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Benefits are often seen as at least as or even more important than the base salary in terms of employee compensation. Furthermore, it is also important to provide employees with a sense of purpose and motivation in performing their duties.
While I would consider a slight increase in the base salary, I however feel that it is more important to include an incentive bonus for work performance. This will be calculated according to a scale of related skills and requirements of each job within the company. I will therefore focus on implementing annual work performance bonuses for employees who display excellent skills in their specific area of work. The precise requirements will be worked out with employees themselves.
I also feel that employees should receive benefits that are related to their work, such as company vehicles for personnel who travel many hours or miles during their year of work, or yearly upgrades for the computers of programming personnel. Finally, I will increase the paid vacation time for employees from two to three weeks per year.
Employee satisfaction is closely related to work...
When employees feel that they are duly compensated for well-performed work, they will be more likely to remain in their jobs. Targeted benefits such as company cars or computer upgrades will furthermore provide personnel with a sense of being valued for the specific work they perform. Finally, stress levels will be reduced by more vacation time. Employees should feel that all the benefits they receive are at least competitive with those offered by other companies.
Sources
Amig, Stacey. "Managing Human Capital: improving employee recruitment retention in a changing economy. Behavior Health Management, 1 March 2001. Web. 14 Feb 2010. http://www.allbusiness.com/human-resources/workforce-management-hiring-recruitment/784909-1.html
Ojimba, Erisa. "Salary Basics -- Developing a Strong Compensation Philosophy." Salary.com, 2010. Web. 14 Feb 2010. http://www.salary.com/personal/layoutscripts/psnl_articles.asp?tab=psn&cat=cat011&ser=ser034&part=par410
"Salary and Benefits Basics." Salaryandbenefits.com. Web. 14 Feb 2010. http://www.salariesandbenefits.com/
Sources
Amig, Stacey. "Managing Human Capital: improving employee recruitment retention in a changing economy. Behavior Health Management, 1 March 2001. Web. 14 Feb 2010. http://www.allbusiness.com/human-resources/workforce-management-hiring-recruitment/784909-1.html
Ojimba, Erisa. "Salary Basics -- Developing a Strong Compensation Philosophy." Salary.com, 2010. Web. 14 Feb 2010. http://www.salary.com/personal/layoutscripts/psnl_articles.asp?tab=psn&cat=cat011&ser=ser034&part=par410
"Salary and Benefits Basics." Salaryandbenefits.com. Web. 14 Feb 2010. http://www.salariesandbenefits.com/
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