Importance of Compensation

The effect on total compensation package within a market competitive pay plan on employee motivation and satisfaction is something that will help them with learning about the different ones. Compensation is something that will determine a whole lot and see how well this will work out for each individual and see how much time and dedication it will need when it comes to everyone. Compensation will vary from person to person and employer to employer. The difference in it all will help them to learn how each process and see how much they will need and what they will take into considerations when they work with different people. According to Leonard, 2019 compensation includes wages, salaries, bonuses and commission structures. These different ones are the ones that will help motivate and employee to work and enjoy those different compensations. The more they work the more they will begin to enjoy and see how well these works for them and more. It is something that will also determine how much time and effort is put into all of this and give people something to enjoy as they do continue to work within that organization and more. Compensation will often be determined by the employee base salary and what they will need additional added to it and more. It is good to work with this and see what else will be needed when it comes to them and working on those different situations as it relate to an organization.

Reference: Leonard, Kimberlee. (2019). Importance of Compensation in the Workplace. Retrieved from https://smallbusiness.chron.com/importance-compensation-workplace-38470.html

Sample Response

You made some great points on what a compensation package should include. I would like to add to your list. Since Covid, a perk we have added at work is that we have allowed employees to work from home one day out of the week. We did this because some of our employees have children who are only going to school half day so we wanted them to have an extra day where they could be at home with their kids. Thanks for your post!