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Compensation and Benefit system of Different Companies

Introduction

Human recourse, workforce or employees of any organization are the integral part of the organization. The success or failure of the organization is due to the human capital recruited. In order to retain the employees and, to motivate employees, the organization needs to create lucrative compensation plans for them catering both their intrinsic and, extrinsic needs. Compensation can be in any form, monetary or non-monetary. The compensation and, benefit plans are design by organization by keeping in mind the strategic goal of it. The employees should be able to witness the fairness in the pay system, by only than the employees will exchange their work and efforts with the rewards (DeCenzo & Robbins, Pp. -276).

Benefits are rewards the employees get other than their regular pay or salary. These are direct form of rewards in nature. The benefits can be of two broad categories: mandate benefits and, non-mandated benefits. The mandated benefits are those that are set by the labor system examples annual leaves, official holidays, medical leaves etc. The non-mandated are which the employer offers to the employee by free will examples insurance, food benefits, transportation facility, loans and, etc (Yahya K., Ibrahim Hj, et.al, ).

Discussion

Proctor & Gamble

Proctor & Gamble, established in 1837, was resultant of William Proctor and James Gamble partnership. It is one of the consumer good organization, whose operations divided in business units, that are beauty segment, health care segment, snack& pet care segment, fabric segment and, baby care segment. Proctor & gamble has 50 leadership brands out of which 24 brands generated the annual sale of one million dollars. These leadership brands constitute to the 90% of the company's sale and, 90%of its profits (www.pg.com).

P&G revise their salary package after every 12 months, in order to have competitive package over it competitors. P&G has defined share purchase plan and pension contribution plan to its employees. The pension they contribute to is up to 4% of employee's salary. The annual leaves allowed are of three weeks after one year of employment. In addition to annual vacation, there are also personal paid leaves of four days annually (Yerema & Leung).

Proctor & Gamble stands above average on the non-mandatory benefits. The maternity leaves can be up to 15 weeks, offering followed by benefited pension plans and, contribution pension plans. Sun Life is managing the P&G's health plan followed by 100% premium by the employer. The health plan includes dental care, eye care, medicine, medical equipments, orthodontics, massage, travel insurance and, health club subsidy. They also cover the family benefits which includes maternity leaves, parental leaves and, extended parental leaves but that are unpaid. Employee can enjoy flexible work time along with the official travelling for training or business purpose (Yerema & Leung). These are the reason that makes P&G; an employer whose benefits and compensation plan motivates the individual to join them to render their services.

Google

Google, found in 1996, initially named BackRub by Larry Page and Sergey Brin, graduates of Stanford University. In year 1997, it was name ...