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Compensation and Benefits

Labustro, Archien V.

MBA Student
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Compensation and Benefits

Hiring competent and talented employees and retaining them at a company is a top

priority for any organization, and our human resource department is in charge of selecting

candidates that they think fit the job. There are several factors needed to make sure that the

company will accept and stay in the company and one of them is compensation and benefits.

Compensation and benefits are important aspects of an employee’s satisfaction at a

workplace as they directly impact an employee’s performance and motivation at work.

Compensation refers to a reward paid to an employee for the work they do for an organization.

When an employee works for an organization, they are paid back in terms of money, perks such

as free food, unlimited paid time off, great healthcare, bonuses, etc. for their time and talent. All

this forms a part of the employee’s compensation, which can be financial or non-financial in

nature.

Benefits, on the other hand, refer to a non-financial reward given to an employee as a

token of appreciation for their work. Some employee benefits that are popular among employees

are flexible work timing, the opportunity to work remotely, access to gym memberships and

catered meals, as well as a casual dress code.

In the organization where I work, they make sure that they give their employees

everything that they need to be productive at work since we have a hybrid setup. Our

compensation is higher than the minimum wage and besides that, we have our monthly

allowances like food and transportation allowance, and rice subsidy, we also have our clothing

allowance given annually, and medicine allowance given twice a year. We are also entitled to 15

days of sick leave which is convertible to cash at the end of the year and 15 days of vacation
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leave that we can carry over on the following year. Every employee is also entitled to have a 13th

month pay which is equal to our monthly salary, standard variable pay which is 20% of our

annual income. They also provide shuttle services to lessen employees’ expense in fare every

time we go to the office. Another good thing about our company is that we have our Health

Maintenance Organization that covers not only the employees but also our dependents. During

the pandemic our company provides us with other work-from-home equipment’s like, a

computer table, chair, lamp, keyboard and mouse, monitor, headset, mobile phones with postpaid

lines, and laptop. They also offer Stock options for employees, reimbursement programs, budgets

for training that help the employees learn new things, and retirement plans. Year end parties, car

assistance, and a chance for employees to experience and learn other work cultures and ethics by

sending employees abroad.

I can say that I am lucky that I belong to an organization in which they do not just offer

better opportunities but also they do care about their employees well-being and mental state as

they also offer free psychiatric check-up and annual physical exams. With that, a lot of the

employees stay not just because of the benefits but also the work-life balance they offer to us. I

truly believe that being in a company that thinks about your welfare is a blessing to its

employees.
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References

Better up By Maggie Wool August 17, 2022