Compensation is paid by the company to the
employees in exchange for their work in the company. It can be in
the cash or non-cash format. Mostly compensation is bigger than
wages.
1) There are many ways to evaluate the compensation packages for
the employees throughout U.S. Some are:-
- Some countries require certain statutory payment better than
their host country.
- According to the cultural differences, salary also gets
negotiated for the employees.
- Some companies in US are paying expats the foreign service
primium. Although the percentage varies from location to
location.
- Housing allowances and cost of living varies a lot throughout
the country.
- Some companies also give health insurance to cover the
employee's as well as their family's health.
Human Resource evaluate many things to compensate the
employees:-
- HR checks what is the most important thing to u- it can be
health packages or vacation coupon or may be housing
allowances.
- The management checks which location will suit the employees
and give importance to their preferences.
- Some countries in US have different housing allowances such as
an expat can choose to stay in a small house with a good locality
and also can choose to stay in big house with not so compatable
neighbours.
2) Employee retention is the ability of the company to retain or
hold back or keep the employees in the company.
Most of the employees leave the company because of :-
- They are not satisfied with the company or the workplace.
- They feel that there is no possible way to get feedback and
give suggestion or ideas.
- They feel stressed due to overwork and lack of entertainment in
the workplace.
- Lack of trust and motivation among employers and
employees.
There are some methods to retain the employees:-
- By giving training to the employees, the can regain their
values and help them understand the goal and objective of the
company.
- When employees get mentor with strong relationship and proper
feedback system, they would not search for other companies to get
better opportunities.
- Managers and team leaders are responsible for a positive work
environment by sharing opinions and ideas, showing ethics and
having proper discipline, strong interactions etc which can help
employees to retain in the company.
- Company can motivate employees by providing them rewards for
like performance of the week, month or may be year.
- Employees prefer to stay in such organization where they can
find proper growth opportunities and skills that will develop their
career. The company can provide software, tools or may help them to
expand their knowledge.
- HRM can give importance to the work-life balance of the
employees and not to over load them with work. In this way the
employees can also provide good output by being less stressed,
relaxed and having flexible time for work.
- Last but not the least is the value of the employees. Employees
will put more effort to the work if they feel responsible for the
work or if they feel valued or worthy of the job. Giving employees
small rewards sucb as free lunches, cab facilities or providing
snack or drinks works very well.