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What is the effect of a total compensation package within a market-competitive pay plan on employee motivation and satisfaction?

 Topic 7 DQ 1

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 Topic 7 DQ 1

A total compensation package includes a base salary, other monetized benefits (paid time off, health insurance, and retirement plan), bonuses, and commissions. Total compensation is an extremely useful tool for an organization to attract and retain top talent. It conveys to the employees the value they receive in the form of benefits from the company (Tumi et al., 2022). It seeks to form a suitable reward system for employees. However, the compensation offered to an employee should reflect their value in

the organization.

One way managers can considerably improve employees’ job performance and motivate them is through compensation. Compensation plays a key role in determining an employee’s level of job satisfaction (Tumi et al., 2022). Job satisfaction denotes an employee’s attitude about their job and the employer. It is the degree to which individuals feel positive or negative about their work. The level of employees’ job satisfaction reflects their perception of their job based on factors such as the working environment and conditions, organizational policies and procedures, leadership style, and additional benefits (Tumi et al., 2022). Therefore, compensation is connected with a positive and significant impact on employees’ motivation and job satisfaction.

Compensation is a valuable tool in the hand of management to promote organizational effectiveness and positively impact the behavior and productivity of employees. Compensating employees makes them feel valued, which increases their motivation and loyalty to the organization and results in higher job satisfaction and productivity (Rosalia et al., 2020). The total compensation package serves as a great motive that drives employees to put more effort into achieving organizational goals. Furthermore, compensation determines the attraction and retention of employees to achieve organization objectives. Thus, managers should seek to develop suitable compensation packages for their employees to increase job satisfaction, which lowers turnover rates and increases productivity (Rosalia et al., 2020). Having a low turnover rate is crucial for an organization to retain its top talent and reduce the expenses of recruiting and hiring new employees.

What is the effect of a total compensation package within a market competitive pay plan on employee motivation and satisfaction

References

Rosalia, P. D., Mintarti, S., & Heksarini, A. (2020). The Effect of Compensation and Motivation on Job Satisfaction and Employee Performance at SMK Medika Samarinda. Saudi Journal of Business and Management Studies5(7), 448-454. https://doi.org/10.36348/sjbms.2020.v05i07.009

Tumi, N. S., Hasan, A. N., & Khalid, J. (2022). Impact of Compensation, Job Enrichment and Enlargement, and Training on Employee Motivation. Business Perspectives and Research10(1), 121-139. https://doi.org/10.1177/2278533721995353

 

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Important information for writing discussion questions and participation

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Hello class and welcome to the class and I will be your instructor for this course. This is a -week course and requires a lot of time commitment, organization, and a high level of dedication. Please use the class syllabus to guide you through all the assignments required for the course. I have also attached the classroom policies to this announcement to know your expectations for this course. Please review this document carefully and ask me any questions if you do. You could email me at any time or send me a message via the “message” icon in halo if you need to contact me. I check my email regularly, so you should get a response within 24 hours. If you have not heard from me within 24 hours and need to contact me urgently, please send a follow up text to

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Your initial discussion post should be a minimum of 200 words and response posts should be a minimum of 150 words. Be advised that I grade based on quality and not necessarily the number of words you post. A minimum of TWO references should be used for your initial post. For your response post, you do not need references as personal experiences would count as response posts. If you however cite anything from the literature for your response post, it is required that you cite your reference. You should include a minimum of THREE references for papers in this course. Please note that references should be no more than 5 years old except recommended as a resource for the class. Furthermore, for each discussion board question, you need ONE initial substantive response and TWO substantive responses to either your classmates or your instructor for a total of THREE responses. There are TWO discussion questions each week, hence, you need a total minimum of SIX discussion posts for each week. I usually post a discussion question each week. You could also respond to these as it would count towards your required SIX discussion posts for the week.

I understand this is a lot of information to cover in 5 weeks, however, the Bible says in Philippians 4:13 that we can do all things through Christ that strengthens us. Even in times like this, we are encouraged by God’s word that we have that ability in us to succeed with His strength. I pray that each and every one of you receives strength for this course and life generally as we navigate through this pandemic that is shaking our world today. Relax and enjoy the course!

Hi Class,

Please read through the following information on writing a Discussion question response and participation posts.

Contact me if you have any questions.

Important information on Writing a Discussion Question

  • Your response needs to be a minimum of 150 words (not including your list of references)
  • There needs to be at least TWO references with ONE being a peer reviewed professional journal article.
  • Include in-text citations in your response
  • Do not include quotes—instead summarize and paraphrase the information
  • Follow APA-7th edition
  • Points will be deducted if the above is not followed

Participation –replies to your classmates or instructor

  • A minimum of 6 responses per week, on at least 3 days of the week.
  • Each response needs at least ONE reference with citations—best if it is a peer reviewed journal article
  • Each response needs to be at least 75 words in length (does not include your list of references)
  • Responses need to be substantive by bringing information to the discussion or further enhance the discussion. Responses of “I agree” or “great post” does not count for the word count.
  • Follow APA 7th edition
  • Points will be deducted if the above is not followed
  • Remember to use and follow APA-7th edition for all weekly assignments, discussion questions, and participation points.
  • Here are some helpful links
  • Student paper example
  • Citing Sources
  • The Writing Center is a great resource