In Australia the workmen compensation is aimed of providing monetary and other compensation to workers if injured while they are working or suffers any illness due to work. The employers had to comply with the legislations of the state, territory and commonwealth governments.
Compensation strategies are:
i)The employees are retained in the companies by providing them the rewards for loyalty. Senior employees are compensated for their sonority in the company that provides the employees with an example to new employees that they will be valued by the company if they serve for long-term in the company (Australia, 2012). This encourages commitment to build a long-term career in an organization among employees.
ii)With perks and benefits the companies attract and retain the talent in the organization. The company provides health insurance benefits to the full time employees accompanied with other perks from the company.
iii)The company provides benefits of paid holidays and also guaranteed vacations are allowed to employees that are paid. The offerings of various benefits by the company are dependent on the success of the company.
iv)Variable pay plans are based on the degree of cooperation in teams and the efforts and performances at individual levels. Some examples of variable pay systems are piece-rate systems and commission on sales etc.
v)Accommodation allowances are also provided by the company in cases when the employees had to work in distant locations and are not in reasonable daily travelling distances. In some cases such benefits are tax exempted also.