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A company’s success often depends on various factors, such as popularity with consumers, the breadth of the range of products it offers, and the attitude and demand among employees. One of the largest companies is Walmart, which is a market leader due to its extensive network of stores located in different countries and the variety of products they sell (Bao et al., 2021). This company provides not only a large volume of goods for customers but also favorable conditions for employees. Although the company is already in demand among employees, it still offers good terms of cooperation that include a good compensation package.
Walmart’s compensation strategy is based on the average market rate and consists in paying employees according to their hours worked. Nevertheless, for a more accurate and fair determination of the wage rate, the company has developed a system for evaluating work. The assessment was to determine the value of each employee’s work following their responsibilities, skills, and knowledge (Bao et al., 2021). Although many employees are interested in working in the company, Walmart still has a high turnover of personnel, which is associated with low wages.
Nevertheless, the company offers various bonuses for work, which has a beneficial effect on the final labor productivity. The company gives employees travel, gift cards and other gifts to reward the most successful employees. The company also pays part of the amount for treatment and also ensures life and accidents (Bao et al., 2021). In addition, the company gives increased discounts on goods for employees, as well as discounts on mobile communication services and entertainment.
In conclusion, most companies focus not only on providing consumers with a large selection of high-quality goods but also on providing employees with the best working conditions. Often people who are hired are interested in getting a good compensation package. For example, one of the largest Walmart companies provides its employees with a standard salary but a comprehensive compensation package. All employees receive benefits for treatment, life and health insurance, discounts on goods, and the most successful receive bonuses in the form of travel, gifts and others.
Reference
Bao, H. J., Cheng, H. K., Vejayaratnam, N., Anathuri, A., Seksyen, S., Bangi, B. B., & Bakar, A. A. (2021). A study on human resource function: recruitment, training and development, performance appraisal and compensation. Journal of Global Business and Social Entrepreneurship, 7(20), 11-22. Web.
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