Landslide Limo
Compensation and Benefits strategy
The key to success in the long run for your limousine company is to be at or above the national average for small business when it comes to benefits and compensation. Through research we have found that on average 54% of companies with less than 100 employees offer medical coverage for full time employees. This is the first key to acquiring topnotch experienced workers and keeping them with the company for an extended period of time.
Average salary for an experienced chauffeur/limousine driver ranges from the low end of $22,000 to a high of around $38,000 in the Austin area. If your company can offer a better medical benefits package I think it may give some leeway in the starting salary of new drivers, along with those with more experience.
Three main components to consider when deciding on compensation for your employees are; the position, experience level, and customer satisfaction.
As far as wages are concerned the main law that your company has to be aware of is the Fair Labor Standards Act. This sets the federal minimum wage and the overtime requirements for your employees. Your company has to provide at the lowest and hourly rate of $7.25 and time and a half for any hours worked over 40 hours during one workweek. (U.S. Dept. of Labor, 2009)
Employees with little to no experience can start off at $22,000 to $23,500. Starting those with all the required credentials (CDL, training, driving experience) higher because they will need no training or certification and are basically ready to begin work once hired. Your company should also consider yearly salary increases to employees who have exceled in customer service and fulfilling their job duties. Rewarding employees for time with the company and customer service will not only aid in retention but also show employees that are new to the company that they will be rewarded for staying with the company long term (Lister, 2013)
Works Cited
1. Strategic
The key to success in the long run for your limousine company is to be at or above the national average for small business when it comes to benefits and compensation. Through research we have found that on average 54% of companies with less than 100 employees offer medical coverage for full time employees. This is the first key to acquiring topnotch experienced workers and keeping them with the company for an extended period of time.
Average salary for an experienced chauffeur/limousine driver ranges from the low end of $22,000 to a high of around $38,000 in the Austin area. If your company can offer a better medical benefits package I think it may give some leeway in the starting salary of new drivers, along with those with more experience.
Three main components to consider when deciding on compensation for your employees are; the position, experience level, and customer satisfaction.
As far as wages are concerned the main law that your company has to be aware of is the Fair Labor Standards Act. This sets the federal minimum wage and the overtime requirements for your employees. Your company has to provide at the lowest and hourly rate of $7.25 and time and a half for any hours worked over 40 hours during one workweek. (U.S. Dept. of Labor, 2009)
Employees with little to no experience can start off at $22,000 to $23,500. Starting those with all the required credentials (CDL, training, driving experience) higher because they will need no training or certification and are basically ready to begin work once hired. Your company should also consider yearly salary increases to employees who have exceled in customer service and fulfilling their job duties. Rewarding employees for time with the company and customer service will not only aid in retention but also show employees that are new to the company that they will be rewarded for staying with the company long term (Lister, 2013)
Works Cited
1. Strategic
Cited: 1. Strategic Plan for Employee Compensation and Benefits. (2013). Retrieved from http://smallbusiness.chron.com/strategic-plan-employee-compensation-benefits-15613.html 2. U.S. Department of Labor . (2009). Fair Labor Standards Act . Retrieved from http://www.dol.gov/whd/flsa/