quora

Compensation Benefits - Essay Example

Comments (0) Cite this document
Summary
The following paper will propose the costs of the plan, exterior and interior equity, and creative methods of compensation and deliberate benefits for Lansing-Smith Corporation. Due to shrinking local labor market and increasing turnover within Lansing-Smith Corporation, the board members will propose compensation and benefits plan…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER96.2% of users find it useful
Compensation Benefits
Read TextPreview

Extract of sample
"Compensation Benefits"

Download file to see previous pages I am the new Director of benefits for Lansing-Smith Corporation. 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 liability as compensation and benefit expert to conduct market pay studies, these studies decide what jobs that our company ought to pay, what benefits and incentives are suitable. 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 complete questionnaires to companies and agencies to collect data relating to these job descriptions. The explanation will have title of job, department, who the employee reports to, a job summary and the synopsis of the necessary functions of the job. I then will accumulate my findings on a salary analysis form. "Position title, base pay, benefits such as medical, dental, vision, life, stock options, retirement benefits and additional incentives. (Appendix A & B) This will make it easy to contrast and examine information in various salary categories". With well defined job explanation and great tools to assist organize the information I can accomplish a market pay study to help our company stay spirited.
The job assessment is a tool used to assess the worth of each job in our organization and in the market. With a winning job evaluation system I can make our organization's pay system evenhanded, understandable, lawfully defensible, approachable, and outwardly competitive. "I will use the job evaluations to:
* Clarify job metaphors so that employees comprehend the expectations of their roles and the association of their roles to other jobs inside the organization.
* Attract desirable job candidates.
* Retain high-potential employees.
The market assessment job will compare compensation for our organization's jobs to the marketplace rate for comparable jobs. This method necessitates precise market-pricing surveys. Market pay is the compensation paid for an exact job, including information regarding bonuses and benefits that is resolute by a continual analysis of the aggressive job market. Market pay data is a fraction of our organization's overall policy to determine evenhanded compensation. Otherwise, we may not remain spirited"(http://www.worldatwork.org).
In raising a market pay study I will gain a list of companies that have positions related to our company's positions, and then I would converse job descriptions and pay ranges for every position. I will then have the market pay information needed to found and communicate employee compensation. "In reality, collecting data that precisely reflects the market rates for jobs in our organization is additional hard. Because your organization's most excellent similar jobs are likely to be those of our main competitors. As I conduct the market pay study, I keep in mind that I should use market pay data as part of the overall strategy not as the sole strategy to determine equitable compensation within our organization. Our organization's compensation values and compulsion to fair, evenhanded, and unbiased pay practices should also play a role, in addition to conducting marketplace pay studies" ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Compensation Benefits Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
Retrieved from https://studentshare.org/business/1501010-compensation-benefits
(Compensation Benefits Essay Example | Topics and Well Written Essays - 1000 Words)
https://studentshare.org/business/1501010-compensation-benefits.
“Compensation Benefits Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/business/1501010-compensation-benefits.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Employee Compensation and Benefits
As such, it is significant to have a documented package and justification for the compensation package. The above figure gives a rough estimated percentage of the expected components of the total compensation. On average, the
5 Pages(1250 words)Essay
Compensation and benefits management
Nowadays humans are considered as one of the most important assets required to carry out the tasks effectively and efficiently. Among many techniques which companies utilize to attract the potential minds, keep and encourage its people is Compensation and Benefits Management (Zingheim and Schuster et al., 2009).
5 Pages(1250 words)Essay
Compensation and Benefits
ons of behavior based on the individuals or employees’ perception of the prospect of realizing their desired outcome (Noe, Hollenbeck, Gerhart & Wright, 2014). According to the expectancy theory, employee’s motivation is a product or outcome of three elements. First is how
3 Pages(750 words)Essay
Recognizing Employee Contributions - Compensation & Benefits
Employees usually contribute towards growth and success of an organization. These contributions have to be recognized appropriately as it helps in motivating team members. Benefit plans are designed by an organization in order to
9 Pages(2250 words)Essay
Compensation/Benefits
t therefore influence decisions on the human resource management aspects and this paper discusses legal compliance, equity, and transparency as the most important professional and ethical issues in compensation and benefits. Legal factors are important aspects of an
1 Pages(250 words)Coursework
Human Resource Management - Compensation, Benefits, Incentives
They will consider benefits and incentives and if they find them justifiable with the lower baseline, they will see that these benefits and incentives actually add to the baseline pay. Therefore, I believe do NOT
2 Pages(500 words)Essay
U08a1 Compensation & Benefits Assignment Template
Non-monetary compensation implies involve benefits given to workers in regard to the services they render to the company (Noe, Hollenbeck, Gerhart, & Wright, 2011). They encompass Leave Policy, Car policy, Health Policy, Indemnity, Overtime Policy, Leave travel Assistance
1 Pages(250 words)Essay
Compensation & Benefits
Compensation and benefits play an essential role in attracting new employees and retaining old employees of the company. The employees
15 Pages(3750 words)Essay
Case 2 TD-MGT 411 Compensation: Benefits
This move has two contrasting sides. The fact that a firm participates in the hiring of new employees is significant for its branding. On the other hand, the fact that the firm does not offer benefits package to the new
1 Pages(250 words)Essay
SLP 2 - MGT 411 COMPENSATION: BENEFITS
This ultimately leads into an upwardly mobile economy. The range of compensation received in the form of benefits are divided into two categories namely
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Compensation Benefits for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us