HRM 635 Topic 7 DQ 1 What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction?

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Title: HRM 635 Topic 7 DQ 1 What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction?

HRM 635 Topic 7 DQ 1 What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction

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Topic 7 DQ 1

May 19-21, 2022

What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction?

REPLY TO DISCUSSION

Trina Cruse

Posted Date

May 23, 2022, 7:59 PM

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Replies to Trina Cruse

Hello Class,

A compensation package is a summary of all the ways that a company directly or indirectly pays employees. Also known as a total compensation statement, the compensation plan describes details about how the employer pays employees and what non-financial benefits they offer(bing.com). HR professionals must be strategic to attract the right talent and retain employees. Offering an appealing and generous compensation package is an important part of your employee value

HRM 635 Topic 7 DQ 1 What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction

propositionaihr.com).

Compensation serves several purposes, which include:

Recruitment and retention
Raising or maintaining employee morale
Rewarding high-performance workers
Achieving internal and external pay equity
Increasing employee loyalty
Leverage during union negotiations

These are just a few of the incentives included in a compensation plan. The plan is geared to assist organizations with maintaining employees and to provided resources and motivate staff to commit to long term and stable employment. To appeal to candidates in today’s job market employers must provide a competitive benefit package that employees want. Employees who are pleased with their compensation packages demonstrate increased morale in the workplace and are more motivated to work hard because they are assured that their hard work will be appreciated and appropriately compensated. When employees feel their integrity is respected, they will have a better outlook on the company and want to be more productive and inclusive in the organization. Building a total compensation package starts with understanding what your organization can offer and then organizing this information in an easy-to-read document. Remember, the purpose is to demonstrate to the candidate or employee all the rewards that they can expect because of working for your organization. Candidates, who are comparing offers, can clearly see what they could be enjoying if they work for your company. A compensation package consists of direct compensation (cash) and indirect compensation (non-cash) rewards.

https://www.bing.com/search?q=total%20compensation%20package https://www.aihr.com/blog/compensation-package/

Robert Rupe

replied toTrina Cruse

May 23, 2022, 8:07 PM

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Replies to Trina Cruse

Good comments, thanks. Research has shown that money alone does not inspire higher performance and satisfaction levels from employees. It is not only shown in research, but it is somewhat common sense that pay alone is not going to always improve performance or job satisfaction. My experience and consulting work has consistently shown the “work itself” and one’s “immediate supervisor” have more impact on job satisfaction than anything else. Even if the pay is great, if people have a poor relationship with their boss or dislike the work, they will leave the company eventually.

However it’s important to note that if it is perceived that pay is too low, then it can demotivate employees. Research shows that adequate pay brings employees to a relatively neutral state in terms of job satisfaction, but in terms of motivating employees beyond that, other psychological factors and rewards affect that more so.

In your opinion, why does one’s immediate boss have so much bearing on an employee’s job satisfaction and motivation, rather than pay alone? How can HR facilitate a positive relationship between managers and employees?

Blessings,

– Dr. Rupe

Crystal Young

replied toRobert Rupe

May 24, 2022, 9:42 AM

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Replies to Robert Rupe

Dr. Rupe,

Thank you for the great follow up question. In my opinion, the immediate leader has the power to implicitly support or demean the employee. When employees feel supported both personally and professionally, they are satisfied in their work and are often more engaged in their work. Compensation is an important component to employee satisfaction but alone it can’t fulfill the employees desire for feeling personally invested in. HR can facilitate a positive relationship between managers and employees by ensuring

potential candidates have an understanding of job expectations and the work environment. HR should be a leader across the organization in developing a culture of engagement, retention, and development (SHRM, 2022).

Reference

SHRM. (2022). Developing and sustaining employee engagement. https://www.shrm.org/resourcesandtools/tools-and-samples/toolkits/pages/sustainingemployeeengagement.aspx

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