Discussion 4: Compensation Strategies

Post a 225- to 300-word (3- to 4-paragraph) application of a non-traditional compensation method for a diverse workforce. In your application, address the following:

What is the “outside the box” or non-traditional compensation method or strategy you identified and why do you think it would appeal to a diverse workforce?

As an HR professional, how would you demonstrate to organizational leadership that your suggested compensation method or strategy has value?

Similarly, how would you implement the compensation method or strategy in a way that would appeal to the highest number of employees? How might your approach change for employees of different ages, backgrounds, income brackets, or levels of professional experience, if at all?

 

Compensation Strategies

There are various nontraditional compensation strategies provided as appreciation by a company to its employees. Examples of nontraditional compensation strategies include paid volunteer time, computer benefits, insurance benefits and a flexible work schedule. It is a legal employee right to enjoy maximum safety while working in an organization. Consequently, the best nontraditional compensation strategy preferred for a diverse workforce is worker compensation insurance.

Organizations are tasked with the responsibility of ensuring the optimum safety of their employees. Consequently, the worker compensation insurance will provide coverage for all employees in an organization regardless of the employees’ ethnicity. According to Sohn, H. (2017), insurance coverage ensures that employees are covered in terms of medical care. In addition, the safety insurance coverage includes the employee compensation for the time lost when away from work. Another clause provided by insurance safety coverage is the legal coverage of the employer. For example, if an accident happens at the workstation and the employer is also injured.

To attach value to the compensation strategy, the employee absenteeism tracking control should be considered. The procedure of implementing the compensation method takes the efforts of the organization's leadership to come into an agreement with an insurance agency. Besides, one should identify the early adopters amongst the employees and invite them for an educative seminar where they get sufficient information to influence other cohorts. While in the seminar, an HR professional should educate the group adequately, ensuring every person has a reason to embrace the method.

The approach can be customized to suffice the heterogeneous nature of employees. For example, the employees should be grouped according to their earning classes to adopt the new method quickly. Another way is to categorize employees according to terms of experience.