Respond to your classmates’ posts by Day 7. Initial post should be 150-250 words in length. Please cite at least one scholarly reference in addition to the course text to support your response.
1) What impact do benefit offerings have on marketplace competitiveness and the ability to attract and keep quality employees?
Organizations look for ways to motivate employees in the workplace, and pay and rewards play an important role in motivation” (Youssef, 2015). I know that this is a big factor to why I stay in the military. The pay is okay, but the benefits are what keep me in. I plan to do my 20 years and not a day more; I joined with the notion of 20 and done. I will get that check for life and still be able to work a second job with little to no stress of money problems. I believe that the Maslow’s hierarchy of needs is the best way to sum up why I stay in the military.
Physiological needs- pay heck to buy food with
Safety needs- free housing or housing paid for as well as electric, heat and water.
Belongingness needs- shop full of people that become family
Esteem needs- having a job that others look up to
Self-actualization needs- promotion possibilities
I feel that if jobs provide people with these needs as well as give them wants that people will be more willing to stay at a job for more than others do give. The quality of people will be better than if a job were not offering good pay or good benefits. Peoples needs need to be met in order for them to continue working for the company.
Do you think pay is the primary motivating factor for most job applicants and existing employees?
I do think that pay is a huge factor for new or existing employee. I am going to use my wife as an example. She has been employed at her current job for five years, but it is not in her careerfield. I tell her all the time that she should try to find a job in her field but she said she could notbecause of the pay cut she would take. If she were to leave her current job and go to a different job, she would take $8-$10 an hour pay cut, she said she just can’t do that. If the job in her field paid as much or even a dollar less she would be more willing to make that move, but that is not the case. So pay in a huge factor when it comes to finding or moving jobs. I believe that if a job offers more money it will be less likely to remain vacant, will attract qualified candidates (Williams & Dreher, 1992).
2) Offering benefits, or benefits packages, is just one way that an organization can bring in, and potentially keep, great employees. This is due to the way that some organizations shape what benefits they offer per the type of jobs offered within the organization. “For example, dangerous or hazardous jobs may make it especially necessary for an organization to provide health, life, and disability insurance.” (Youssef, C., 20150
If an organization offers a fully comprehensive benefits package potential applicants are more enticed to apply to that organization’s job openings. This would be another factor that would keep those employees with that organization, especially if the competitors in the area did not offer the same extensive package. An organization’s benefits program should, “serve as a strategic source of competitive advancement.” (Youssef, C., 2015) This does not mean that more is necessarily better in comparing benefits packages, quality is what counts.
During the main processes of Human Resources Management an environmental analysis is normally conducted. This analysis shows what types of benefits are needed/expected within the surrounding area of the organization. Then, these findings are compared to the aspects of the positions within the company so they are, “consistent with the nature of an organization’s job”. (Youssef, C., 2015) One organization may offer every benefit known within workplace history, but the package is low in coverage and quality, while another organization offers a smaller package, but the coverage and quality is the best, this is where the latter organization beat out their competition by offering quality over quantity.
Salary, on its own, is not the only motivating factor for job applicants, or employees in today’s workforce. It is a major factor, yes, however having a full and comprehensive benefits package is usually the clencher to get, and keep, employees. A position may carry a high salary, but with no insurances of any kind, no unemployment insurance, no vacation time, no sick leave, or no retirement plans that salary does not mean as much in the long run of life’s challenges.