Employee Compensation Essay

Submitted By Lola0531
Words: 1232
Pages: 5

Employee Compensation
Laura Navarro
HRM531
January 3, 2013
Antonia Vianna

Employee Compensation

Introduction
As an employee for a medical health billing company, I’m currently a new employee and making sure that I understand all forms of the financial tangible services, returns and employee benefits received. My relationship with EA Health is a good start with my employer and employees. I’ve been able to see our employee composition from the company. I also learned that composition and pay isn’t the same thing. Understanding employee compensation is very important with any job. I also understand and will explain my total compensation, direct composition, indirect composition, and nonfinancial compensation with the company I work for or another company. The company I work for EA Health is a Medical billing company that compensates and offers billing solutions that helps the funds back to the healthcare providers and facilities. Since day one of my hire, my employer/Human Resource team has explained and gave me a good sense of my employee right with the company. Total compensation &Direct Financial Compensation
Working with EA Health, the company has their employee’s set up on an hourly wage. But management is set up on salary and there are bonuses given in the company. During the holidays bonuses are given to all employees. Which is a nice incentive during that time of year. I see the company as a great bonus for my future. I’m learning, lead management recognizes me, and I’m able to grow with great success in the company or another administrative position. I’ve worked as a teacher in an elementary school and the difference in total compensation is to me a big change. Working in education you’re on salary as a certified teacher and bonuses are not given every year like certain companies such as EA Health. There are different rewards but my current job today has been a great change. “A good compensation strategy includes a balance between internal equity and external competitiveness. Compensation and benefits affect the productivity and happiness of employees, as well as the ability of your organization to effectively realize its objectives. It is to your advantage to ensure that your employees are creatively compensated and knowledgeable of their benefits.” (HR Counsel, 2012) I hope and look forward to continue as a good employee with EA Health. Indirect Financial Compensation
Working for a company that provides indirect financial compensation is important and usually always offered. My company offers overtime, make up time on weekends and works with you with any concerns in your schedule. “Benefits are.. Paid vacations: paid vacations provide workers with an opportunity to rest, become rejuvenated, and hopefully, become more productive. Sick pay: Each year many firms allocate, to each employee, a certain number of days of sick leave, which they can use when ill.” (Vianna, 2012) EA Health also provides great health benefits with options of PPO, HMO and more, I’m happy with what my company offers me and I’ve been able to use my health insurance and get great service with my providers. Wayne, F. Casco says, “We are witnessing the globalization of business and benefits. Thus a senior executive of a large American multinational firm recently commented. “Less than half our workforce is now in the U.S.- but 95 percent of our health-care cost are.” Workforce growth in firms like these is coming largely from outside the United States, not from within it. As a result, total compensation costs and tax/social benefits structures outside the United States play an increasingly dominant role in the benefits that American workers receive.” (Casco, pg. 463) A company must/should provide health insurance, and provide other indirect financial compensation.…