Many different organizations have different benefits and compensation strategies. The strategies deployed by various companies depend on various aspects that entail; reward programs pay scales and benefits packages. Most companies that have successful, well planned and organized compensation strategies are able to compete in the market for the best human resource available in the industry. Competitive organizations have found that the secret to protecting critical human resource capital is by motivation and having a good reward strategy that includes benefits and a good compensation strategy. Extensive research has shown that benefits and compensation heavily contribute to the attainment of the set organizational goals and objectives (D'Agostino 2013).
How benefits and compensation contribute to overall organizational success
Benefits and compensation are the ultimate rewards for labor. They provide a reason for human personnel to offer their skills and knowledge to the organization for the success of the organization. Benefits and compensation also act as the major motivation tools to the human resource capital hence increases individual productivity that in turn leads to the achievement of a company’s goals and objectives. On the other hand a well-compensated manpower leaves no room for strikes and go-slows that take up a lot of production time leading to little or no production thus it creates ample time for production to take place hence an organization’s overall success can be achieved (D’Agostino 2013).
Ultimate Software was ranked 9th in the Fortune Magazine as the 100 Best Companies to work for. The developer of people management software area includes Google, and Quicken Loans, to name a few (archive.fortune.com). With a great atmosphere for employees, Ultimate Software employees’ ratings are over the 96% percentile. Employee ratings include challenges great rated, atmosphere, rewards, pride, communication, and bosses. With top ratings within the organization, is why Ultimate Software of one of the best companies to work. Almost all employees (96 percent) claim that they engage in a lot of responsibility in the organization, and close to as many (94 percent) also claim that managers trust them to handle the responsibilities without micromanaging them (greatrated.com). Unlike most organizations health benefits, Ultimate Software covers alternative treatments such as, acupuncture, homeopathy or chiropractic (greatrated.com). It also provides onsite health benefits, such as cholesterol tests, flu shots, and blood pressure screening.
St. Jude Children’s Research Hospital
Up 22 places from the previous year, it is ranked #30 as one of the Best Companies to work for in the. It gives particularly high ratings to their pride in working for the organization, and ability to make a difference (stjude.org/fortune-magazine).It carries survey on how to enrich employee’s lives. It also offers high- quality benefits choices that not only support at (stjude.org/stjude). The organization also offers competitive and affordable benefits that include; Medical, and prescription drug plans, vision, time off programs, educational benefits, retirement, employee wellness program, and family friendly benefits (stjude.org/stjude). It is important to St Jude that the employees are an integral part of the effort to the achievement of the overall success of the organization.
Commonalities between Ultimate Software Company and St. Jude Children’s Research Hospital
Commonalities between these organizations are the provision of Health insurance and Maternity and Paternity leave. These commonalities exist due to increasing need to secure the health and well-being of employees in order to reduce labor turn ova and increase productivity. It is also a provision of law that a company should secure the health of its employees, and so all organizations should adhere to it.
A comparison of the employee benefits provided by Ultimate Software Company and St. Jude Children’s Research Hospital
These two companies offer highly enriched employee benefits some which are common amongst them like health insurance, retirement package maternity and paternity leave and family-friendly benefits that include time off, sick leave and holidays. St. Jude Children’s Research Hospital has some perks like vision insurance and educational benefits such as employee tuition assistance program and specialized training programs that are not provide by Ultimate Software. Ultimate software has some unique perks for her employees that make life easier such as: No-cost snacks in the course of the day, no-cost lunches on a regular basis, Take-home meals on a regular, daily basis and Massage therapy. The Ultimate Software organization has the best compensation and health benefits package that any company could offer. Not only are the health benefits package great, but the perks that are offered as well (Hager 2012).
How health care organizations can provide adequate compensation and benefits to a diverse workforce with a variety of values and needs while still remaining profitable
Health organizations just like all other organizations can provide adequate compensation and benefits to its employees while still remain profitable by carrying out human resource planning. This will entail knowing the current number of employees, their requirements both financial and non-financial and their future requirement that should be in line with the organization’s vision statement. This will help the organization to attain the required number of employees it can maintain and compensate well thus eliminating surplus and shortages that lead to wastage (Dinkin 2015).
Compensation and benefits strategy and its application within a health organization
The compensation and benefits strategy used by both the organizations is the traditional job-based compensation model that is based on merit pay on the tasks performed by the individual in that respective position. This strategy is the best within a healthcare organization. Each employee’s position is put on a merit in the organization and compensation is done according to what tasks an employee performs and its importance to the company (Dinkin 2015).
Different companies have different perks for their employees and for an organization to be successful in its overall goals it has to compensate them well. A health care organization just like other unrelated company’s can give adequate compensation and benefits and still remain profitable through human resource planning and using an equitable pay structure. Employees are an integral part in the achievement of organizational overall success.
D’Agostino, M. L. (2013). NEW YORK STATE’S 2007 WORKERS’ COMPENSATION REFORM: SUCCESS OR FAILURE?. Albany Law Review, 76(1), 367-402.
Dinkin, E. N. (2015). Dust Off the Historical Approach to Total Compensation. Benefits Quarterly, 31(1), 43-50.
Hager, M. A., & Boris, E. T. (2012). Compensation for Governance in Grant making Foundations. Public Integrity, 15(1), 51-70.