Using this table, define what could be the best compensation package at the end

Question

Using this table, define what
could be the best compensation
package at the end of an MBA ?

Compensation Financial Nonfinancial The Job Indirect (Benefits) Legally Required Bents Meaningfu Sound Policies Social Security Direct Job Environment Wages Salary Appreciated Capable Managers Competent Employees Congenial Coworkers Appropriate Status Symbols Working Conditions Commissions Unemployment Compensation Satisfying Workers' Compensation Family & Medical Leave Discretionary Learning Enjoyable Challenging Benefits Paid Time Off Health Care Life Insurance Retirement Plans Employee Stock Option Plans Employee Services Premium Pay Workplace Flexibility Flextime Compressed Workweek Job Sharing Telecommuting Part-Time Work

Explanation / Answer

I would like to have below items in my salary Package as a package post my MBA

Financial

Salary

Bonuses

Family and Medical leave

Paid time off

Insurance

Retirement plans

When it comes to the Financials in the package, regular salary which is utmost important and this is what we are earning for. When we are getting selected to any company the initial start with Annual compensation has to be of good standards and should match with the Market rate. In addition to that getting a good bonus which reflects your performance also matter. Every there should be a bonus based on how you perform is also important to maintain the financial stability.

We should always have that flexibility to take leave during family medical emergencies. You never know when the medical emergencies appear in life. Also to maintain the work life balance. Company should provide the time off. This is very important to boost the employee morale, it helps any employee to take a break in between work to manage the stress, daily targets, manage the individual’s efficiency. It helps in many ways.

Finally company should not forget the employee post their retirement. They should have a retirement plan for employees. May be they can have a retirement policy in place which can take care of the employee even post their retirement. May be financially or physically company should have a policy in place.

Non- Financial

Challenging

Capable managers

Competent employees

Working conditions

Flexi time

Job sharing

Appreciated

In addition to financial aspect there are many other Non-financial aspects which attracts employees to work for the company. No employees would like to do a boring job in the current world. Everyone expects to do a challenging work with which they gain some knowledge as well. Most common thing usually face is getting good managers to work for. You will not find manager who are really capabale and good to work. You will need to have a capable managers who can really support you at work place when there is a challenging situations and manager should pitch in support you, guide you and show you the right way to do right things.

Also at work place company should provide you competent employees who can really help you gain the knowledge and work along as a team. Good working conditions is a basic facility which company should provide like – good cubical, telephone, good furniture to sit and work, AC, electricity. Also as an employee some basic expectation like Flexi timing when there is a need, whenever you have a hige workload as a team members there should be people who can support you during heave volumes with which work can be completed. All the work which is done needs to be identified and appreciated.

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