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Give your opinion one the question in 100. Predict what type of candidate might be most attracted to an organization offering high salary and cash incentives, but expensive benefits. What are the pros and cons of this type of candidate?
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Week 3 Discussion Question 1
Comment your opinion is 100 word count to each question
Salesperson: As I understand from Chapter 12, the type of candidate that would be attracted to this type of compensation packages and benefits is someone who is in the sales industry. Salespeople performance are largely motivated by how much money they’re going to make at the end. Therefore, for companies with the compensation plans that caters to competitive salary rates, plus generous cash incentives or bonus, will not have a problem attracting candidates. In contrast, according to Dessler, if the company’s compensation plan does not consider how they reward employee along with aligning to the organizational goals, then the companies are going to lose out on maximizing their revenue growth.
Attractive canidate for high salary & incentives but expensive benefits:I think that the perfect candidate for jobs of this nature would be people who are young and just graduated from college in the age group of 22 to 25. The reason for them being attracted to jobs like this is first and foremost the pay and the incentives. These people most likely do not have any children for so when it comes to paying the expensive benefits, it really will not mean that big of a deal to them initially. When you are young you do not pay that much attention to what the benefits do for you in the long run but as you get older and your health changes along with your age then you will start to think differently about the benefit side of things.
Money Talk, Disc 1: Hello Class,An employer who offers high salary and cash incentives but in turn offers expensive benefits would attract candidates who are desperate to get a job offer. Job hunting can take a long time and sometimes candidates could end up sacrificing their chance for a good benefits package just so they can start making money. Luckily in this case, the compensation is high so a candidate can still justify the expensive benefits. A high salary can be a motivator, but it is not enough in today’s world especially with the increasing cost of living.On a positive aspect, the employer will save a lot of money for not offering an attractive benefits program. Unfortunately, a candidate who takes such an offer will most likely leave the moment they find another company that offers the high salary along with the better priced benefits. Also, this type of candidate may not be as motivated and productive as desired because they may not want to risk getting sick for working too hard or stressing out and end up having to pay a lot of money to cover the medical expenses.Ideally, a good candidate would know the value of a robust benefits package because it means the employer prioritizes the well-being of their employees and have the intention of developing a long-term relationship with them.
Total Rewards: The introduction to SHRM Functional Area #5 could not have been more timely for me. This afternoon I attended a training for a new rewards and recognition program my organization is rolling out. I have been a site champion for the system for over 6 months now but, as we near launch, our HR professionals are holding training and orientation for leaders in preparation. The facilitator who spoke to us today spent the majority of the time discussing total rewards and how we are in a position where monetary compensation and traditional benefits are not enough to retain employees and thereby retain customers.The rewards system we have chosen to implement resembles social media and is user friendly. Test departments have reported over 90% adoption rates. There is an element in which employees can be rewarded intrinsically through a vast prize catalog but the main advantage to the system is a well designed format for peer recognition. Employees can also be awarded badges for their accomplishments, build a profile that helps employees get to know one another, and ties into a number of business and performance oriented information. Of particular note was an emphasis that the system will greatly improve recognition for average employees as opposed to only top performers and it is heavily geared toward our front line employees who are the face of our company in every interaction. The facilitator also presented a slide that showed employee retention improved by nearly 25% in companies that employed a comprehensive system for peer recognition.