PAY & COMPENSATION PAY & COMPENSATION 4
Pay & Compensation Pay &Compensation
Payand compensation refer to the total amount of either monetary ornon-monetary payment given to the workers in return for theircontribution to the organization. The most common forms of directcompensation include wages, salaries and tip (Dias, 2012). Differentpersonnel in the organization receive varying pay depending on theposition held, experience and education among others. Most of thecompanies recognize the contribution of Retail District Supervisorand one of their duties are to hire and train store managers. Theyensure that the stores department accomplishes the revenue goals(Gerhart & Rynes 2013).
Majorityof the organizations provide compensation as either base pay orvariable pay. Base pay is based on the market, and the role played bythe employee while variable pay depends on individual performance inachieving the set goals (Gerhart & Rynes 2013). The RetailDistrict Supervisors also receive payments in the form of bonuses,overtime pay, and recognition rewards. In addition, some receivenon-monetary compensation that includes company paid car, housing,education and stock options (Dias, 2012). Employees focus more on thedirect benefit. However, research shows that majority of the peopleare more comfortable with non-financial rewards. Before obtaining anyemployment, there are different aspects of compensation that I deemnecessary. Various jobs have varying points, and I try to determinehow much satisfaction each job offers.
Thefirst issue of compensation that I consider important is the salaryand benefits. I seek employment with monetary compensation. One canfind a job that offers a lower salary, but with an appealing benefitspackage. It would work best for me having benefits that cater fortravel and medical coverage among others (Milkovich et al., 2010). Itis because the small salary is being offset by other relevantaspects. The other important aspect is the physical environment. Iprefer a job whereby adequate space is allocated to enable me fulfillmy duties. I would also require a personal space where I can storebelongings without being tampered. The place of work should also beconvenient for me, and the transportation cost would be a factor toconsider (Gerhart & Rynes 2013). The other important aspect Iconsider is the level of difficulty. I would choose a job that is nottoo easy because it will be bored and also a difficult task willfrustrate. My ideal job should present new challenge and berelatively easy.
Dias,L.P. (2012). Human resource management. Flat world Knowledge. (n.d.).
Gerhart,B. A., & Rynes, S. (2013). Compensation:Theory, evidence, and strategic implications. Thousand Oaks, Calif: Sage.
Milkovich,G. T., Newman, J. M., & Milkovich, C. (2010). Compensation.Homewood, IL: Irwin.