice project. What has been the most difficult component, and why? What do you think has gone well? Provide one piece of advice you would give to a colleague about the implementation process.

  • Jon is a manager of a major insurance regional company. As regional manager his compensation package comprises of a bas...

    Jon is a manager of a major insurance regional company. As regional manager his compensation package comprises of a base salary, commissions and a bonus when the region sells policies in excess of its quota. Jon has been under enormous financial pressure stemming largely from two factors. First, he is experiencing a mounting personal debt due to a family member's illness. Second, compounding his worries, the region's sales of new policies have dropped below the normal quota for the first...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT