HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees

Grand Canyon University HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees-Step-By-Step Guide

This guide will demonstrate how to complete the Grand Canyon University HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees assignment based on general principles of academic writing. Here, we will show you the A, B, Cs of completing an academic paper, irrespective of the instructions. After guiding you through what to do, the guide will leave one or two sample essays at the end to highlight the various sections discussed below.

How to Research and Prepare for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees                            

Whether one passes or fails an academic assignment such as the Grand Canyon University HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees  depends on the preparation done beforehand. The first thing to do once you receive an assignment is to quickly skim through the requirements. Once that is done, start going through the instructions one by one to clearly understand what the instructor wants. The most important thing here is to understand the required format—whether it is APA, MLA, Chicago, etc.

After understanding the requirements of the paper, the next phase is to gather relevant materials. The first place to start the research process is the weekly resources. Go through the resources provided in the instructions to determine which ones fit the assignment. After reviewing the provided resources, use the university library to search for additional resources. After gathering sufficient and necessary resources, you are now ready to start drafting your paper.

How to Write the Introduction for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees                          

The introduction for the Grand Canyon University HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees  is where you tell the instructor what your paper will encompass. In three to four statements, highlight the important points that will form the basis of your paper. Here, you can include statistics to show the importance of the topic you will be discussing. At the end of the introduction, write a clear purpose statement outlining what exactly will be contained in the paper. This statement will start with “The purpose of this paper…” and then proceed to outline the various sections of the instructions.

How to Write the Body for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees                          

After the introduction, move into the main part of the HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees  assignment, which is the body. Given that the paper you will be writing is not experimental, the way you organize the headings and subheadings of your paper is critically important. In some cases, you might have to use more subheadings to properly organize the assignment. The organization will depend on the rubric provided. Carefully examine the rubric, as it will contain all the detailed requirements of the assignment. Sometimes, the rubric will have information that the normal instructions lack.

Another important factor to consider at this point is how to do citations. In-text citations are fundamental as they support the arguments and points you make in the paper. At this point, the resources gathered at the beginning will come in handy. Integrating the ideas of the authors with your own will ensure that you produce a comprehensive paper. Also, follow the given citation format. In most cases, APA 7 is the preferred format for nursing assignments.

How to Write the Conclusion for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees                          

After completing the main sections, write the conclusion of your paper. The conclusion is a summary of the main points you made in your paper. However, you need to rewrite the points and not simply copy and paste them. By restating the points from each subheading, you will provide a nuanced overview of the assignment to the reader.

How to Format the References List for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees                            

The very last part of your paper involves listing the sources used in your paper. These sources should be listed in alphabetical order and double-spaced. Additionally, use a hanging indent for each source that appears in this list. Lastly, only the sources cited within the body of the paper should appear here.

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Sample Answer for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees

Re: Topic 7 DQ 1

In order to create a desirable organization where employees feel valued and motivated, employers must pay attention to what appeals to both current and potential employees. A key aspect of this is offering a competitive total compensation package. Total compensation refers to the complete pay package awarded to employees on an annual basis, which includes not only the base salary, but also all direct and nondirect compensation such as healthcare and retirement benefits, incentive pay, and paid time off (SHRM, 2021). This comprehensive approach to compensation ensures that employees are not only fairly compensated for their work, but also enjoy a range of benefits and perks that contribute to their overall wellbeing and job satisfaction.

Competitive wages and health-related benefits are a common item of interest but that is not the only source of appeal for employees (Dessler, 2018, pp. 419-423). One effective way to attract potential employees to an organization is by offering a range of benefits that cater to their needs. Flexible scheduling, for instance, can allow employees to balance their work and personal life more effectively. Pensions and life insurance provide a sense of security for their future, while paid time off offers the opportunity to recharge and maintain a healthy work-life balance. These benefits are not only attractive to employees but also demonstrate that the organization values their well-being and is committed to their long-term growth and success.

In summary, a competitive total compensation package is a crucial factor in creating a desirable work environment and retaining top talent. Employers who pay attention to these aspects of compensation will be well-positioned to attract and retain employees who are motivated, productive, and dedicated to the success of the organization.

Reference

Dessler, G. (2018). Human resource management (16th ed.). Pearson.

SHRM. (2021, July 27). Total compensation. https://www.shrm.org/resourcesandtools/tools-and-samples/hr-glossary/pages/total-compensation.aspx

Sample Answer 2 for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees

According to Dessler, benefits are indirect financial and non-financial payments employees receive for their employment with the company and which employees use to attract, recognize, and retain workers. (Dessler, 2020) Employees tend to gravitate to companies that offer the greatest benefits and work life balance for themselves and their families. The total compensation package with my organization is a big deal because it offers a lot of perks that a lot of companies do not. We receive our PTO days on January 1st(20 days with less than 5yrs of service, I receive 27 and buy 5 more days with 10 years of service), new hires receive a prorated amount of days based on the day they are hired during that calendar year. While we do not have the traditional sick and personal leave PTO banks,  because we do not accrue our time, we are able to buy up to 5 additional days and can we use all days whenever we choose as long as the day is not available. Another element of our total compensation package is benefits(medical, dental, vision, life etc) start day 1 of your employment as long as you sign up for them. There is no 60 or 90 day waiting period for any benefits to start. It is typically standard for there to be a waiting period for benefits to start but my employer offers benefits and PTO days as soon as you start your employment. Those benefits are highly attractive to job seekers and to top it off we receive a pension and are fully vested after 3 years of service.

Dessler, G. (2020). Human resource management (16th ed.). Pearson/Prentice Hall. ISBN-13: 9780135172780

Sample Answer 3 for HRM 635 Identify and explain two elements of the total compensation package that promotes organizational competitiveness that attracts and retains employees

The two main components of the compensation package that promotes organizational competitiveness that attracts and retains employees are direct financial payments (wages, salaries, incentives, commissions, and bonuses) and indirect financial payments (financial benefits like employer-paid insurance and vacations (Dessler, 2020).

The direct financial payments consist of wages, salaries, incentives, commissions, and bonuses. This form of payment is based on the employee’s job responsibilities and performance, as well as competency and experience. This form of compensation is an advantage and is more favored amongst employers since it motivates employees to improve their performance. The downside is that this can be expensive especially when the employee is not the right fit. Indirect financial payments are received in the form of vacations, memberships, retirement plans, and employer-paid insurance. Though these incentives might appear attractive to employees, it does not have the same impact as direct compensation.

My organization offers both direct and indirect compensation packages. However, certain aspects of both affect how they are received. For example, as stated earlier, the monetary value is received differently. Direct compensation is earned as salaries, wages, etc, whereas indirect compensation is memberships, vacations, and retirement plans. Experience is another component that varies by compensation. With direct financial payments, employees who excel in their performance receive a bonus or increase in pay. An example of this would be when my organization offers bonuses at the year for meeting or exceeding organizational goals for the year. On the other hand, indirect financial payments might not be received after a few months or years with the company. An example of this would be when my organization allows for an employee to establish a retirement plan after two years with the company.

Dessler, G. (2020). Human resource management, 16/e (16th ed.). Pearson Education