Compensation And Benefits

        Compensation takes many forms. Total compensation is comprised of three components. These argon base compensation, pay incentives and benefits. The first two components comprise of precede compensation, which is the largest component and is an important motivator. However, money is not the only motivator. substantiating compensation is the other component and it takes two forms. These atomic number 18 benefits and employee services. These loafer also play and important role in structure the relationships between employees and employers. Benefits remain crucial to attracting, retraining and motivating employees. The princely Bank of Canada is a diversified financial service friendship with over 54,000 people who serve 10 million personal, line of merchandise and public sector customers in North America and both(prenominal) 30 countries around the worldwide.(1) *?. We allow be discussing, analyzing and critiquing Royal Banks present-day(prenominal) Human Resources practices from a customer service representative post for compensation and benefits and how they support their overall business strategies, as tumesce as how they also compare to standard employee compensation in Canada.

        Most employers provide their employees with benefits such as medical and dental consonant benefits, life insurance or disability benefits. Benefits now fabricate approximately 30 percent of all compensation costs. (Gomez-Mejia and et al p.377). Controlling the costs of employee benefit plans continues to be a simple objective of many employers. Organizations realize that they need to properly draw away these costs.



However, ensuring a adequate level of benefits, an effective partnership between all stakeholders, including the carrier, benefits consultants, medical community, the employee and the organization is also required.

        There are many reasons why employee benefit programs are provided. These are adumbrate by Raymond Koskie and et al (1995). They are: 1.         The paternalism of employers- the concern that any employer will feel for the well-being of its employee, 2.         Economics of scale- the extent to which benefits can...

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