Employee Compensation and Benefits Packages

548 Words2 Pages
Employee Compensation and Benefits Packages Introduction: A company's compensation and benefits package will likely be a great determinant of the quality of its personnel and the stake that these employees feel that they have in the hiring organization. This is why it is incumbent upon an organization to choose a compensation and benefits strategy that is at once consistent with internal values, needs and expectations and respects the external forces of industry standards, market context and geographical impact. Company Type: These factors must be taken together in developing a package for a firm such as ours. A small but growing company specializing in high end food delivery is in the process of expanding to a new facility. This will require new hires and more responsibilities for long-term personnel. Therefore, a new compensation approach is required. Because our company is located in a metropolitan area, it is also of importance that our compensation package be competitive within the context. There is a high variance from one major metropolitan area to another, but this context is uniformly likely to require a higher compensation package commensurate with the cost-of-living. As the Bureau of Labor Statistics (BLS) (2013) reports, "total compensation, wages and salaries, and benefit costs in private industry are included in this release for 15 combined and metropolitan statistical areas (CSAs and MSAs). Total compensation costs for the 15 metropolitan areas ranged
Get Access