Wizards of the Coast is to be considered the top forerunner in hobby gaming. They develop and publish such games as Magic: The Gathering, Dungeons and Dragons, and even a plethora of Star Wars products. As a business they require employees to create these magical games, and for these employees to be happy they need to be properly compensated. Much like many other national companies, Wizards of the Coast has a fairly standard compensation and benefits system in place. By having this system in place they are keeping their talented people happy in order to keep a hold on them. Wizards of the Coast has many forms of compensations, but first, what exactly is a compensations and benefits system?
According to Joseph Martocchio, compensation represents the rewards employees receive for performing their jobs. This includes rewards such as wages, health insurance, retirement plans, and even paid time off. These rewards can also be split up into both intrinsic and extrinsic compensation. Intrinsic compensation reflects the employee's psychological mind-sets that can result from performing their jobs (Martocchio). Their mind-set can be influenced by the skill variety, task identity, task significance, autonomy, and feedback of the job. On the other end of the spectrum there are the extrinsic forms of compensation which can be summed up as both monetary and non monetary rewards. This style of rewards include wages, salaries, social security, worker's comp, various insurances, retirement plans, paid time-off, and accommodations (Martocchio).
The advantages of having a good benefits plan is twofold, as it benefits both the employee as well as the employer. From an employee's point of view the benefits create a peace of mind which leads to better productivity. Additionally, e ...