Compensation Benefits - Essay Example

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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…
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Compensation Benefits
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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
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