Compensation and Benefits - Financial Reward System Term Paper

salary and Benefits - Financial Reward System - Term Paper ExampleThis research will begin with the rehearsal that Compensation and Benefits in fiscal refund system argon very central for organizations because it helps in the dictatorial organization of tasks and human resources with the purpose of attaining sustainable growth of the organization. Employees performance and motivation are depended on the financial as well as non-financial rejoins provided by the organization and thus it can be stated as one of the important factors to boost the performance of the employees. An effective financial reward system should consider the organizational structure, its culture along with the need for affiliation by the employees, rewarding employees financially. It should also consider that each person working in the organization receives appropriate financial recognition for their individual as well as group contributions in the organizational performance. Job evaluation is a system or process in which the contribution of an employee is determined with due significance to his/ her position in an organization. A good financial reward system enables the organizations employees to receive financial recognition for their contribution and line of products role in the organization and thus can create a positive impact on the workforce. It is worth mentioning that the reward system should be dealt with effectively to have a positive impact on the employees. The output of job evaluation is apply in various fields of an organization such as for making wages system, human resource management, and for decision making in the payments of different job profiles. The flowchart in the epitome represents a theoretical perspective regarding job evaluation. Initially, documentation of position should be performed to view the complete externalize of each position in the organization. Determination of remuneration range considering the market competitiveness is an early(a) impor tant step in job evaluation process. The performance appraisal system should be well- designed to invalidate in competentity among the employees. Then a review should be conducted to check the above steps and identify if the goals are achieved within time limits followed by the final determination of the reward system. The job evaluation should be make fairly and there should be no discrimination on the ground of sex or other attributes. There should be equal pay for both male and female. Equal pay for the work of equal value also should be considered in order to maintain sustainability in the organization. Wage survey is a method of collecting information about workers remuneration for analysis of existing compensation system which is used to determine the remuneration of employees. Wages are basically paid on daily basis to the workers in any manufacturing or production unit. According to the Fair Labor Standards Act of 1939, wages are paid on the basis of hours worked.