Attracting and also retaining quality
employees is a major challenge among individuals especially in the modern day
extremely competitive business environment. It is, therefore, imperative that
individuals design their company’s benefits program in a way that ensures
successful human capital management and also fosters the possibility of
retaining of such individuals within the workforce regardless of the size of an
entity (Panszczyk, 2001). Having a strategic plan
for the employees’ compensation helps in the determination of how much to pay
the employees and also on the type of employees that the individual, targets to
attract at a given time. The plan of compensation may include a series of
aspects and may also include the compensation scales, rewards programs,
benefits that may accrue to individuals and also the company perks. Any
successful strategic employee compensation plan and benefits must allow the
business to be competitive for the best employees available within the
workforce or the market (Panszczyk, 2001).
One of the major strategies to employ
to attract quality workforce is to offer the best wages and benefits packages
in the market. Some employees are motivated
by the amount of money they have as the primary pay and also the benefits that
they may also get from a given role (Biswas, 2014).
It is, therefore, imperative for an entity to offer the most competitive wages
and it is the most direct way to attract the best form of employees and also
workforce. It is a major strategy for attracting employees that are more
competitive and also holds a bigger promise for productivity. Moreover, they
are bound to be more motivated and as a result leads to increased productivity
for the company (Panszczyk, 2001).
Creating a strategic employee benefits
plan requires the addressing of the employees’ health benefits. It is essential
to provide a good health plan that may also include the covering of direct
family members to create a successful plan (Panszczyk,
2001). It is because individuals worry more about their health
especially as they age and are concerned about the medical implications that
come with increased health concerns. If the strategic employee benefits plan
can adequately address the health issues through the provision of a suitable
insurance cover, then the individuals are bound to be more satisfied especially
for the older employees that are bound to face some age related illnesses. The
health costs are also on the rise and therefore, there is a need to ensure that
the health benefits are reviewed according to the health costs that prevail at
a given time (Biswas, 2014).
Retirement benefits are directly
related to the employment choices that some of the more qualified and competent
employees make (Biswas, 2014). There is a need to
have very competent and also safeguarded retirement benefits to the individuals
so as to ensure that more qualified workforces prefer and also choose to work
in a given work setup. It is this that is imperative to ensuring that such
individuals feel satisfied with their benefits and a result are more
productive.
It is necessary for the employer to do
a needs assessment for particular cohorts of employees son as to offer benefits
and compensations that meet the needs of such employees that they may target.
If the benefits programs of particular businesses address the needs of
employees, then the business is bound to attract and also have a competitive
advantage in the attraction and also retention of employees (Panszczyk, 2001). The needs of employees vary with
age, educational level, and other factors and therefore, the employer should be
able to address the issues and also conduct some form of a needs assessment on
individuals to ascertain as to whether the compensations and benefits meet the
needs of the employees.
It is imperative also to include
rewards for performance for employees within the compensation and benefits
strategy of the organization or business. These rewards may be based on the
workplace performance and may include commissions accruing as a result of
consistent positive results or for surpassing or reaching their goals for
particular times (Biswas, 2014). The rewards
system should be easily understood by the employees and also transparent at all
times. Moreover, the target for the rewards should be attainable enough to the
employees to ensure that every time they attain them they are motivated even
further.
The offering of perks such as paid
vacations and holidays helps in the attracting of the most competent and
brilliant employees in the sector that the business is engaged in at the time (Panszczyk, 2001). it is, however, imperative that the
business ensures that the perks set is within the manageability of the entity.
The perks such as paid holidays and also paid vacations could be offered
through partnerships with other entities that provide such services so as to
make it cheaper for the business. Such allocations of the perks should also
remain transparent, and the set goals need to be attainable by the employees to
ensure that they remain motivated (Biswas, 2014).
The system that a company chooses to
offer its compensation and also the benefits may break or make an entity it is
because it is the compensations and also the benefits that shape up the culture
of such a business ensuring that the individual is either motivated or
otherwise (Panszczyk, 2001). Moreover, the better
compensation strategies that may include the provision of commissions, perks,
competitive wages and also other benefits such medical cover ensures that the
business retains the best talents and also attracts the best player in a given
industry.
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