Page 117 - Appreciating Organization's Biggest Assets

business in hand. I the further at the turn of the 20th century
parts of this case study we will see would have gotten anything other
IT sector managed to compensate than pay as payment for their labor
its employee and moreover kept services. However, by the turn of
them happily compensated in the the century, perks made up more
pandemic era. than 25% of the average worker’s
Objectives pay. For the majority of the century,
these benefits—which were referred
• To study the traditional methods to as fringe benefits—included
of employee compensation in the employer-paid benefits like health,
IT sector. life, and unemployment insurance

• To study the changes in the as well as retirement and savings
executive compensation post programs, as well as paid holidays
covid-19 in the IT sector. and vacation time. Benefits that
make up the compensation package
Literature Review
today are still changing, and variable
American employees have seen an pay schemes like profit-sharing and
improvement in compensation over stock options are becoming more
the past century. Throughout the significant. Emerging benefits
century, changes in wage structures like family care are still changing,
have typically been sparked by some and variable pay schemes like
sort of imbalance brought on by a profit-sharing and stock options
crisis or a change in the population. are becoming more significant.
The Great Depression, which Emerging benefits like family care
marked a turning point in how are also becoming more broadly
companies paid their employees in accessible.
the 20th century, was the greatest Industrial workers’ compensation
crisis that the American worker had for the first third of the 20th century
to endure. However, among other was primarily made up of wages
changes, the growth of unionization based on production performance,
and the rise in the number of usually a piece rate paid on each
working women have also led to unit created. The determination
changes in pay practices. of piece rates for unit production

Simple piecework pay has given was usually left to the individual
way to complex contractual shop foreman’s discretion rather
remuneration packages as the than being governed by any formal
means of compensation for labor managerial or industrial standards.
services. Few workers in America Since wage standards wouldn’t be

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