Recommendation for Compensation of Benefits Plan
Recommendation of a new Compensation Program
I am the new Vise president of benefits for R & J Mortgage Company. I am recommending a compensation program that will hopefully retain our employees and offer those benefits that are better then other companies. It is my responsibility as compensation and benefit specialist to conduct market pay studies, these studies determine what jobs that our company should pay, what benefits and incentives are appropriate. I start with a clearly define job description; insure comparable market information, base pay, salary compensation, salary trend and total compensation. Then I will study salary survey data, make a few phone calls to external sources and send out comprehensive questionnaires to companies and agencies to collect data relating to these job descriptions. The description will have title of job, department, who the employee reports to, a job summary and the summary of the essential functions of the job. I then will compile my findings on a salary analysis form. "Position title, base pay, benefits such as medical, dental, vision, life, stock options, retirement benefits and other incentives. (Appendix A & B) This will make it easy to compare and analyze information in various salary categories". With well defined job description and great tools to help organize the information I can conduct a market pay study to help our company stay competitive (http://office.microsoft.com/en-us/FX011879991033.aspx).
The job evaluation is a tool used to evaluate the worth of each job in our organization and in the market. With a successful job evaluation system I can make our organization 's pay system equitable, understandable, legally defensible, approachable, and externally competitive. "I will use the job evaluations to:
* Clarify job descriptions so that employees understand the expectations of their roles and the relationship of their roles to other jobs within the organization.
* Attract desirable job candidates.
* Retain
I am the new Vise president of benefits for R & J Mortgage Company. I am recommending a compensation program that will hopefully retain our employees and offer those benefits that are better then other companies. It is my responsibility as compensation and benefit specialist to conduct market pay studies, these studies determine what jobs that our company should pay, what benefits and incentives are appropriate. I start with a clearly define job description; insure comparable market information, base pay, salary compensation, salary trend and total compensation. Then I will study salary survey data, make a few phone calls to external sources and send out comprehensive questionnaires to companies and agencies to collect data relating to these job descriptions. The description will have title of job, department, who the employee reports to, a job summary and the summary of the essential functions of the job. I then will compile my findings on a salary analysis form. "Position title, base pay, benefits such as medical, dental, vision, life, stock options, retirement benefits and other incentives. (Appendix A & B) This will make it easy to compare and analyze information in various salary categories". With well defined job description and great tools to help organize the information I can conduct a market pay study to help our company stay competitive (http://office.microsoft.com/en-us/FX011879991033.aspx).
The job evaluation is a tool used to evaluate the worth of each job in our organization and in the market. With a successful job evaluation system I can make our organization 's pay system equitable, understandable, legally defensible, approachable, and externally competitive. "I will use the job evaluations to:
* Clarify job descriptions so that employees understand the expectations of their roles and the relationship of their roles to other jobs within the organization.
* Attract desirable job candidates.
* Retain
References: Heathfield Susan, Develop Pay Scales Data. Retrieved April 7, 2006 from http://office.microsoft.com/en-us/FX011879991033.aspx Jones, Heather. Business World. Retrieved April 9, 2006 from, http://www.worldatwork.org Newsweek Magazine, All Business. Retrieved April 7, 2006 from http://www.allbusiness.com/articles/Research/2269-2219-2228.html