BUSN140: Mastery Assignment

BUSN140 Mastery Assignment CLO 3

Jacqueline Tinoco

BUSN140

Mr. Lewis

March 21, 2017

Everyone likes to feel appreciated and valued by their employer. There is no better feeling than seeing your hard work pay off. Being rewarded for a job well done is something that people enjoy and being rewarded does not always mean receiving money sometimes a simple gesture, for example leaving them thank you note for staying late one day makes the person feel like you actually care and it makes them feel good about themselves. Having a good compensation strategy provides a company will a safety net for retaining their employees.

Coming up with good compensation plan is essential to establish a successful business. Including benefits for your employees is a good way to grab potential employees attention. Not many business offer benefits anymore, perhaps providing employees with benefits such as a health or retirement benefit can be the determining factor for whether the potential employees takes the job. Coaching and mentoring employees can help increase the productivity of the organization and will also help employees become closer. Structure is critical it is the backbone of an organization, structure provides employees with a sense of responsibility. (Lotich, 2015) stated that organizations

Incorporating a pay for performance plan is an effective approach to retaining employees. Adding this plan also reinforces the values and goals of the organization. When people are being paid more for performing a superior job motivates employees to work harder to achieve a better pay. Communicating to the employees how they are doing is essential without the communication they will not know if they have improved or in what way they can improve. After all everyone has room for improvement, but without proper feedback no one would know how better