Human resource is an important part of every organization. Every organization strives hard to retain existing employees who have excelled and to attract new talent. Globalization has ensured that many multinationals have started functioning and people can take a job anywhere.
Students of finance should understand how employee monetary awards get taxed and students of a human resource should know motivational steps on how to retain a worker. Student should have depth knowledge to write employee monetary awards homework answers better.
Types of Employee monetary awards and recognition
The old era of an employee working in a company lifelong is not there, and employees seek greener pastures. Monetary benefits and work force benefits make an employee seek new avenues, and more new jobs are becoming a norm these days adding to a variety of jobs available.
Money is an important part of employee retention and motivation, and job morale is another aspect of employee retention. Paying salary at the right time and that too competitive salary based on industry standards along with festival bonus and project bonus is one way of attracting talent.
Many companies make sure that employees have a stake in the company by giving them shares in a company and giving dividend and profit sharing to retain an employee House rent allowance, travel allowance, dearness allowance is given to employees to give them a feeling that it is their company.
Attrition rates are higher in information technology. Companies have started giving benefits like free travel or free holiday allowance in which employee can spend quality time with their family and can rejuvenate themselves.
Work from home option is another method in which an employee gets motivated, and there is another method in which an employee is given a certificate of recognition by the company or presenting with an award in a function attended by all.
From a financial point of view: Employee monetary benefit
- Gift of cash and gift can attract taxes in individual countries and company should decide on who shall pay tax.
- Extra revenue or cash that is leaked outside the company should be accounted for.
- Proper auditing should be done to understand the benefits that cash-based incentives bring to the enterprise.
- Hourly rate workload should be ascertained, and steps should be taken to plug leaks if any through wastage of money.
From human resource point of view: Employee monetary benefit
Employees may feel motivated to work more as they feel their needs are recognized by the company. When an employee works hard and brings in extra income to a company, they feel they should get a pie of that, and if profit sharing scheme is there, an employee feels like giving more for a company.
The friction between employee and company would reduce, and human resource department would feel easier in handling day to day activities.
An individual or a team gets a reward for a performance they have given, and they would feel entitled to give more performance.
Why student need help in employee monetary awards homework answers?
The student should know financial accounting very well to write the monetary benefits. The reason is that there is a tax involved and an extra cost involved. The sections under which it falls into may not be well known by a student, and they can make a mistake while writing assignment answers.
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A student can get revisions if faculty suggests it and student can make sure that document is unique in writing style.
Online expert help to students
- When a student approaches an online expert for employee monetary awards homework answers, they would be given a professional writer to complete the assignment. The writer would stay with the student till the faculty is fully satisfied, and then only project is closed.
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Hence, if you are a student who has huge problems in this regard, it is imperative that you consult manuals as employee monetary awards homework answers to provide maximum help in this regard.