MARKET COMPETITIVENESS AND COMPENSATION

Market Competitiveness and Compensation

Market Competitiveness and Compensation

Introduction

Human resource management is considered to be an integral part of any business that helps the company to recruit and manage their highly effective people that are contributing towards the success of the company. Traditional information includes employee benefits, personnel policies, employee's daily routine, organization and operations of the company and the security measures and regulations. In most of the Ontario companies, the first part of the orientation is performed by the human resources manager, who explains things like working hours and holidays. After a presentation made to new employee's supervisor, who would continue with the guidance explaining the exact nature of the job, the person presents his new colleagues and familiarizes with the job site (Carsen, 2002).

In order to emphasize the company's commitment to its new employees, most employers elect a person-to-person approach for employee orientation, using some combination of human resource personnel, professional trainers, and other staff to personally deliver the message. On the other hand, many companies' orientation programs include long informational sessions that are frequently tedious for the new employee and whose content they do not retain. A far better mechanism for this kind of information is some sort of reference material, to which the employee can turn when questions arise (Mondy & Noe, 2005).

Compensation is an important factor in the quality of employment, although this is not most important. It is clear that nonprofits are struggling to overcome in order to offer competitive salaries and benefits to attract and retain qualified personnel. Organizations can - and should - make their strengths: people are also looking for jobs where they can improve things, challenges interesting and varied, and maintain productive working relationships. However, it is an inescapable fact that compensation has a lot because it is a factor that people attach great importance when they take an interest in a job. Benefits include things like retirement plans, medicals, etc. Therefore, it can be said that benefits are things which are there to provide additional things to the employees (Mondy & Noe, 2005). Therefore, it can be said that benefits enhance the overall compensation plan or package of the employee, as things like employee medical and retirement plans are in place for the benefit of the employee, without the employee having to pay much for it.

Compensation and benefits are of primary importance for employees as a competitive compensation mix can help retain employees by keeping the employee satisfied and can help him focus on the job, instead of fretting over and looking for a better paid job. If the compensation package has several elements, how they can take decisions on the level of compensation to employees in the company? Under these concepts, the characteristics of a compensation package can be analyzes and compared on different levels of integration. Indeed, when discussing compensation package, one should be clear about the degree of integration or structure is being discussed.

Compensation speaks of the 'base compensation structure,' when ...