Answer the following two questions using the question and answer (Q&A) format; i
ID: 384800 • Letter: A
Question
Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response.
Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references.
What are the major elements of a total compensation package? Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace?
Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response.
Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references.
What are the major elements of a total compensation package? Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace?
Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response.
Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references.
What are the major elements of a total compensation package? Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace? Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response.
Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references.
What are the major elements of a total compensation package? Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace?
Explanation / Answer
Major elements of a total compensation package:
With every passing day, workpace is changing and compensation has to catch up. Employees want incentives more than compensation. The ever-growing workforce gets more motivated by means of bonus plans and work hours that take advantage of most overlooked skill gap fillers.Incentives promote a high level of productivity in employees and they deepen company culture as well.
Flexibility is the key. Today's workforce wants less dictatorial atmosphere and more of flexibility in the work environment and pay structure. Short term super flexible incentives highly motivate the employees to put their best efforts. Smaller companies are heading towards leading a much more flexible approach to which larger companies need to match to thrive in competition as employees will get attracted to such rewarding companies.
Incentives like gamification and social validation are also on the rise. When an employee gets a trophy just for participation it gives him an incite of a job well done and keeps the spark lightning.Contest and programme incentives provide goal attainment in a fun and relatable manner.
Every employee working in an organization looks forward to incentives and appreciation along with basic pay. Big companies should keep on innovating the methods of giving incentives to employees because in this era of startups with better basic pay and promising incentives one always gets attracted towards it. In order to retain competition and employees, total compensation package needs to be constantly evolved.
Why & How these elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace:
The compensation packages should be regularly reviewed at all roles to make sure that they are still competitive in the market to make sure that best of the best talent are still interested in your company. The fixed and variable components need to move up or down depending on the salaries offered in the market for similar roles. Also, other benefits may be increased to show to an employee that the company is an employee friendly company.
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