The Puerto Rico government’s role in implementing a compensation plan in an organization

The Puerto Rico government 's role in implementing a compensation plan in an organization , To-Rico

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ABSTRACT

Compensation is defined as a methodical approach aimed at providing monetary value to employees in an organization in exchange for work performed . All employees at different levels , lower cadre workers as well as the executives , are all entitled to some form of compensation

In any organization , compensation is crucial . It is used for many different purposes in organizations . For instance , it may be used in

br employee recruitment , job performance and in job satisfaction . Still there are many types of compensation that include , base pay commissions , overtime pay and retirement benefits . Consequently , it is up to an organization to choose the type of compensation that fits well with its needs

However , in to fulfill their compensation requirements , it is important that companies /organizations need to draft what are referred to as compensation plans . The main aim of having a compensation plan in place is for purposes of attracting qualified employees , retaining them and also effectively motivating them so that they can direct their efforts towards helping the organization achieve its end goals . The main role of the government when it comes to compensation plan is the formulation of the various laws and regulations that an organization should adhere to as it is developing its compensation plans Introduction

Mention the term compensation and instantly two answers come to mind . On the one hand , compensation may be described as...