Consider how top companies provide compensation and benefits in innovative ways and analyze how those practices promote employee retention and loyalty, and how they can be used as models for HR professionals..
The effort to provide benefits and compensation, increase loyalty, and otherwise retain employees is ongoing and constantly changing. It is important for HR professionals to remain abreast of emerging trends and shifts related to employee retention. To do so, HR professionals can look to companies noted for great benefits and high workforce loyalty. These companies not only illustrate examples of new and innovative methods of employee retention, but they also act as beacons of what will become new standards for benefits and compensation.
In this Assignment, you will consider how top companies provide compensation and benefits in innovative ways. You will analyze how those practices promote employee retention and loyalty, and how they can be used as models for HR professionals looking to improve employee retention in their own organizations.
To prepare for this Application Assignment:
- Search the Internet to locate Fortune Magazine‘s Annual Report on the “100 Best Companies to Work For.” Take a few minutes to peruse the blurbs on some of the companies included in the report.
- Choose one company in the health care field and one company outside the health care field for your focus. Read the descriptions included in Fortune‘s report and then go to the companies’ websites to find more information. What do the companies you chose seem to have in common?
- Identify unique, interesting, or exceptional perks that the companies you chose provide to their employees. Reflect on the information in Chapter 8 in the course text and consider the reasons why the companies would offer such perks.
To complete this Application Assignment, write a 2- to 3-page paper commenting on the benefits and compensation strategies of organizations. Address the following:
- Summarize how benefits and compensation may contribute to the overall success of any company or organization.
- Identify the two companies you chose (one in the health care field and one outside of it) and provide a brief description of each one. Use information included in the Fortune report as well as information from the companies’ websites.
- Identify at least two commonalities between the companies you chose. These might include shared benefits or perks the companies offer, common company policies or tenets, or a consistent theme in the companies’ mission statements or goals. Discuss why you think these commonalities exist.
- Compare the benefits each company offers. Based on the benefits, describe which individual benefits would be most meaningful to you and which has the most overall attractive package. Explain 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. Discuss some of the compensation and benefits strategies used by the two companies you chose. Describe how those strategies might be applied within a health care organization.
Support your work with specific citations from this week’s Learning Resources and additional scholarly sources as appropriate. Refer to the Essential Guide to APA Style for Walden Students to ensure that your in-text citations and reference list are correct.
Consider how top companies provide compensation and benefits in innovative ways and analyze how those practices promote employee retention and loyalty, and how they can be used as models for HR professionals.