When most people hear the term compensation they think about "what a person is paid". Although this is true, it is only one aspect of a complex topic. Compensation includes not only salary, but also the direct and indirect rewards and benefits the employee is provided with in return for their contribution to the organization.
Why are benefits important, and what should you consider when developing a benefits plan for your organization? Benefits are an ever-increasing portion of employee compensation costs, but having a competitive benefits package is vital to recruiting and retaining the best employees. The best benefit programs are those that align with an organization's business strategy and compensation philosophy.
Compose a 600 word paper discussing the evolution of compensation and benefits over time and what upcoming trends should be considered as companies look to continue to recruit top talent with a total rewards strategy. Be sure to identify both internal and external influences, for example, the generational changes in the labor force, new work laws, and culture at work to name a few.