Introduction
It is paramount to note that one of the biggest advantages of ADNOC is that the compensation policies are incredibly well-developed and provide the employees of the company with a range of benefits. It needs to be said that approaches of different firms are quite similar most of the time, and some standards should be taken into account (Priz 65). Another significant aspect that should not be overlooked in most cases is that compensation guidelines are viewed as one of the core points of the overall strategy of a particular enterprise.
Potential for Growth
One of the most significant advantages of these policies that should be taken into account is that the wages were increased by approximately twenty percents in 2008. It needs to be said that it is a number that should not be disregarded, and it indicates that the company values its workers, and wants to take necessary measures to make sure that they stay with the enterprise. Also, it is paramount to note that this move was essential in this case because most individuals have struggled because of the inflation in the country. One of the most significant factors that should not be overlooked is that CEOs do not have privileges when it comes to compensation policies.
It needs to be said that this aspect is incredibly important in most cases because it affects the motivation levels of employees, and they do not want to be treated unfairly (Heimann, Etienne, and Jean-Francois 661). Such approach can be extremely useful, and help to build relationships with employees. It needs to be said that work schedule is also incredibly important, and it is necessary to make sure that vacation times are reasonable because levels of performance and employee satisfaction may be reduced if they are forced to work overtime. One of the key factors that should be taken into account is that ADNOC allows its employees to travel to other countries to gain experience and gain knowledge about the latest trends in the industry, and the company pays for all the expenses.
It is important to say that such approach is extremely efficient, and there is an enormous potential for growth for each worker. It is imperative to present employees with opportunities for career development and conduct pieces of training, and it is especially true for this industry because it currently has to deal with several challenges. It is beneficial for both the company and the workers because well-trained professionals will help with the process of implementation of innovations that are necessary at the moment. Performance appraisals are also essential because the company wants to make sure that all the workers are provided with equal opportunities.
Benefits
Another crucial aspect that needs to be addressed is that these policies have been revisited in the past. In needs to be said that it is a critical part of the process because some tremendous changes in the economy may occur (Caruth and Handlogten 247). It is imperative to note that some of them may be not expected, and it is necessary to minimize any possible risks. It should be noted that even a slight improvement of policies may lead to a temporary boost in performance that should not be overlooked, and the company needs to take advantage of this fact (Shearer 509). The fact that medical care is also provided is critical, and connections with many companies allow the organization to make sure that the employees are provided with services of highest possible quality.
Another core factor that should be taken into account is that this policy also applies to children and spouses. It needs to be said that the amounts of money that are spent by the organization are truly astounding, but health and well-being of workers are of utmost importance, and they are highly valued by the company. However, the enterprise cannot afford to pay for all the injuries, and it is necessary to ensure that benefits that are provided are reasonable in most situations. It is imperative to say that it is necessary to make sure that policies are balanced, and some risks should not be taken because they may lead to severe complications and hurt the company in the long-term (Yeoh 57). Also, another aspect that is worthy of a discussion is that the help with education is also offered, and it is one of the core factors that differentiate this enterprise from many others. The assistance is of utmost importance, and all the costs are reimbursed.
An ability to study abroad also should be viewed as an enormous opportunity that should not be disregarded, and the knowledge that is gained can be incredibly valuable. Such contribution should be taken into account, and this amount of support is appreciated by workers in most situations. A broad range of other activities also needs to be discussed. Social events that are organized are also incredibly important in most situations because they allow employees to build relationships that can increase performance levels because workers will be determined to accomplish common goals. The development of team spirit is essential in most cases, and the company should focus on this factor because it can be quite helpful and frequently leads to an increase in performance thanks to better communication. Sports teams are also incredibly important because they help the workers to relieve some of the pressure because the work can be stressful. Such activities help individuals to stay fit and healthy.
Nationalization
Another critical aspect that needs to be mentioned is that the company devotes most attention to natives, and provides them with a broad range of advantages. For example, fuel allowance that is given annually is a major factor. Vehicle maintenance allowance that is provided is also quite compelling and may have an impact on the decision-making process of a particular employee. Preservation of furniture that is granted is also incredibly important in most situations, and can be viewed as a core advantage that the company has over its competitors. Help with housing is also quite significant and should not be disregarded, and it is incredibly important because it helps the employees to understand that that are perceived as valuable by the company.
It is paramount to note that rules are different for each category of workers. Also, it should be said that expatriates are also mentioned, and their entitlements have been raised because it is quite evident that numerous issues have been introduced because of problems with exchange rates. It is also quite interesting that supplemental allowance is provided every month, and salaries for each group are split into three categories. The fact that noticeable wage gaps between the workers that are at the same level are present is quite significant because it results in higher quit rates in most situations (Riddell 656). However, it needs to be said that this approach may increase the level of motivation because workers are determined to improve their performance.
It is also interesting that the dissimilarities between the salaries of native citizens and expatriates are quite significant, but it can be explained by the fact that the company supports nationalization. Another interesting point that needs to be discussed is that some categories of workers are not provided with general allowance. The issue is that the company pays for their flight tickets. However, it needs to be said that such approach may be reviewed because many employees are not satisfied with such significant differences in treatment. Some other aspects are also mentioned and discussed. For example, female expatriates that are married are also not offered the general allowance, and other situations are also noted. It needs to be said that this approach is understandable because the company tries to minimize expenses that are not necessary.
Conclusion
In conclusion, it is paramount to note that ADNOC is one of the leaders in the industry, and the resources that are available to the company are truly astounding. It is paramount to note that this situation allows the enterprise to devote attention to compensation policies to make sure that satisfaction levels of workers are stable. Overall, the environment in the company that has been established may only be described as positive because it often leads to personal growth, and each employee may develop as a professional and an individual.
Works Cited
Caruth, Donald L., and Gail D. Handlogten. Managing Compensation. Westport, CT: Quorum Books, 2001. Print.
Heimann, Marco, Mullet Etienne, and Bonnefon Jean-Francois. “Peoples’ Views About the Acceptability of Executive Bonuses and Compensation Policies.” Journal of Business Ethics 127.3 (2015): 661-671. Print
Priz, Ed. Worker’s Compensation. Riverside, IL: Advanced Insurance Management, 2010. Print.
Riddell, Chris. “Compensation Policy and Quit Rates: A Multilevel Approach Using Benchmarking Data.” Industrial Relations 50.4 (2011): 656-678. Print.
Shearer, Bruce. “Compensation Policy and Worker Performance: Identifying Incentive Effects from Field Experiments.” Journal of the European Economic Association 1.2‐3 (2003): 503-511. Print.
Yeoh, Peter. “The Dilemmas of Compensation Policies and Practices.” Business Law Review 31.3 (2010): 56-61. Print.