Crafting a Compensation & Benefits Plan - Research Paper Example

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With the growing technological advancement and competition in the market currently, the industry is required to adopt effective compensation…
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Crafting a Compensation & Benefits Plan
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Download file to see previous pages important aspects of comparison salary, medical, dental, vision, retirement, life insurance and vacation benefits of three companies are taken into consideration. Moreover, the paper based on the aforementioned factors will formulate a compensation plan for the organization I am associated.
The welding company was founded in the year 2000. During the period of 2009, it was recognized as a limited organization. The prime aim of establishing the company is to supply products that include metal, submerged arc, wires and other products across a city. The company had faced difficulties with respect to obligations towards its employees. The company is required to select the appropriate alternative compensation and benefits plan in order to meet the labor difficulties. Additionally, the company needs to make significant analysis of other companies offering benefits and compensations for the retention of employees and working conditions to mitigate the challenges of the company.
The tabulated compensation and benefit plan of Joe’s Welding and Machine, Paragon Pipe Fitting and Acme Tool and Engineering indicates that the compensation benefits that were offered by Acme Tool and Engineering company is significantly better than the offering of other companies. The salary offered by the Acme is higher compared to other companies. Moreover, the analysis also reveals that Acme has witnessed high stability in its human resource management compared to that of Joe’s and Paragon. The evaluation reflected that the Acme depicts a strong choice and section for the people who were looking for the new job in the welding and manufacturing industry. Moreover, implementation of more or less similar policy into our organization would help to meet the significant challenges and the changing requirements of the business.
In the changing business dynamics, organizations need to change their working structure constantly with the technological advancement. In this regard, in order to manage ...Download file to see next pagesRead More
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