Benefits And Benefits Of Ford Motor Company - 1657 Words

Ford Motor Company is a multinational automaker located in the United States of America. The company has employed thousands of employees across the world. Any successful company must provide its employees with a good compensation and benefits plan to remain competitive. As a result, this study focused on researching the types of compensation and benefits plans Ford Motor Company offered to its employees. The study found out that the company offers compensation and benefits plans such as base pay, variable pay, insurance (health, risk, and life), holiday pay, maternity leave, vacation, and pension. This study also determined the advantages and disadvantages of the above compensation plans and benefits. Key words: Ford Motor†¦show more content†¦It also recognizes that the company can get maximum output from the employees by ensuring they are always motivated and have the best working environment. One way of achieving that is through ensuring that employees have a good organizational compensation and benefits policy. A research on the company reveals that the management of the company has put up several organizational compensation and benefits for their employees. Compensation and benefits definition Compensation refers to the rewards that an employee earns from a company in return for the labor services they provide to the enterprise (Martocchio, 2010). They include direct financial compensation such as salaries, wages, and bonuses, indirect financial compensation such as retirement plans, leaves, and education services, and lastly non-financial services such as advancement opportunities and career development (Martocchio, 2010). On the other hand, benefits refer to the compensations that a company gives to its employees on an optional basis in addition to their usual salaries. They include disability income protection (dental, vision, life, and health), sick leave, paid and non-paid vacation, and funding of education among others (Martocchio, 2010). A study on Ford Motor Company revealed that it has been providing its employees with several compensation and benefits plans over the years. The management of Ford Motor Company has been performi ng several reviews on