RETHINKING THE C&B PACKAGE FOR EMPLOYEES IN CRISIS TIMES- CASE STUDY DECATHLON ROMANIA COMPANY
Autor (i): Conea-Simiuc, Iulia1 Abrudan, Denisa2
JEL: M12, M14, M52
Cuvinte cheie: Compensation, benefits, motivation, productivity, employees, talent
Abstract:
To gain a competitive advantage in the marketplace, any organization must understand how to attract, manage and retain its best employees. It has become a reality that organizations strive to come up with a versatile compensation and benefits package that suits employees but at the same time aligns with business objectives. If this is not managed well, the organization will lose its position in the market and over time will face the wear and tear of talent. The costs associated with the loss of employees due to their demotivation may cost more than the motivation as they are related to the recruitment, selection, and training of new employees In addition to these direct financial costs, the loss of employees can also lead to work interruptions, loss of organizational memory, loss of mentors, diminished diversity, and ultimately loss of productivity or customer service. Given the importance of each employee and the situation generated by Covid-19, this paperwork aims to present on the one hand what are the components of a package of compensation and benefits that matter to employees and on the other hand, how organizations in times of crisis rethink compensation and benefits policy, taking as an example good practices implemented by Decathlon Romania.
To gain a competitive advantage in the marketplace, any organization must understand how to attract, manage and retain its best employees. It has become a reality that organizations strive to come up with a versatile compensation and benefits package that suits employees but at the same time aligns with business objectives. If this is not managed well, the organization will lose its position in the market and over time will face the wear and tear of talent. The costs associated with the loss of employees due to their demotivation may cost more than the motivation as they are related to the recruitment, selection, and training of new employees In addition to these direct financial costs, the loss of employees can also lead to work interruptions, loss of organizational memory, loss of mentors, diminished diversity, and ultimately loss of productivity or customer service. Given the importance of each employee and the situation generated by Covid-19, this paperwork aims to present on the one hand what are the components of a package of compensation and benefits that matter to employees and on the other hand, how organizations in times of crisis rethink compensation and benefits policy, taking as an example good practices implemented by Decathlon Romania.
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