Business HR Research Paper Essay Example | Topics and Well Written Essays - 1000 words

Business HR Research Paper - Essay ExampleThe major(ip) findings of the research showed that the system of payment of an makeup determines the motivation of the employees towards their work and the skill of the employees of the organization. This illust range that the productivity of an organization parti completelyy depends the compensation structure in the organization. The paper also has provisions on how to improve productivity of the mankind imaginativeness departments of organizations and the general organization in the form strategies concerning compensation structures revisions. Key words skills, motivation, rewards Contents 1 Introduction 4 2 Competitive compensation system 4 2.1 Objectives of competitive compensation structures 5 3 Effect of different compensation structures 5 3.1 Motivation 6 3.2 Strategies to incorporate in motivate employees 6 3.3 Skill set of the employees 7 3.4 Strategies for the increasing and retaining the numbers of skilled employees 7 4 Challe nges of the compensation systems 8 5 Conclusion 9 1 Introduction In the business world, compensation refers to all rewards that employees can earn in relation to the labor they provide. A good compensation system is an fundamental aspect of a successful human resource anxiety program, which is vital for the success of a management enterprise as a whole. The compensation may be in the form of direct financial compensation that is provided after regular intervals like wages and bonuses, indirect financial compensation that consists of financial rewards that atomic number 18 not part of the direct compensation, and non-financial compensation that deals with the work environment. However, the compensation should put into consideration the uniqueness of all(prenominal) employee. Compensation systems seek to create a rational method for the determination of the pay of employees in consent with their performance in their respective jobs (Bhattacharya and Sengupta, 2009). This creates a feeling of equity among the human resource. The compensation in call of wages is important in the determination of the maintenance of an organizations human resource that implies the destination of developing a good compensation system attract, motivate, and retain a quality human resource department that will improve the companys prosperity. 2 Competitive compensation system A competitive compensation system is a product of trying to attain external equity at heart a market. External equity is a situation where the pay rates for the employees of an organization are at least similar to the average pay rates in the market (Walker, 2004). If the compensation system of the organization is quite similar to the average compensation system in the market, the goals of developing compensation systems in terms of attracting, motivating and retaining employees are not achieved as they might seek the employ of similar organizations. This prompts employers to take travel enabling compen sation of employees using rates that are necessary for the finding, keeping and motivation of an adequate commensurate employee number. This creates a market compensation structure that is competitive with the employers seeking to provide the most attractive policies and rates (Walker, 2004). 2.1 Objectives of competitive compensation structures The competitive compensation structures of most organizations therefore have four basic objectives To regularly measure