During our first class session, we got to meet up in smaller groups and discuss two things.
The first was to talk about you or a person that chose a job that was heavily influenced by the job’s compensation and benefits that are provided. I come from Hawaii and tourism was a huge factor in our economy before COVID, and is still somewhat a big factor after the fact. Thus, there was a lot of demand when it came to filling those jobs. These jobs would pay really well, but it can be a difficult task to deal with so many customers every day at work. Despite that people are still attracted to these jobs because companies such as Marriott provided great wages and a lot of benefits. But there is one job in particular in my area that people know pays a lot of money. That is a bartender. With the huge amount of tourism, tips would keep on rolling in. But the job is notorious for having to deal with the worst kinds of people. But money is money and people flock to the job.
The second thing that we have discussed was Maslow’s Hierarchy of Needs and how does it affect compensation management. Maslow’s Hierarchy of Needs is a pyramid where the category above cannot be met unless the ones below are met. In order, they are physiological needs such as food and water, safety needs, belongingness such as friends, esteem needs, and self-actualization or achieving one’s full potential. When looking for a job people will look for jobs that will help them achieve these categories. Compensation helps with the food and water, benefits help with safety and belongingness in a sense. So, it is important for companies to make sure that they are providing the correct compensation and benefits to help incentivize new employees, keep old ones, and increase productivity.
These were the things that were discussed in the meeting that we had in class and I look forward for more in the future.