REMUNERATION

Remuneration And Employee Benefits

Remuneration And Employee Benefits

Introduction

With the increase in globalization all around the world, the trends of conducting the business has changed to great extent. The changes in the business trends have developed various challenges and opportunities to the organisations. The globalization has also caused the competition to great extent among the organisations in the industry. The increase in competition has given most critical challenges to the organisations. In order to be competitive among the competitors in the industries, the organisations are required to maintain their great performances by managing their costs and qualities. All the aspects of the business processes depend upon performances of the human resources of the organisation. Particularly the success of the organisations and the attainment of competitive position of the organisation greatly depend upon the way the organisation's human resource management manages its employees.

The human resource management has significant impact upon the business processes and it assists the managers and leaders of the organisation to manage their employees in an efficient and effective manner. The human resources management plays an important role in the effective management of the employees and effective human resources management system develops the motivation and devotion within the employees towards their work that has direct and significant impact upon overall performances of the business. There are various approaches and strategies that are developed and implemented by the human resources departments of the organisations in order to develop motivation among their employees. There are also a number of models that are used by the managers and leaders to develop motivation. The basic factors such as remuneration strategies that motivate the employees to perform effectively and efficiently involve the good salaries, increments, bonuses, appreciations, performance acknowledgements and performance rewards, growth, development and career advancement opportunities. Many organisations give highest level of pay scales to such employee by giving the employees with various benefits and health services. Thus the employees of any organisation are motivated by the remuneration and by the employee benefits that are given by the employers to them.

The following section aims at discussing in detail about the organisation's current situation as well as the remuneration strategies that are implemented within the selected organisation.

Discussion

External pressures on the organisation (current practice, recent development, legislation)

The selected ABC organization is facing great competitive challenges in the industry. As the organisation has started it operation few years before, therefore, at present it is at the developing stage. The ABC organization is also facing the external pressures. The business trends are changing and the new technologies are being implementing by the modern organisations that are giving further challenges to the ABC organization. In recent years the new developments have been made in the human resources department by most of the leading organisation and this aspect has further increased the competition in the industries. The ABC organization has made recent development in its business units as well as in its human resources department. The new and effective strategies have been developed and implemented in order to manage ...