Thesis on "New Approaches Employee Compensation and Benefits"

Thesis 3 pages (1057 words) Sources: 6 Style: APA

[EXCERPT] . . . .

Alternative benefits packages are a result of the collective realization that long-term work and reduced turnover have as much or more to do with non-financial incentives as they do the financial aspects of work for wage. Larger companies and even some smaller ones are recognizing that alternative forms of reward mean a lot to employees, and especially those that allow individuals to balance work and home life in a less stressful manner. (Cohany, 1996, p. 36) (Marler & Moen, 2005, p. 337) Companies like Ernst & Young, Google, Nike, Yahoo and many more have seen that employee retention has as much to do with work/life balance and issues of empowerment as it has to do with the right balance of work for wage. (Arthur, 2001, p. 225)

Some examples of these package benefits are work cite gyms, or gym membership benefits, on site daycare, tuition reimbursement, family leave, job share programs and even telecommuting options. ("Bill Proposes Tax Incentives," 2005, p. 20) (Ellison, 2004, p. 23) (International, 2007, p. 36) Companies are also offering a greater diversity of options with regard to traditional economic benefits. ("Company Benefits Stem from," 2008, p. 19) Other modern types of employment benefits even include family benefits coverage for same gender partners. (Henneman, 2006, p. 58) The trend is in fact so strong that many companies and researchers have directed their efforts toward finding out which of these alternative benefits, many listed above are more profitable or save the company more money on turnover and other unforeseen costs of doing business. (Meyer, Mukerjee & Sestero, 2001, p. 28) Some companies have done internal as well as external research to come to terms with reasons for turnover, and many have found that the increasingly diverse workforce requires variations in employment benefits that are different than they have been in the past to retain quality employees.

One company that takes turnover issues very seriously is Ernst & Young, a leading professional services firm. It has created an Office of Retention (OFR) with a director, who reports directly to the firm's chairman and CEO, and seven other employees (the OFR started out with three employees). The company believes that it will be able to retain talent by attacking, head-on, the issues that cause employees to leave. This commitment and development of the OFR stemmed from a 1997 survey of more than 17,000 Ernst & Young employees, which revealed that the workforce needed more of a personal life/work balance, and that women, more than men, left the firm because they felt excluded from mentoring and net- working opportunities. (Arthur, 2001, p. 225)

The diversification of the workforce, even at the very top to include a greater mix of women and men, as well a culturally diverse employees has created a need to better understand what exactly and individual needs to remain in employment with any given firm.

Actually, employee satisfaction and involvement can be accomplished in a variety of ways. Research has shown that, if your employees are happy and satisfied in the workplace, they will usually be more motivated, more productive, and have positive self-esteem and improved morale. (Champion-Hughes, 2001, p. 287)

The ways in which… READ MORE

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