Employee Compensation and Benefits: Case Study on Presidency College, Bangalore

Abstract

Company/Institution’s achievements are decided in large part by the compensation and benefit plans. Compensation and benefits have a major role to play in the decision-making process of job seekers. Compensation involves how employees are paid, hourly or salary, and benefits involve the type of medical insurance, annual PhD allowance, annual performance incentive pay of up to a month’s salary and retirement benefits. Providing benefits to their employees is one way in which organizations typically maximize productivity in their business practices. Candidates with excellent talent and experience, which can give the much needed competitive advantage to the company, are usually attracted by the benefits that a company offers. Also, compensation and benefits could be used as a measurement tool for the effects of productivity, company growth, and success. Compensation and benefits could also impact the recruitment and retention of labor to a large extent. The allusion of the plan is for workers to believe the compensation plan is reasonable and fair (Cascio, 2010). Managers should incorporate cross-training to engage employees to excel in performing their job duties at the highest levels for the best outcome (Cascio, 2010).