Compensation and Benefits Systems Research Paper

Compensation and Benefits Systems - look into Paper ExampleIt is also a matter of fact that job satisfaction is key to the retentivity of an employee to his/her current job, particularly in the face of high salary provided in other companies. It is for this reason that the human being resource function of many companies considers compensation and benefit systems as its integral part. The move is mainly dictated by change in world economy, change in community due to market and intelligent forces, innovational needs and decisive thinking in order to be able to remain competitive. The persona of compensation and benefit system that a company uses for compensating its staff can be valuable in the companys efforts to gain competitive advantage and be able to achieve its missions and visions. A rise up organized incentive compensation plan has the effect of giving employees the feeling that the organization they are work for is fair. Employees also need to have a better understand ing of their exculpateing potential for them not to see those offered by other companies as attractive. General Motors, an American company that deals in the manufacture of automobiles is one such company that recognizes the value of compensation and benefits system to its employees. ... According to General Motorss pay-scale report of December 2010, auto mechanics are projected to earn a mean salary of $18 per hour, assembly-line workers earn $29.49, journeymen electricians earn $31.47, and those doing join wank $28.97 while millwrights get $30. Locsin cites that General Motorss employees on salary get compensation expense $79,665 annually for mechanical engineers $75,505 for industrial engineers, project engineers get a compensation of $83,182 mechanical design engineers acquire $79,992 product development engineers being compensated $80,785 while manufacturing engineers getting $78, 683. This form of compensations is meant to motivate the employees in dissimilar department for them to increase their effort and remain loyal to the company (Locsin 1). The company also considers the experience that an employee has in compensating its workers. In this regard, an employee who has a draw poker of experience is being rewarded more compared with those who have not acquired a lot of experience. According to the General Motors Corporations pay scale of December 2010, new employees of the company earn $53,500 yearly, while those who have in the midst of one to four years of experience pocketing $64,160 (Locsin 1). He also reports that later an employee has worked for between five to nine years, these employees are considered with a reward. In this case, they get $75,043. Those who have served the company for between ten to nineteen years are awarded $82,480 yearly and those with more than twenty years of experience get $94,527. This kind of benefit was introduced as a way of increasing job satisfaction and retaining companys employees with many years of expe rience. Locsin notes that compensation at General motors is also affected by an