“Compensation Packages” Please respond to the following:
Examine the common elements of compensation packages. Determine which two elements you believe to be the most motivational to an employee and to you. Support your position.
There are many elements that together make a compensation package. Some of these elements are commonly found in most companies’ pay structures. These elements include base salary, bonuses, benefits and insurance as well as employee perks. Together these elements make a job and the pay package attractive. A base pay is what one is paid regularly whereas bonuses are paid on basis of certain plans like when one has met the expected target or on basis of such other criteria. Companies also provide benefits and insurance like medical insurance and life insurance. Some companies also provide equities and option or/and flexible work hours.
Everyone is motivated by different elements of their compensation package. Some people are motivated their base salary, others may love getting additional perks and others flexible work hours.
When I got hired at the company that I currently work for, I was actually motivated by the insurance plan that I was being offered, for someone that didn’t have insurance and I made to much to receive government assistance, I liked the fact that I was able to go to the doctor and only have to pay a co-pay. Then the longer that I am working for the company, I began to appreciate the perks, the discounted movie, and concert and amusement park tickets.
Compare team and individual bonuses and incentives. Determine which type of bonuses and incentives you would prefer. Support your position with examples.
Team bonuses mainly intend to have a leveling effect on people’s performance. However, it is essential to leverage the average group output than the average individual output. Team bonuses also make it simpler to enforce quality standards. Apart from it such bonuses help overcome disparities and the resulting frustration.
Individual bonuses seem to encourage every individual employee in the team and push him/her to make better efforts to reach or rather surpass the expected level of performance. Every individual works for themselves but sometimes in such case conflicts and frustration may arise in the people who are not able to perform very well.
If I had to decide between group or individual bonus, In my opinion it would determine what the bonus is being based off of, if it’s a job that was assigned to the team and it was completed as a team, then the Group bonus would be acceptable but if the job is assigned to me and complete the assignment for start to finish without any help, then I would like to receive the individual bonus. But it would depend, if had help completing the assignment with some of my team members, not all, I would take the individual bonus and divide it between the people the actually helped with the assignment.