Question

Discuss ways in which a well-developed compensation and benefits an organization plan could be used as part of a diversity initiative. Specifically how do individual components engage, attract, recruit, and retain a diverse and strong workforce. Use specific examples as support for your assertions.

Answer 1

Compensation and benefit plan provides advantages to the employees, and the company as an effective plan helps the company attract the employees to join the enterprise. A diversity initiative helps the business to attract the employees of diverse nature and capabilities. It also helps the managers cope with the external and internal concerns related to the employees' compensation. Every individual requires a different type of compensation plan. For example, A might require a plan that includes a bonus when he achieves 100 consumers' goals.

On the other hand, B might require compensation and benefit plan that includes acknowledging the work in front of all the fellow employees. The financial and non-financial incentives motivate the employees to perform better in their respective fields. At the time of selection, the managers must let the employees know about their salaries and the compensation plan. The mangers should also let the candidate know about the promotion tenure of the employee. For instance: The managers can set a particular tenure, after which the company will promote the employees. Hence, the company should have a well-planned objective and mission to carry on the operations. The compensation is the main attraction of the employees and the candidates. If a company requires an adequate human capital, it should have a well-thought compensation plan to attract the human capital.