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Employee Compensation and Benefits - Assignment Example

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The purpose of this employee compensation and benefits package is to provide all the components of compensations and benefits of a secretary in a HR department of an organisation in Germantown, Maryland. The main components of the employee compensation and benefits include…
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Employee Compensation and Benefits Package Employee Compensation and Benefits Package for a Secretary for the HR department of an organisation in Germantown, Maryland
Introduction
The purpose of this employee compensation and benefits package is to provide all the components of compensations and benefits of a secretary in a HR department of an organisation in Germantown, Maryland. The main components of the employee compensation and benefits include wages, bonus payments, and benefits such as healthcare coverage, disability insurance and retirement benefits.
1. Wages
The wages of a secretary should be between $650 per week. This is based on the average wages of Maryland as provided by Bureau of Labour Statistics. The Bureau of Labour Statistics suggests that the average wage of Maryland is $700 which is slightly lower than the country average of $921 (Bureau of Labor Statistics 2013). In this case, subordinates like a secretary earns within the lower range.
2. Wage Schedules
The wages will be paid every Sunday of every week and the amount of wages per worker will be reviewed annually based on the prevailing inflation rates of the country, performance measures and amount of profits earned in the company (Trani, 2003).
3. Bonus Payments
Bonus payments will be paid to employees who perform exceptionally. The secretary will therefore earn a bonus if customers provide a positive feedback about her. Performance management system of the company will appraise the performance of the secretary annually and provide bonuses based on the performance rankings and ratings. The bonus will be provided in cash basis determined as a percentage of salary. The bonus is paid based on appraisal of the employee’s performance in terms of the speed of performing tasks, level of organisation during employee training, and how the secretary treats applicants when they come for interview.
4. Employee Benefits
The employee benefits of the secretary will include healthcare benefits, disability insurance and retirement benefits, and will be paid to the secretary just like any other employee of the organization.
4.1. Healthcare Benefits
2.5 percent of secretary’s weekly wages will be deducted to cover for monthly premium of the employee’s healthcare and the remaining amount of monthly premium is paid by the business to cover for the secretary’s healthcare benefits (Goldman et al, 2005).
4.2. Disability insurance
If the secretary is not able to work on a short term basis due to disability, the business provides 50% of income (pre-disability wages) as part of her benefits package. This is based on the requirement of the Bureau of Labor Statistics’ fixed percentage earnings which requires 50%-70% of employee’s predetermined salary to be paid as disability insurance (Bureau of Labor Statistics, 2013). This will be paid every week for the period that the secretary is sick or disabled.

4.3. Retirement Benefits
The 401K retirement plan will apply whereby the secretary of the HR department accumulates benefits for her retirement period. A fixed percentage of the employees’ paycheck savings is apportioned as savings on a pre-tax basis (Bureau of Labor Statistics, 2013). 4% of the secretary’s weekly wages will be apportioned for the 401K retirement plan which will be paid upon retirement of the employee.
Conclusion
This compensation and benefits package provides an effective basis of remuneration for a secretary of a HR department in an organisation in Germantown, Maryland. Apart from an average weekly wages, the secretary will also receive 401K retirement benefits, healthcare benefits and disability insurance benefits.
References list
Bureau of Labor Statistics (2013). County Employment and Wages in Maryland – Second Quarter 2013. Accessed December 9, 2014 from http://www.bls.gov/regions/mid- atlantic/news-release/countyemploymentandwages_maryland.htm.
Goldman, D., Leibowitz, A., & Sood, N. (2005). Wage and benefit changes in response to rising health insurance costs. Cambridge, Mass: National Bureau of Economic Research.
Trani, A.F. (2003). The Changing Landscape of Compensation and Benefits Packages. Employee Benefit Plan Review, 57(9), 15-32. Read More
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