money is not the only compensation required to keep employees compensated
Discussion
I have always held the opinion that money is not the only compensation required to keep employees compensated. Besides, an organization will be forced to pay more to keep its best employees where another organization comes with a higher sum. My desire to stand by my opinion led me to search the internet and came up with some great insights. Upon visiting Business News Daily on https://www.businessnewsdaily.com/10731-money-not-enough.html , I realized that other compensation methods existed that showed that money was only an option where an organization decided to add on to the benefits enjoyed by employees. Incentives such as trusted relationships and creating challenging work have proved effective in keeping the best employees.
Some of the organizations that have shown the need for employee compensation are Google and Facebook. The employees on both organizations have been treated to motivation packages that do not necessarily have to include money in them. For example, Google treats its employees to free food, massages, off-site trips, and even flexible work schedules. The fact that the employees feel appreciated has seen the organization keep most of its top employees. Facebook, on the other hand, has a program that motivates employees through benefits such as health and dental insurance. Don't use plagiarised sources.Get your custom essay just from $11/page
An example of a great company that has not been having a great history of employee compensation is the Coca-Cola Company. Despite the company’s employee network size, strategies employed by the company have been criticized for not prioritizing the employees’ needs. Generally, the Coca-Cola Company compensation programs have been benefiting the executives at the expense of the employees. Organizations should consider coming up with strategies that pay off in the long run.
Replies
Hi Rose!
That is a great piece of work. You have given out great insights concerning the selected companies. I have chosen both Google and Facebook as my good example, and you have given further insights on the same. The two companies have done a great job of coming up with strategies that have seen them maintain loyal employee bases. The examples on Nokia and Toshiba are great in showing the impact of poor compensation strategies. Generally, companies require the support of their employees when challenges come their way. For example, Nokia would have overcome its challenges had it maintained a strong and loyal employee network. Thank You.
Hi Kenneth
Thank you for the great insights and well-researched information. The example on Rubicon is a great one as it shows the benefits of having good employee compensation. Rubicon appears to be a place where any employee would wish to work, and thus the company does not struggle to find the best employees. Also, the Glassdoor Bank of America example shows the importance of having flexible benefits. Besides, employees have different tastes, and an organization should try as much as possible to meet the needs of as many employees as possible.
Hello Matthew
Indeed, money does not define everything that an employee needs in the workplace. A happy employee performs better, and money can only come to add happiness. The Fresh Market and Frontier Communications are great examples and give limelight as to why employee compensation should be prioritized in any workplace. Most companies known for poor performance have had a history of poor employee compensation. Thank you.