Compensation and Benefit Systems: Discuss the concept of total compensation

Name: University: Course: Tutor: Date: Compensation and Benefit Systems Total compensation refers to the accurate and timely presentation of an organizations overall compensation arrangement. This involves executive plan compensation and benefit systems to exempt and non exempt salaried employees via rates paid per hour for casual workers or independent contractors. Total compensation measures an employee’s basic salary, benefits and other forms of compensation that an employer offers (Martocchio 12). Employee compensation and benefits are integral constituents of the total compensation concept. A competitive compensation and benefits package is crucial to determining whether a company or organization is able to continuously recruit and retain employees with high productivity. This is especially true with job groups that are regarded to as hard to recruit (Martocchio 57). Compensation and benefit systems enhance the effectiveness of human resource initiatives in an organizatio...