Importance of salary surveys

Salary Survey

Importance

The first importance of salary surveys to an organization is that it provides vital benchmarking information for comparing salaries. This information is used by the management in making very important decisions in the organization. Secondly, salary survey provides useful information that can attract and retain the best talents in the organization and as such it is a very powerful tool for the human resource department. Thirdly, salary surveys are very important for startups as it helps understand their strength and the exposure that they face with regard to compensation. This helps the startups review its salaries and if make the necessary corrections if need be.

This will help the startup retain most of its employees otherwise it may lose them to other incumbent firms that are paying well. The last importance of salary surveys is to the employee. The salary survey is an important tool to help that helps an employee determine whether a certain job is as good as it seems. The employee is free to compare the salaries within similar businesses in the industry by taking into consideration certain aspects such as starting salaries, this information helps the employee make the correct decision with regard to a particular job.

Discretionary Employees

Discretionary employee benefits are additional support awarded to low-income earners and seniors to help improve their quality of life and their overall welfare. Discretionary benefits have many advantages to the employees in an organization. The example of the discretionary benefits includes health and security benefits, payment for time not worked, paid vacations and maternity leave.

Advantages of Discretionary Benefits

The advantages of these discretionary benefits to Maersk include; Building of positive relationships. Maersk offers a discretionary benefit to its employees and this makes them take pride in working for the company thus they will stay with the company longer and continue offering their good services. Secondly, discretionary benefits have helped Maersk match competition with other firms that offer the same. If the company was not offering these discretionary benefits the employees would have joined the other firms which are Maersk’s competitors. Lastly, discretionary benefits have helped boost productivity at Maersk. As a result of healthcare benefits, the employees become healthier and thus may work more productively.

Place your custom academic writing paper order at an affordable price, written by a professional writer. Read more academic writings by clicking here.