Week 3 Team Assignment
Compensation and Benefits Strategies Recommendations
Team A
MGT/521 Human Capital Management
February 5th, 2015
Dr. Andrea Diese
Landslide Limousines Compensation and Benefits Strategy Recommendation This paper provides an analysis of a proposed benefits and compensation package for Landslide Limousines that is comparable to companies that are similar in size and scope in Austin, Texas. Team A proposes a compensation structure and position in the market, as well as a total compensation and benefits strategy for the company. Performance incentives and merit pay to recognize and engage employees is also discussed in this paper. Laws related to the benefits and pay program are outlined and examined in detail.
Market Evaluation.
Companies who are comparable to Landslide Limousines in Austin, Texas offer health benefits that cover 80 percent of employee’s premiums for individual policies and 65 percent for family policies. The cost for benefits packages include health insurance, and a retirement plan that includes health savings accounts that allow employees to deposit pretax dollars to cover health care cost not covered by high-deductable plans as long as 75 percent of employees participate in the plan (Texas Department of Insurance, 2015). Local companies similar in size and scale also offer a defined contribution plan, which allow employees to invest their money as they choose.
Compensation Structure and Marketing Position.
Landslide Limousines is required to have a structured plan of action by registering the company with the Travis Counties Clerk’s Office as a sole proprietorship or with the Texas Secretary of State Office forming a limited liability company, partnership or corporation. Also, to apply for an EIN for Internal Revenue for the use of business documents of Landslide Limousines. Mr. Stonefield and his legal team must visit the Austin Transportation Ordinance and download all legal documents from the online web to apply for Chauffeurs Permit
Team A
MGT/521 Human Capital Management
February 5th, 2015
Dr. Andrea Diese
Landslide Limousines Compensation and Benefits Strategy Recommendation This paper provides an analysis of a proposed benefits and compensation package for Landslide Limousines that is comparable to companies that are similar in size and scope in Austin, Texas. Team A proposes a compensation structure and position in the market, as well as a total compensation and benefits strategy for the company. Performance incentives and merit pay to recognize and engage employees is also discussed in this paper. Laws related to the benefits and pay program are outlined and examined in detail.
Market Evaluation.
Companies who are comparable to Landslide Limousines in Austin, Texas offer health benefits that cover 80 percent of employee’s premiums for individual policies and 65 percent for family policies. The cost for benefits packages include health insurance, and a retirement plan that includes health savings accounts that allow employees to deposit pretax dollars to cover health care cost not covered by high-deductable plans as long as 75 percent of employees participate in the plan (Texas Department of Insurance, 2015). Local companies similar in size and scale also offer a defined contribution plan, which allow employees to invest their money as they choose.
Compensation Structure and Marketing Position.
Landslide Limousines is required to have a structured plan of action by registering the company with the Travis Counties Clerk’s Office as a sole proprietorship or with the Texas Secretary of State Office forming a limited liability company, partnership or corporation. Also, to apply for an EIN for Internal Revenue for the use of business documents of Landslide Limousines. Mr. Stonefield and his legal team must visit the Austin Transportation Ordinance and download all legal documents from the online web to apply for Chauffeurs Permit
References: Small Employer Health Insurance. (2012) Retrieved from http://www.tdi.texas.gov/pubs/consumer/cb040.html Judy: Cascio, W.F. (2013). Managing Human Resources: Productivity, Quality of Work Life, Profits (9th ed.) Boston, MA: McGraw-Hill/Irwin Guettler, Amy. (2015). Demand Media: The Advantages of Merit Pay. Retrieved from: http://smallbusiness.chron.com/advantages-merit-pay-24332.html Law for Change. (2015). Texas Compensation and Benefits. Retrieved from: http://www.lawforchange.org/NewsBot.asp Lotich, P. (2015). 7 Things to Consider When Developing a Compensation Strategy. Retrieved from http://thethrivingsmallbusiness.com/compensation-strategy-7-things-to-consider-when-developing-a-compensation-strategy/ Strategic Plan for Employee Compensation and Benefits. (2015). Retrieved from http://smallbusiness.chron.com/strategic-plan-employee-compensation-benefits-15613.html