Intrinsic Compensation and Discretionary Benefits
Intrinsic compensation refers to ability of workers to gain pleasure from their accomplishments of their daily activities. This pleasure acts as their reward or compensation of what they have individually done. This has the effect of making the workers enjoy their tasks. On the other hand, workers sometimes receive rewards on top of their salary or wages. These rewards are not mandatory for one to receive. These kinds of additional rewards are referred to as Discretionary benefits.
This refers to the act of identifying the strong points of a given business venture position, and comprehending the outward factors that have a direct effect on the position. This process entails identifying the strengths, weaknesses, opportunities and threats that the business could be facing.
Power Distance and Executive Order
Power distance refers to the mode in which power is disseminated in systems of individuals of different ranks. This gives a clear indication of the cultural attitude with reference to human difference in social rankings.
Executive order is normally issued by the head of state, it demands for the enforcement of law. This order is always issued with reference to the code of inheritance of power that exits in a given state. The order is normally passed directly to the branch executives of various firms, organizations, or institutions.
Longevity Pay, And Pay-For-Knowledge
Longevity pay refers to the compensation that is given to the highest ranked employee. This employee has reached the highest level of rank and there are no more ranks remaining for him to progress further. Firms do motivate their employees to sea...
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... benefits should be something earned based on the job performance of the employee. This helps the employee to feel appreciated and it motivates the employee at the same time. The benefit further helps the organization to retain the employee.
Bonuses component of compensation is the best to motivate the executives. In this, the executives will encourage the employees in their line to work extra hard since the bonus will trickle down to them.
Flexible work schedules will motivate the employees and thus they will improve their performance hence production. The relationship of the employee and employers will also be strengthened. And as a result of this, the effectiveness of the company increases.
Martocchio, J, Strategic Compensation- a Human Resource Management Approach 5th edition 2008
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