EMPLOYEES’ PERCEPTION TOWARDS COMPENSATION AND BENEFIT SCHEME IN BAMACON ENGINEERING PLC

Abstract

The major objective of this study is to assess the perception of current compensation and benefit practices of BamaCon Engineering PLC. Of the total of 1570 employees, 255 of them are permanent employees and the remaining are temporary workers. Hence, using a combined stratified and random sampling method, 60 % (154 employees) of the permanent employees are surveyed and 10 managerial staffs out of the 154 employees are interviewed. Accordingly, the major findings are: perception of employees towards compensation and benefits policy at BamaCon Engineering plc is influenced by their level of satisfaction towards the benefits that are being offered. Hence, the company shall increase employee’s involvement in the compensation and benefits decision making process so as to realize institutional ownership across all employees. It is also required to properly communicate the compensation and benefits package to all employees in order the employees to be aware of the benefits that are available to them before tempted to leave their company. The current compensation and benefits being offered by the organization need to be revised not only to cope with existing living expense but also making sure of its attractiveness and ability to retain competent employees. The company shall also evaluate the effectiveness of its compensation and benefits package in motivating the employees in a regular basis.