Compensation and Benefits Plan
Compensation and Benefits Plan
HRM/531
Compensation and Benefits Plan
Compensation and benefits play a vital role in employee satisfaction and performance; employees in general want an adequate compensation package for their contributions in an organization. However, according to Cascio (2010) a high-based salary alone does not guarantee a productive, motivated workforce. Today, workers have increasing personal demands to balance their quality of work life; more workers desire a strong benefit package that includes health and disability insurance, flexible time, paid time off, retirement plans, and other cluster of gratuities to join or stay in an organization. On the other hand, aside from legal compliance in paying their employees, employers lure talented employees into their companies by offering high-level salaries and attractive fringe benefits packages. However, excessively high labor costs can ruin or break a business. Hence, designing and managing a fair, competitive pay structure without endangering the financial standing of the firm is very important. The objective of this paper is to propose a fair, competitive compensation and benefits package that meet the demands of an employee and the needs of the organization he or she works for. Team A used Salary.com to design an adequate compensation and benefits plan proposal for a service area manager position.
Overview of Salary.com
A job search is not complete without knowing the compensation and benefits that come with the job. To research a Service Area Manager’s worth in the labor market, one can research on several websites that provide comparable compensation and benefits ranges information for the job position searched. Salary.com is one of those websites. According to the Salary.com website (2013). “The Salary.com methodology is a state-of-the-art process for benchmarking and analyzing jobs that builds on professional industry standards” (para. 3). Many people consider Salary.com
HRM/531
Compensation and Benefits Plan
Compensation and benefits play a vital role in employee satisfaction and performance; employees in general want an adequate compensation package for their contributions in an organization. However, according to Cascio (2010) a high-based salary alone does not guarantee a productive, motivated workforce. Today, workers have increasing personal demands to balance their quality of work life; more workers desire a strong benefit package that includes health and disability insurance, flexible time, paid time off, retirement plans, and other cluster of gratuities to join or stay in an organization. On the other hand, aside from legal compliance in paying their employees, employers lure talented employees into their companies by offering high-level salaries and attractive fringe benefits packages. However, excessively high labor costs can ruin or break a business. Hence, designing and managing a fair, competitive pay structure without endangering the financial standing of the firm is very important. The objective of this paper is to propose a fair, competitive compensation and benefits package that meet the demands of an employee and the needs of the organization he or she works for. Team A used Salary.com to design an adequate compensation and benefits plan proposal for a service area manager position.
Overview of Salary.com
A job search is not complete without knowing the compensation and benefits that come with the job. To research a Service Area Manager’s worth in the labor market, one can research on several websites that provide comparable compensation and benefits ranges information for the job position searched. Salary.com is one of those websites. According to the Salary.com website (2013). “The Salary.com methodology is a state-of-the-art process for benchmarking and analyzing jobs that builds on professional industry standards” (para. 3). Many people consider Salary.com
References: Anonymous. (2012, November). More organizations shifting to market-based pay structure. PR Newswire US. Retrieved from EBSCOhost. Cascio, W. (2010). Managing human resources: Productivity, Quality of Work Life, Profits (8th ed.). New York: McGraw-Hill http://www.indeed.com/salary?q1=Service+Area+Manager&l1=Alexandria%2C+VA Salary.com. (2013). Benefits wizard. Retrieved on March 18, 2013, from http://swz.salary.com/MyBenefits/LayoutScripts/Mbfl_Result.aspx Salary.com. (2013). Methodology. Retrieved March 18, 2013, from http://swz.salary.com/docs/salwizhtmls/methodology.html