Compensation and Benefit Systems: Discuss the concept of total compensation
Discuss the concept of total compensation, how compensation and benefit systems are used by organizations to attract and retain qualified, skilled employees. Include future challenges relating to compensating the flexible workforce. The book “Strategic Compensation- a Human Resource Management Approach” 5th edition By. Joseph Martocchio
Name: University: Course: Tutor: Date: Compensation and Benefit Systems Total compensation refers to the accurate and timely presentation of an organizations overall compensation arrangement. This involves executive plan compensation and benefit systems to exempt and non exempt salaried employees via rates paid per hour for casual workers or independent contractors. Total compensation measures an employee`s basic salary, benefits and other forms of compensation that an employer offers (Martocchio 12). Employee compensation and benefits are inte...