Sample content Total Compensation Methods Paper MGT431 Total Compensation Methods Paper A lot of companies and workers have views of how compensation in the organization must be and what way of compensation works as compared to another. Exploring the influences of the ways will decide what compensation each company will use. Benefit plans are more famous compared to previous years due to the health issues these days. Companies are using benefit plans to attract workers and keep good employees for extended life. The worker wage, perks, and payment are plans in the companies hiring of excellent quality workers. Company must make sure the wages, perks, and other rewards are in compliance with the employee’s requirements and what the competitors are offering. As per the Journal of Business and Psychology, 2005 site, that says, “However, due to modifying worker and company requirements, together with old reward systems and obsolete benefit programs, most compensation/benefit plans

1. MGT 431 TOTAL COMPENSATION Week 4
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Sample content
Total Compensation Methods Paper
MGT431
Total Compensation Methods Paper

2. A lot of companies and workers have views of how compensation in the
organization must be and what way of compensation works as compared to
another. Exploring the influences of the ways will decide what compensation each
company will use. Benefit plans are more famous compared to previous years due
to the health issues these days. Companies are using benefit plans to attract
workers and keep good employees for extended life.
The worker wage, perks, and payment are plans in the companies hiring of
excellent quality workers. Company must make sure the wages, perks, and other
rewards are in compliance with the employee’s requirements and what the
competitors are offering. As per the Journal of Business and Psychology, 2005 site,
that says, “However, due to modifying worker and company requirements, together
with old reward systems and obsolete benefit programs, most
compensation/benefit plans are definitely not optimal and practically all plans will
go through considerable overhaul within the next ten years” (Schiemann, p. 1).
Compensation methods
Payment methods are vital assets of a strategic plan to attain maximum
achievement. Though it isn’t the only factor which will decide success or
failure, payment works hand-in-hand with the very individuals who keep the doors
open each day. Payment methods are component of a chain reaction which
eventually results in achieving objectives and having maximum achievement.
Workers are people who decide the caliber of work put into the company every day
together with the speed of output. Workers are also linked to the satisfaction of
customers and fellow colleagues. How these workers feel about arriving at work
each day will influence what they put into the company. Payment methods can
make a person think she or he is fairly treated, honored, required, and paid equally
to her or his abilities and creativity. Pay is a vital factor in satisfying workers
however can’t stand alone in the foundation of satisfied workers.
“These days, compensation means much more than only “flat rate.” Payment
should be constant and indicate the caliber of worker which the shop desires
representing them in the local community” (Longnecker, 2004). With each company
exceptional payment methods should be used to meet exceptional requirements.
Payment methods for example annual bonuses in a sales atmosphere will result in
more inspired workers that strongly thrive to sell and offer quality customer support.
The worker has something to look forward to and work for. Ways for example
commission result in workers who concentrate on making as much money as they
possibly can, which upgrade both the companies as well as their own fiscal
rankings. Compensations as simple as cash prizes when attaining a set objective

3. could affect a company. Workers will enhance their understanding to work harder
achieving the objectives of the company and placing more money in their wallet.
Payment methods are a good way to increase efficiency and earn more money for
companies of every kind. These techniques favorably influence the workers who
pass it
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