Discussion 1: Topic 7 Total Compensation and Organizational Competitiveness/HRM 635

Discussion 1: Topic 7 Total Compensation and Organizational Competitiveness/HRM 635

Discussion 1: Topic 7 Total Compensation and Organizational Competitiveness/HRM 635

Topic 7 DQ 1

Assessment Description

Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees.

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Topic 7 DQ 1: Total Compensation and Organizational Competitiveness

Total remuneration packages are of utmost value in recruiting and retaining genuinely excellent staff. According to Onochie (2020), incentives based on performance and comprehensive health insurance are two factors that make an organization considerably competitive. These elements motivate employees to perform well and meet their professional and personal needs.

Performance-related bonuses are an excellent motivational technique that will also bind the loyalty of your employees to your company. For instance, if a nurse consistently meets or exceeds productivity standards or patient satisfaction ratings, the hospital may reward them financially (Lin et al., 2022). Such an approach recognizes better performance and helps workers pay attention to the precise factors to be done to achieve company goals, including enhanced quality patient care.  By linking compensation with specified outcomes, companies breed a work culture that embraces accountability and productivity.

Retention of workers can be facilitated by providing medical, dental, and mental health care within the comprehensive package of benefits. Such benefits show concern for the employees, and therefore, employees may become happier and more loyal to the facility. Sovold et al. (2021) argue that the availability of mental health counseling services can be one curative measure against the high levels of stress health workers often face in their work environment. This provision may lead to fewer burnouts and a lower turnover rate. Investment in employees’ health is one of the significant parts of the competitive remuneration package, directly impacting productivity and morale.

A properly developed remuneration plan attracts top personnel, like an engine, motivating and retaining employees. Proper care taken in financial incentives and general welfare goes a long way toward retaining motivated and dedicated staff. With this all-encompassing approach, companies will stay competitive in the dynamic labor market.

References

Lin, T. K., Werner, K., Witter, S., Alluhidan, M., Alghaith, T., Hamza, M. M., Herbst, C. H., & Alazemi, N. (2022). Individual performance-based incentives for health care workers in organization for economic co-operation and development member countries: A systematic literature review. Health Policy, 126(6). https://doi.org/10.1016/j.healthpol.2022.03.016

Onochie, L. A. (2020). A literature review of remuneration as evidence in promoting employee retention in the public sectors. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3680259

Sovold, L. E., Naslund, J. A., Kousoulis, A. A., Saxena, S., Qoronfleh, M. W., Grobler, C., & Münter, L. (2021). Prioritizing the mental health and well-being of healthcare workers: An urgent global public health priority. Frontiers in Public Health, 9(1), 1–12. https://doi.org/10.3389/fpubh.2021.679397