Compensation & Benefits
The field of human resources continues to grow as the effects of globalization and technology are being felt all over the world. These positive developments, has come with an increase in competition among individuals and organizations. People and companies are more aggressive to ensure that they get the best out of their talent and employees. Human resources departments of companies ensure that they attract hire and train the best available employees. Getting talented employees is one of the ways of ensuring that an organization maximizes their productivity levels through delivering high quality results. A highly qualified and trained employee workforce is worth compensating highly. The compensation and benefits that employees in an organization are paid should match with industry requirements and expectations. Employees are usually aware of the figure that they should expect depending on the industry that they are in. Employees believe that they are being compensated highly in relation to their qualifications and productivity, then they are bound to work harder to earn even higher salaries and get more benefits such as paid leave, health insurance for the employee his/her children and spouse, allowances and flexible working hours.
Summary of Articles
Different companies have different salary scales for their employees depending on their budget, level of qualification of employees and labor laws in the country. Most countries have labor departments which have guidelines on the minimum amount of money that employees should be paid, and basic benefits that they should also be given such as leave days, minimum health insurance contributions by the employer. In Australia, the government expects employers to have 38 hours as the maximum possible working hours and have an allowance for over time for the employees. Employees are entitled to a minimum of twenty days as their leave days. Failure to go for leave should be accompanied by a payment of the equivalent number of days’ compensation. The productivity of an organization can get by with such conditions, but would be even better if the terms were raised, so that an organization’s terms were higher when benchmarked with other companies in the industry (Thomas, 2014).
Organizations have different ways through which they remain afloat during tough economic times. One of the ways can be hiring interns to work under the supervision of experienced employees. Interns are paid a lower wage rate in comparison to fully qualified individuals. However, most interns are highly motivated to learn and be productive since they are on a job search and would like to learn as much as possible; skills that they can use on real jobs. Most employers ask for experience when hiring; which is why most interns would jump at the opportunity of an internship employment. Organizations that pay higher than the industry and government regulated amount for interns ensure maximum productivity. Such organizations are also highly likely to get a pool of highly qualified and talented interns who it can hire after training. Companies that offer good compensation rates and benefits are able to attract talented and qualified employees who work effectively to achieve the goals and objectives of an organization (Diamond, 2014).
The paper has successfully looked at a human resources parameter; compensation and benefits, and the effects that it has on human personnel. Organizations that compensate their employees highly are bound to attract and retain highly talented and qualified employees. The paper has also looked at two articles posted this week of November 2014 in regards to compensation and benefits.
Diamond, D. Essentials for using Interns in a small business. Arizona Daily Star. 2014/11.
Thomas, O. (2014/11/11). Australia: The key Employment Rules. Retrieved November 12 2014