Staffing Structure Rewards and Benefits

Staffing Structure Rewards and Benefits

Explain the various classifications of rewards. Staffing Structure Rewards and Benefits

Describe competency- based compensation programs.

Define the goal of a compensation administration You may also interview managers that do not have a compensation specialist in their health care setting.

Questions to include: How do you determine wages and salary levels for your employees?

How do you ensure that the pay you offer is adequate to attract the types of employees you need?

How do you ensure that pay is perceived as fair? Do job applicants or employees ever negotiate for pay?

How do you handle the negotiation process?

Do you ever pay hiring bonuses?

Have you ever thought of changing pay systems? Why?

Do you offer any incentives to your employees? ¢What are they and how do they work?

Identify a position you would be interested within your career goal.

Locate the salary information for this position and contrast it within a geographic location or within various healthcare settings.

You may contract professional associations, check out websites, review employment ads, check out the University Career Center, or call compensation specialists at companies that hire health care staff.

Most companies want to hire the most qualified employees and keep those employees loyal and productive. To attract and keep their best employees, companies provide a “package” that includes compensation (money), incentives (special perks or rewards for good work), and benefits (valuable options such as health insurance and paid vacation).

Because each employee is unique, larger corporations offer a wide range of mix-and-match options to suit individual needs and preferences. As a manager, you may have the option of offering your team members specific incentives based on their type of work and particular areas of interest and need.

Compensation

The hood of a black car with the words “Sponsored by… Friday’s Paycheck” on it.Compensation is just another word for wages. Managers work with human resources to set and raise wages based on a number of factors:

  • Competitive analysis (what are people in similar jobs making per hour, week, or year?).
  • Cost of living (it’s more expensive to live in New York City than, for example, in most rural areas).
  • Labor negotiations (if the person is a member of a labor union, collective bargaining may apply).
  • Personal qualifications (Audrey may command a higher salary than Joe because she has more years of experience or a higher level of education).
  • Supply and demand (if your company must find a person with specific qualifications and there are very few people with those qualifications, your company may need to spend more to attract qualified candidates).

As a manager, you may need to negotiate compensation both within your corporation and with your new hire. For example, you may need to make the case for paying Audrey more than Joe would have demanded by explaining why Audrey’s skills will make a positive difference to the bottom line. The reasons behind compensation are complex; as a manager, you will need to keep your eyes on the competition and changing trends to be sure your employees receive fair and equitable pay.

Payroll Management

Compensation is usually provided through a payroll system that manages and records payment of wages to each employee. Payroll systems are set up and managed by HR or by a contracted payroll company. Payroll involves:

  • Collecting employee information such as W-4 and I-9 tax forms and proof of legal work status.
  • Tracking work hours for employees eligible for overtime pay or comp time (extra time off to pay back overtime hours).
  • Record keeping related to payment for benefits and bonuses.
  • Management of state and federal taxes.

Incentives 

If you want to encourage people to work hard, you should offer them both a reward for good work and a consequence for poor performance. The consequence is often that if you do poor work, you will get fired and lose your income and benefits. But how do you encourage (or incentivize) a person to do their best work? The answer depends on the culture of the business, the needs or preferences of the individual, and the options available.Staffing Structure Rewards and Benefits

One industry that offers an incredible range of perks and incentives to its employees is software development. Silicon Valley is loaded with companies that provide everything from free food to massages to its employees. Google, in particular, is well-known for making its employees happy and providing resources to lower stress. Free haircuts and dry cleaning, gyms and swimming pools with personal trainers, nap pods, subsidized massages, and on-site doctors are just a few of the perks it offers.