Question

If you were the CEO of a company, what would you do to your compensation and benefits plan to make it effective in aligning employee behavior and performance with the needs of the enterprise? Additionally, please read the article in the “Readings and Resources” section above on performance evaluation and share your views – pro and con – on eliminating such reviews.

Answer 1

ANSWER:-

The employees always get motivated and influenced if they are rewarded with the best compensation and benefits of the organization.
Considering the CEO of the company, it is required to formulate better planning for the compensation and benefits differently for the employees as it highly motivates them to work better. The basic compensation is required to be designed for all in such a way that everyone should receive as per their work delivery and performances. Apart from basic compensation, incentives, overtime allowances, and merit pay are all required to be added in the list of compensation for boosting employees to deliver a high level of work performances.

The monthly individual performance bonus and attendance bonus are needed to provide for hard-working employees into their compensation list. The referral bonus, team performance bonus, and giving the source lead for obtaining high revenues of income to the organization in terms of sourcing clients, lead generation, and showing the ways to extending the business are the best way that the CEO should formulate to increasing compensation for employees. It will not only influence the employees to strengthen more energy on work for obtaining high compensation but also engage the employee coordination for maximizing organizational effective outcome.

It is required to keep an active benefits plan for the employees while serving and after retirement from the organization. The employees are required to provide travel cost once in a year for the three members of the family along with the employee. While serving the organization, the employee is required to provide with medical insurance up to serving period and such facility should be allowed for a maximum of two members of the family of an employee.

To boost the employees, the retirement benefits are likely required to be provided, only if the employee serves a minimum ten years till the completion of retirement age. After the retirement age, the employee is required to allow for routine medical checkups from local healthcare centers. The organization should plan for employee’s daughter’s marriage cost those have either lost their husband or wife. The employee serving at least five years in the organization will get such benefits.

Therefore, these are some of the plans for providing better compensation and benefits for motivating employees to keep effective work delivery and high-rises the organization reputation in the market.