QUIZ

Running head: COMPENSATION SCHEMES 1

COMPENSATION SCHEMES 3

Compensation schemes

Student’s Name

Institutional Affiliation

a). Insurance scheme

An individual should look for a company that offers all the workers an equal health insurance cover according to the US insurance scheme. This plan has been under improvements since it is now targeting to reduce the health cost of the enthusiastic employees since their good health reflects the betterment of every stakeholder of a company (Adenutsi, 2014).

b). Employee benefits

I will look at the company’s incentive plan. An incentive plan is usually a formalized approach which is geared towards rewarding and recognizing the employees for their dedication towards meeting the pre-established objectives and goals. Many companies have not been offering incentives five years ago but since competition increased, they had to develop a clear incentive to attract proficient workers.

c). Retirement benefit

I will look at a company that has a clear of retirement benefit for all of its employees so as to make them feel appreciated by the corporation. Retirement benefits have lasted for many decades in many companies but for now the employers offer a relatively large amount to to the retirement scheme to attract good workers (Adenutsi, 2014).

The challenges that have impacted my top three compensation factors is the abrupt change of policies of companies just after recruiting its employees. This is evident in many companies that aim at acquiring employees by fake methods.

References

Adenutsi, D. E. (2014). Macroeconomic Determinants of Workers’ Remittances and Compensation of Employees in Sub-Saharan Africa. The Journal of Developing Areas, 48(1), 337-360.