Total Compensation Methods Paper

Essay by Jumeesa2University, Bachelor'sA+, May 2008

download word file, 6 pages 5.0

Within the city, state, and nation senior students are graduating and entering the workforce. While only a few high school seniors have decided upon the direction of their career, college seniors will begin competing for jobs in their field of study. Just as graduates will be putting the final touches on their résumés, employers are completing appealing job offers that will attract the best person to fill the vacant positions.

Potential employees will be comparing salaries, compensation, benefits, and organizational structure. Employers have been surveying the job market, and building comparable and enticing employment opportunities. Throughout this paper, an analysis of various compensation methods and benefit programs will be visited. Areas such as salaries and benefit administration strategies will be related to organizational culture and performance.

In the diverse world that has been built around us, compensation methods and benefit opportunities are plentiful. As people enter the workforce for the first time, their initial need is for a sufficient income, enough to pay the bills and support the all important female shoe obsession.

Beyond the prerequisite of a salary, the needs and desires of people are as diverse as each individual. Employers address these needs and desires through compensation methods and benefit strategies as they create their attractive job offers.

General compensation has been documented as, what similar people are paid for performing similar duties and in similar positions (, 2003). Within our society, there are two forms of compensation: voluntary and mandated. Voluntary compensation methods are continuously created, however not regulated by the government. Many organizations commonly offer insurance packages, holiday pay, and discounts to their employees. Larger organizations offer such luxuries as; on- site fitness centers, accommodated air travel, and even vacation benefits.

Laws have been established to mandate certain compensation methods, which are required for all...