HRM 635 Topic 7 Discussion 1& 2 Paper
HRM 635 Topic 7 Discussion 1& 2 Paper
HRM 635 Topic 7 DQ 1 AND 2
Topic 7 DQ 1
A total compensation package entails a set of benefits enjoyed by the employees of an organization. It includes both direct and indirect financial benefits. The compensation package can also be in the form of non-financial benefits such as job security. Two critical components of a total compensation package enhance organizational competitiveness. Additionally, they aid in attracting and retaining top talent to the organization ( Malhotra, 2021). The first component is a competitive salary, which is critical and is a direct form of compensation to the employees for their services. Organizations with competitive salaries have the ability to attract talent into their workforce and retain their current employees, in addition to preventing workforce turnover. It also indicates that the organization values its workforce and can offer a competitive wage for its services. Competitive salaries are important for promoting organizational competitiveness (Fulmer & Li, 2022). For instance, competitive salaries tend to attract exceptional employees to the organization. It also helps retain top talent in the organization. Therefore, an organization with a competitive salary is able to create a competitive edge through a quality and highly talented workforce, which translates to improved performance and productivity.
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A competitive benefits package is another vital component of the total compensation package. They entail indirect financial compensation such as paid time off, health insurance, retirement packages, flexible working hours, and professional development prospects (Sorn et al., 2023). The additional benefits promote the value of the employee to the organization and enhance satisfaction in addition to enhancing morale. They help deal with specific employee needs such as retirement. This component promotes organizational competitiveness as it differentiates the firm from its competitors. Additionally, an organization can attract quality and talented employees (Malhotra, 2021). These are the main elements of a total compensation strategy.
References
Fulmer, I. S., & Li, J. (2022). Compensation, benefits, and total rewards: A bird’s-eye (re)view. Annual Review of Organizational Psychology and Organizational Behavior, 9(1), 147–169. HYPERLINK “https://doi.org/10.1146/annurev-orgpsych-012420-055903” https://doi.org/10.1146/annurev-orgpsych-012420-055903
Malhotra, V. (2021). A Study on the Effectiveness of Competitive Compensation Packages to Attract and Retain Top Talent. Nternational Journal for Research in Engineering Application & Management (IJREAM), 7(2), 237–244. HYPERLINK “https://doi.org/10.35291/2454-9150.2021.0235” https://doi.org/10.35291/2454-9150.2021.0235
Sorn, M. K., Fienena, A. R., Ali, Y., Rafay, M., & Fu, G. (2023). The effectiveness of compensation in maintaining employee retention. OALib, 10(07), 1–14. HYPERLINK “https://doi.org/10.4236/oalib.1110394” https://doi.org/10.4236/oalib.1110394
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Topic 7 DQ 1
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Assessment Description
Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees.
Topic 7 DQ 2
Assessment Description
What are legally required benefits and why are they required by law? Can any of these benefits be waived? Provide an example. Provide one additional benefit that should be made into a legally required benefit.
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