Employees perform assigned tasks, and the organization pays them for their work productivity. Compensation involves an exchange of labor for pay and benefits, and both the employer and the employee gain value from this transaction. Compensation is comprised of many different types of rewards and recognitions. Reward systems include base pay, incentive, merit, vacation, sick pay, health insurance, and such things as cell phone, housing, or car allowance. Recognizing employee work contribution and acknowledging their accomplishments through service excellence, service awards, and other valuable appreciation helps to motivate the workforce. The organization supports an employee's productivity through motivation, stimulation, self-improvement, and a commitment from the employer. Compensations and rewards are sizeable expenses for any organization. Therefore, they must be handled carefully. Some organizations are unable to attract the right talent because their compensation and benefits programs are not reasonable. Today organizations are focusing on core competencies and pay for performance for their employees. Therefore, employees should know that developing their skills, being team players, solving problems, and exemplifying leadership are some of the core competencies that organizations look for in making hiring and promotions decisions. Every employee should understand the organization's mission and goals and how their employment is connected to these. Employees should also know that their job responsibilities are linked to the need of the organization and that employees should possess the right skills, knowledge, and abilities to help achieve organizational objectives. Employers should reward and compensate their employees appropriately for their work efforts. In this regard, employers should understand that the pay workers receive is connected to their productivity, motivation, inspiration, and turnover. This book provides a clear understanding of the various rewards system many organizations may offer. It also outlines the connection between compensation, benefits, and employee motivation. Finally, it teaches employees how to ask for a pay increase.
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