[Compensation and Benefit System]
[Different aspect of the same]
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Compensation and benefit system
2
"How can an effective compensation and benefits system contribute to organizational
effectiveness, and what strategies can be implemented to address employee attrition through
revising compensation policies? Discuss the principle components of a compensation system and
its impact on employee motivation, retention, and satisfaction. Additionally, explain how you
would convince top managers of a company to increase compensation and benefits expenses.
Provide real-world examples and references to support your arguments."
Word Count Requirement: 1500-2000 words

Compensation and benefit system
3
Compensation is the amount paid in lieu of a service or anything from a person.
Compensation is a term everybody is familiar with. This term denotes the payment in lieu of the
work done. The compensation depends on so many other factors and those are, the type of work
done, the effort involved in it, the quality of the work done, the policy of the organization or the
local standards, the job designation and responsibilities covered, the experience of the individual
etc. Basically it is also perceived as payment but it also acts as a tool of motivation for the
employees. The compensation plays a very important role in today’s world.
Compensation is paid to someone who has given something to you. In terms of
organization, compensation is the amount the employer gives to the employee in lieu of the work
done by the employee. The compensation is decided in various ways, such as the market trend,
the competition of close substitutes, the experience of the employee, the job description, the
responsibilities he/she is expected to fulfill in his job etc. Compensation and other benefits of
compensation help the employee in various ways of motivation and also help in the retention of
the employees. Employee benefits are also a form of compensating the employees for the work
they do in the organization.
Thesis statement-“It is the biggest deal for the organization to decide over the compensation and
the benefits of the employees. Compensation can act in various ways. Motivation, retention,
attrition etc can be some consequences of compensation. A paid benefit can retain the employee

Compensation and Benefit System

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