Compensation Philosopy Week 3

In: Business and Management

Submitted By villagomez
Words 537
Pages 3
Compensation Philosophy Assignment Wk 3
By Humberto Villagomez
5/29/2014

Compensation is the total amount of the monetary and non-monetary pay provided to an employee for his or her work. Compensation can be based on market research about the same worth of similar jobs in the marketplace, employee contributions, and accomplishments the availability of employees with similar skills. Compensation can also include payments such as bonuses, profit sharing , overtime pay, merit programs, or even sales commissions. Also compensation can come in non-monetary forms such as stock options, company paid housing, or company paid car.
Compensation philosophies are created by the Human Resource Department in collaboration with other departments within the organization. This philosophy is based on many factors. These factors include Companies financial position, the size of the organization, objectives, compensation surveys, qualified applicants based on the economy and the organizations overall current circumstances.
A good compensation philosophy supports the organization strategic plans, business goals, objectives, and reward strategies. Most compensation philosophies support the following: * Identify the organization pay systems or programs * Identify how pay systems help promote the organizations business strategy and human capital needs. * Good compensation systems attract more people to join the organization. * Motivate employees to perform at their best. * Define how an organization plans to pay and reward completely, based on business conditions and competition.
Companies rely on strategic ways on getting information like compensation surveys. They use these surveys set pay and recruit the best applicants and to retain high valued employees. Compensation professionals create market competitive pay systems based on four activities: *…...

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