Essay about Benefits And Benefits Of Compensation

1182 Words Apr 17th, 2016 null Page
Today humans are considered as one of every company’s most important assets, so they efforts need to be efficiently and effectively rewarded. Compensation is a main factor for organization to attract, retain and motivate its workforce. Individuals look for jobs that not only suit their abilities and talents, but compensate them accordingly in terms of salaries and other benefits. "The term employee benefits refer to compensation other than an hourly wage or salary. Examples of specific employee benefits include paid vacation, medical insurance coverage, and tuition reimbursement, but the number of employee benefits can be staggering” (Martocchio, 2014). The compensation strategy is an extremely important piece of the overall running inside organization and a decisive key factor on fashioning competitive and successful business.
Topic / Issue Identification
To remain as the successful business Walmart is today, the organization must not only be concern about proofing and meeting its own needs but those of their employees as well. Ignoring to compensate and reward employees for their service demoralize and generates turnover among employees which translates to decreasing in productivity. This week’s case study discusses this problem and shows how Walmart compensation system can be aligned to the organization culture and practices. “In 2013 Walmart brought in revenues of $469 billion in 2013 and generated profit of $27.8 billion over the same period. Despite this, the average…

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