Compensation Plan Develop a progressive yet competitive compensa.docx

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Compensation Plan Develop a progressive yet competitive compensation plan that will support recruiting and retention efforts and lower the employee turnover rate. Traditionally, Motors and More has provided employees minimum wage and statutory benefits. The Compensation Plan should address the items below. · How does Motors and More’s employee compensation compare relative to other organizations in the area? Will the organization meet, lead, or lag the local market? Explain your rationale. · Identify alternative pay methods and discuss the advantages and disadvantages of each. · What benefits will you offer? Include statutory benefits. What are the costs of those benefits? What is the rationale for offering those benefits? Develop a communications plan regarding how employees will be informed about the compensation plan. Define the sequence of communications considering the who, what, and when of the message. Below are the previous parts if you need them. .

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Discretionary Employee Benefits Karen S. Markel, Ph.D., SPHR 2010 Learning Objectives At the completion of this section of the module, students will be able to: Identify the issues in discretionary benefits design and implementation. Define the types of discretionary benefits. Identify the relationship between various discretionary benefits programs and relevant federal law. 2 SHRM© 2010 2 Module note: This module explores discretionary health, medical and retirement benefits. There are other types of discretionary benefits that employers may offer (paid time off, disability, tuition reimbursement, etc.) that are not explicitly addressed here. Design and Implementation Considerations Session 1 Session 1 Learning Objectives After completing this session, students will be able to: Define discretionary benefits. Understand what benefits should be offered in most organizations. Understand benefits administration. Know how to communicate benefits offerings to employees. Determine if a benefits program is accomplishing its purpose. 4 SHRM© 2010 4 Benefits Examples Vacation leave Sick leave Social Security Dental insurance 401(K) plans Vision insurance Pensions Health insurance Prescription drug insurance Medicare 5 SHRM© 2010 Ask students which benefits they think are considered discretionary. Answer: All but Social Security and Medicare are considered discretionary. Social Security and Medicare are mandated by law. 5 Discretionary Benefits Defined Discretionary benefits are those benefits that are not mandated by law. 6 SHRM© 2010 Discretionary benefits are benefits that are offered to employees by their employer voluntarily (i.e., not mandated through law). While these benefits are offered voluntarily, their administration and design are often regulated by law (Martocchio, 2008). Examples of these benefits include pay for time not worked, health and medical insurance and retirement plans. 6 What Benefits to Offer? To determine which benefits to offer, the following must be considered: Alignment with the organization’s total rewards strategy. 7 SHRM© 2010 The organizational decision to offer discretionary benefits should take a variety of factors into consideration, both in the design and in the implementation. Ask students to define “total rewards.” Total rewards typically include monetary compensation plus other, nonmonetary benefits. Discretionary benefits can be viewed as part of an organization’s overall total rewards strategy and should align with the goals of that program. Employers should develop written strategic benefits plans that align with overall compensation and corporate strategy. According to Adamik (2007), the plan should include specific goals and objectives with metrics to evaluate achievement. Proposed metrics should be measurable, quantifiable and focused on those things management defines. To obtain management support, there should be a return-on-investment (ROI) analysis for each goal or.

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An employee benefits package is a set of perks and benefits offered to employees in addition to their salary. These benefits can include things like health insurance, retirement plans, paid time off, and professional development opportunities. Building an employee benefits package can help attract and retain top talent, as well as increase employee satisfaction and productivity. To build an employee benefits package, consider the needs and wants of your workforce, budget constraints, and industry standards. Then, choose benefits that align with your company's values and goals. Be sure to clearly communicate the details of the benefits package to your employees.

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I need someoe to complete the replies for these two posts. Be certain you acknowledge their interest and support it with at least 2 scholarly references other than the course textbook that identify the importance of their chosen topic. For instance, if a classmate posted that they want to know more about the Fair Labor Standards Act, your reply might include an example of how FLSA impacts organizations and a second that identifies a current issue for organizations with respect to the FLSA (minimum two external references). of at least 250 words each. Each reply must also cite at least 2 sources. Must be in APA format, no plagiarism. 1 In an increasingly competitive job market it is important that businesses are equipped to offer the best benefit and compensation packages that they can. In studying strategic compensation, we are afforded the opportunity to learn about compensation and benefit design, as well as the laws and regulations that impact the implementation of benefit and compensation packages. There are several topics that are of particular interest, some of which are discussed below. One topic that is particularly interesting is retirement plans. The type and availability of various retirement plans has changed dramatically over the past few decades. As our text notes, there has been a fairly substantial decline in defined benefit plan participation, while participation in defined participation plans (Martocchio, 2015). The number of companies that offer employer-sponsored pension plans has also decreased dramatically, with many businesses favoring 401k-type programs, which have favorable tax advantages to both employees and employers. It is important to know the types of retirement plans that are attractive to employees, and manageable for employers. The issue of health insurance, as a part of retirement benefits, is also interesting, and merits additional study. As someone who has worked for many years in what is considered a flexible job, compensating flexible workers is also of particular interest. One advertised benefit of flexible work is the ability to adapt the work schedule to fit personal needs. Another feature touted by many organizations that use flexible workers, is increased pay in lieu of benefits. Despite the lack benefits such as vacation and sick time, those who use flex employers are required to pay overtime for hours worked greater than 40, as well as paying the premiums for workman’s compensation insurance, among other benefits (Martocchio, 2015). It would certainly be beneficial for me to learn additional information about what types of benefits are legally required, and what benefits an employer might consider offering. The third topic that I would like to learn more about, is building pay structures that reward employee contributions. When considering these types of plans, one would likely think first of the traditional incentive program found in many sales jobs. Indeed, these commission plans .

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