The Effect of a Total Compensation Package within a Market-Competitive Pay Plan on Employee Motivation and Satisfaction
A total compensation package entails compensating employees through monetary and non-monetary rewards, incentives, and staff remuneration packages for accomplishing assigned organizational duties and tasks (Adil et al., 2020). It comprises promotion, cash, recognition, bonuses, benefits, and rewards, which significantly influence employees’ performance. The adoption of a total compensation package within a market-competitive pay plan has significant effects on employee motivation and satisfaction.
First, it allows organizations to attract and retain talented employees for the long run and enhance job satisfaction. According to Adil et al. (2020), it is critical for organizations to offer employees cash remuneration and allowances such as insurance coverage, pension, sick pay, and perks like trips, time off, and public recognition. As a result, they are more likely to attract and retain talented employees for a prolonged period since employee allowances increase job satisfaction and reduce employee turnover and absenteeism (Adil et al., 2020).
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Second, a total compensation package within a market-competitive pay plan increases employee job satisfaction and motivation. Adil et al. (2020) posit that fulfilling employees’ social, psychological, and financial requirements leads to more result-oriented and motivated employees. A total compensation package allows employees to meet core objectives like job security, career growth, and future opportunities, which increases employee motivation and job satisfaction (Adil et al., 2020).
Lastly, a total compensation package increases organizational productivity and employee performance. Kadir et al. (2019) observed that providing employees with incentives such as salaries, bonuses, allowances, perks, and benefits leads to increased levels of employee performance. A total compensation package makes employees feel appreciated and valued, thereby increasing their loyalty and motivation (Kadir et al., 2019). According to Balu and Sarka (2019), employees are more likely to be motivated and remain with the organization for longer, making them more efficient and effective. As a result, employee performance and organizational productivity are increased.
References
Adil, H., Rao, C. V. K., Ayaz, M. Q. & Shinwari, A., 2020. Effect of Compensation Packages on Job Satisfaction and Employees‟ Retention: A Case of Jalalabad-based Private Universities of Afghanistan. Asia Pacific Journal of Multidisciplinary Research, 8(2), pp. 26-36.
Balu, L. & Sarka, A., 2019. 8th International Conference on Managing Human Resources at the Workplace, December 6-7, 2019. Mysore, India, Shri Dharmasthala Manjunatheshwara Institute for Management Development.
Kadir, A. A., AlHosani, A. A. H. H., Ismail, F. & Sehan, N., 2019. The Effect of Compensation and Benefits Towards. Surabaya, Indonesia, EAI.
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