Getting Keeping and Growing
Getting, Keeping, and Growing
New Team Members
By
Richard Anderson
October 4, 2010
Instructor, Tiffany Klein
October 4, 2010
From: The Desk of Richard Anderson
To: HR Staff
Hello everyone, the last few weeks have been very intense but very productive. We have completed two of our three objectives 1) getting the team chosen and placed, 2) growing them by starting the training, and 3) the final phase, the important step where we are now , developing an attractive compensation plan to keep them. We currently have a bonus plan in place but it is outdated and needs to be more competitive.
We know that incentives and awards are some of the factors that motivate employees, and it is true that by nature we say that people get paid for doing their jobs and even sometimes we forget to thank them, that is why it is so important that we have a good incentive program in place because people do respond well to incentives for good performance, recognition and doing especially good work.
There are five considerations to take into account when designing a benefit’s program they are as follows: 1) are the type and level of our benefits coverage consistent with our long-term strategic business plans?, 2) given the characteristics of our workforce, are we meeting the needs of our employees?, 3) what legal requirements must we satisfy in the benefits we offer?, 4)are our benefits competitive in cost, structure, and value to employees and their dependents?, and 5) is our benefits package consistent with the key objectives of our total compensation strategy, namely, adequacy, equity, cost control, and balance? Another important factor is since there is a lot of long term employees that came over from EnvroTech means we have a diverse workforce and to some benefits may be more important to them such a pension plans rather than direct pay.
However, in determining the competitiveness of benefits, senior management tends to focus mainly on the cost, while employees are more
New Team Members
By
Richard Anderson
October 4, 2010
Instructor, Tiffany Klein
October 4, 2010
From: The Desk of Richard Anderson
To: HR Staff
Hello everyone, the last few weeks have been very intense but very productive. We have completed two of our three objectives 1) getting the team chosen and placed, 2) growing them by starting the training, and 3) the final phase, the important step where we are now , developing an attractive compensation plan to keep them. We currently have a bonus plan in place but it is outdated and needs to be more competitive.
We know that incentives and awards are some of the factors that motivate employees, and it is true that by nature we say that people get paid for doing their jobs and even sometimes we forget to thank them, that is why it is so important that we have a good incentive program in place because people do respond well to incentives for good performance, recognition and doing especially good work.
There are five considerations to take into account when designing a benefit’s program they are as follows: 1) are the type and level of our benefits coverage consistent with our long-term strategic business plans?, 2) given the characteristics of our workforce, are we meeting the needs of our employees?, 3) what legal requirements must we satisfy in the benefits we offer?, 4)are our benefits competitive in cost, structure, and value to employees and their dependents?, and 5) is our benefits package consistent with the key objectives of our total compensation strategy, namely, adequacy, equity, cost control, and balance? Another important factor is since there is a lot of long term employees that came over from EnvroTech means we have a diverse workforce and to some benefits may be more important to them such a pension plans rather than direct pay.
However, in determining the competitiveness of benefits, senior management tends to focus mainly on the cost, while employees are more
References: Foxlawson.com/Employee-Motivation Chapter 12 Indirect Compensation (Managing Human Resources) by Wayne F. Cascio 2005 The McGraw-Hill Companies.