Compensation and Benefits: Finding the Right Balance for Organizational Success
Keywords:
Compensation, Benefits, Total Rewards, Employee Motivation, Organizational Performance, Work-Life Balance, Employee Retention, Performance-Based Pay, Generational Differences, HR StrategiesAbstract
Compensation and benefits are fundamental components of human resource management that directly influence employee satisfaction, motivation, and organizational performance. Striking the right balance between competitive compensation, attractive benefits, and organizational sustainability is crucial for retaining talent, boosting morale, and driving long-term success. This paper explores the evolving landscape of compensation and benefits strategies, examining how companies across various industries approach this challenge. It discusses key trends, such as performance-based compensation, flexible benefits packages, and the role of total rewards in employee retention. The paper also highlights the growing importance of aligning compensation and benefits with organizational culture and employee expectations, particularly in the context of remote work and generational differences. Through case studies and theoretical insights, the paper offers practical recommendations for HR professionals seeking to optimize their compensation and benefits strategies
References
Martocchio, J. J. (2017). Strategic compensation: A human resource management approach (9th ed.). Pearson.
Milkovich, G. T., Newman, J. M., & Gerhart, B. (2017). Compensation (12th ed.). McGraw-Hill Education.
Memon, M. A., Salleh, R., & Baharom, M. N. R. (2017). The mediating role of work engagement between pay satisfaction and turnover intention. International Journal of Economics, Management and Accounting, 25(1), 43–69.
Kuvaas, B., Buch, R., Gagné, M., Dysvik, A., & Forest, J. (2017). Do you get what you pay for? Sales incentives and implications for motivation and changes in turnover intention and work effort. Motivation and Emotion, 41(5), 667–680. https://doi.org/10.1007/s11031-017-9624-6
Kurtessis, J. N., Eisenberger, R., Ford, M. T., Buffardi, L. C., Stewart, K. A., & Adis, C. S. (2017). Perceived organizational support: A meta-analytic evaluation of organizational support theory. Journal of Management, 43(6), 1854–1884. https://doi.org/10.1177/0149206315575554
Rofcanin, Y., Las Heras, M., & Bakker, A. B. (2017). Family-supportive supervisor behaviors and organizational culture: Effects on work engagement and performance. Journal of Occupational Health Psychology, 22(2), 207–217. https://doi.org/10.1037/ocp0000036
Las Heras, M., Van der Heijden, B. I. J. M., De Jong, J., & Rofcanin, Y. (2017). Handle with care: The mediating role of individualized arrangements in the relationship between supervisors’ caregiving responsibilities and employee outcomes. Human Resource Management Journal, 27(3), 335–349. https://doi.org/10.1111/1748-8583.12160
International Labour Organization. (2017). Global wage report 2016/17: Wage inequality in the workplace. International Labour Office.
Organisation for Economic Co-operation and Development. (2017). Taxing wages 2017. OECD Publishing. https://doi.org/10.1787/tax_wages-2017-en
Society for Human Resource Management. (2017). 2017 employee benefits: Remaining competitive in a challenging talent marketplace. SHRM.
WorldatWork. (2017). Trends in employee recognition 2017. WorldatWork.
U.S. Bureau of Labor Statistics. (2017). Employer costs for employee compensation—December 2017. U.S. Department of Labor.
Published
Issue
Section
License
Copyright (c) 2018 Mehwish Raza
This work is licensed under a Creative Commons Attribution 4.0 International License.
