Employee Compensation and Benefits Package The organization for which I am designing the compensation package is a company that offers internet solution to customers in the domestic US market and the global market. The position that I am hiring is that of a company secretary. The secretary will be required to work in the office of the human resource manager and will handle all the papered and paperless documentation. The position comes with numerous benefits and packages as outlined herein. After doing extensive research and analyzing the data released by the bureau of labor statistics, the secretary will be paid a basic pay of $25.00 per hour (Deckop, 2006). The amount is based on comparative analysis of how secretaries are paid by other similar organizations and with the goal of offering a competitive package that attracts many qualified secretaries to compete for the position. The position will be non-exempt and is based on fixed working hours. Any overtime will not be implemented until approved by the company’s management (Armstrong, 2007). The overtime payment will be $35.00 per hour, but this may be adjusted depending on the amount of work involved in the overtime hours. The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediate
Click here to unlock this and over one million essaysGet Access
If one does not work he/she will not get paid. An hourly employee is based on an hourly amount. Most employees are required to work a 40 hour work week. They do not have any contracts to sign to gain employment, however, have to fill out all the necessary paperwork for the onboarding. An hourly employee has to clock in upon arrival at work and upon leaving work. This helps keep track of hours worked and also get paid overtime, if the employee works more than 40 hrs a week. Benefits for hourly include: overtime pay if working over 40 hours a week, sick pay, holiday pay, vacations, bereavement leave, insurance, 401K, retirement, tuition reimbursement, bonuses, extended time off, but with no pay and employee purchase programs. If an hourly person needs to take an extended time off due to illness or family one will not get paid regular hourly pay like a salary employee would. The benefit of an hourly employee is that one can make the same amount of money or even more than a salaried employee because of all the overtime
The intent of this assignment is to develop a user-friendly tool that may be applied in the workplace to document Compensation processes and to guide a practitioner in completing the critical steps of each process. The purpose of this assignment is to assist in describing each component of a compensation management system, to develop a practitioner's guide for several of the key compensation management tasks covered in HR511 Total Rewards.
According to all the facts we have on the Fit Stop, we chose that the best suitable organizational performance pay plan for employees would be employee stock plans which are a plan through which employees acquire shares in the Fit Stop. We have chosen the three main employee stock plans i.e. employee stock bonus plan, employee share purchase plan and employee stock option plan. (Long, 2013)
We intend to compensate our personnel well, to retain their invaluable expertise and to ensure job satisfaction and enrichment through delegation of authority. Our compensation will include health care, generous profit sharing, plus a minimum of two weeks’ vacation. (Live Plan) As an equal opportunity employer, we respect the diversity and human rights of our people, and strive to achieve optimal productivity, while realizing the full potential of each employee. Awards will be given out to exceptional individuals, groups and plants for hard work and production so as to inculcate a sense of fun into the work and promote the
Organizations create compensation and benefits packages in order to attract the best talent. In today’s global economy it is imperative that organizations offer compensation packages that are competitive in order to recruit the very best talent in the world. However, in order to be successful, compensation packages must align with business strategies. Authors “Mathis, Jackson, and Valentine (2014) explain that an effective total rewards approach balances the interests and costs of the company with the needs and expectations of employees” (p. 369). In order to gain a competitive edge, organizations must balance the costs of payroll and benefits with rewarding employees for their contributions. This paper will analyze the construction of a compensation and benefits package that is needed for a new secretary position at the Frye Memorial Hospital in Huntington, WV. The paper will highlight the essential elements of a compensation package. Moreover, the paper will examine how the compensation package aligns the Human Resource (HR) strategy with the Hospital’s business strategy.
This paper will analyze the agency’s compensation for employees. A rationale on the cost and benefits would be for a 2 percent, 4 percent, or 5 percent pay increase for the fiscal year 2014. The effects of the increase on benefits for the agency will be discuss and a chart depicting the increase for each percentage will be provided. The trend of the agency over the past five years will be reviewed and an analysis explaining the trend for expenditures will be prepared.
Employers that offer optional benefits will need to do its due diligence and acquire as much information on the different types of medical plans available to purchase for the benefit of its employees. Employers might chose to go with the Traditional indemnity plan that allows the employee to choose their own physician, has a deductible, a coinsurance percentage, usually 80 paid by the medical plan and the employee paying the remaining 20%.
1. Sullivan & Cromwell associates are likely to find the pay structure fair. Likely comparisons would be with similar positions at other law firms at similar locations. Sullivan & Cromwell, for example, operates mainly in New York, which means salaries could most reasonably be compared with other law firms at this location. Furthermore, the company is very forthcoming with its pay structure, offering a complete and thorough display of its pay structure for different positions online (Glassdoor, 2012). Some salaries are offered per year, while others are offered on an hourly basis. A 6th-year attorney, for example, is paid on an annual basis, while a paralegal associate would be paid per hour. Salaries are also varied according to the complexity and seniority level of the position.
The enclosed is meant to display and represent what is being offered to Shannon Albright in terms of the job offer that is being extended to her. Levels of focus in clude her overall compensation package, her incentive plan and her overall benefits plan. Details surrounding each of these will also be discussed. Inclusive in all of the offerings is the fact that Ms. Albright is a graduate from an accredited university in the United States and that she has been gainfully employed for the last five years. Ms. Albright is deemed to be a good fit for the open financial accountant position in the Boston, Massachusetts office.
You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability. The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization.
During our recent phone conversation, I noticed your interest in our group benefits insurance plan. I believe that this product is tremendously beneficial to your business mainly for the reason that grouping employees together allows our company to deliver considerable coverage at lower rates to your business. In other words, the insurance plan offers your employees the protection they deserve and makes your company a great workplace that is likely to attract and retain talents, which supports increased growth and profit for your company. In the sections below, I will identify some basic features of the plan and advantages for both employees and employers.
In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position
1). A compensation packages is based on a number of different parts. To start, a general market research is conducted to see the worth of similar jobs in the field, the availability of employees with these specific skills, employee accomplishments in the company as well as their contributions, and the available funds a company has to pay its employees whether it is full market-rate or higher/lower than market-rate (About.com, 2012). A compensation package typically includes a combination of benefits such as: wages, insurance, guaranteed raises, vacation days, among other perks (Conjecture Corp, 2012). Every Corporation has a way of doing things and is HR play and key role in the balance of it all.
There are many different forms of compensation that employers pay to their workers. The accounting treatment of these various forms of pay are different depending on the type, frequency and amounts of compensation due. Each type of compensation also has different disclosures required, advantages and disadvantages based on the accounting rules. The following pages will take a closer look at three forms of compensation: base wages, vacation pay, and bonuses.
Expatriate employees would include the C.E.O. The compensation packages will be done differently than what the local hires would be. The base salary will include a minimum of 5 years of experience and offer a salary of 120,000 Rubles. Salaries may vary depending on the actual number of years of experience. It will be maxed out at 350,000 Rubles. According to Coleman services article on expatriate compensation packages, “These expenses include, but are not limited to, relocation and living allowance, country risk payments, complete medical and travel insurance for all family members, corporate cars (often with personal drivers), total coverage of apartment costs etc. Add to these a foreigner status with all inherent visa proceedings, and you’ll get a very costly asset.”1