Total Compensation Is The Package Of Quantifiable Rewards

Section A: Question # 2: Total Compensation is the package of quantifiable rewards an employee receives for his or her labors. It includes three components: base compensation, pay incentives, and indirect compensation/benefits (Gomez-Mejia, Balkin, Cardy, 2016, p. 317). Although government pay has grade level (e.g. Grade 1 – 15) and you might tend to know a GS 1 salary from a GS 14 salary; however, it’s still a secret because there are steps 1 through 10 per grade levels. There are really no secrets when it comes to salary because people talk. I believe on a fundamental level that the openness is better that secrecy in all we do including salary due to the fact that this will help organizations to retain the best employees because they are more likely to feel they are getting a fair salary. I also believe that openness will perpetuate unfair salaries which are bad for people and for the organization. I am of the conviction that one of the main reasons for salary secrecy may surely be that they are not currently fair and therefore making salaries open seems dangerous to many workplaces. Maybe Mr. John Doe is making more than me, not because he does a better job, but because he drives a harder bargain when it comes time to negotiate salaries or is a close associate of the boss. In the salaried ranks of the working world, not everyone get the same salary of raise if they are paid according to contributions, therefore, salary openness would do the organization a lot of goodShow MoreRelatedLiterature Review : Employee Retention1187 Words   |  5 Pagesthat can enhance employee retention. These factors are compensation and appreciation of the performed work, provision of challenging work, chances to be promoted a pleasant atmosphere within the organization, positive relations with colleagues, a healthy balance between the professional and personal life and good communication. 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