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Crafting a Compensation and Benefits Plan - Essay Example

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After the consideration by any manager or top executive in any organization to recruit and maintain the employees, there are a number of considerations that need to be made in order to ensure that the organization runs its activities as usual and is able to meet its goals and…
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Crafting a Compensation and Benefits Plan
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Crafting a Compensation and Benefits Plan

Download file to see previous pages... Despite these internal factors, there are also those external factors that compel the manager to offer a particular salary range for employees. Some of these include the salary that is provided for the same position by other organizations that provide similar kinds of services. However, the ability to recruit and maintain employees lies on the ability to value and appreciate their efforts as opposed to issuing any monetary values.
Comparable organizations in the same industry tend to offer varied salary and benefit ranges for the purposes of recruiting and retaining their employees for different reasons. In this case, the company that I created in a coffee shop that is renowned for the best service of beverages. This is mainly because both the provision of goods and services are given directly to the customers by the employees hence it is important to ensure that the best are recruited and the best efforts made to retain them for the sake of customer satisfaction. Those that may be involved as competitors and who are in the same industry include supermarkets and large retail chain stores as well as restaurants that may be involved in the sale of similar products at the same price. All of these tend to have the same structure in the composition of their staff and overall staffing with minor differences hence similar levels and need for recruitment and retention. Their salary and benefit ranges are as follows
The 21st Century is varied from the other periods in terms of the abilities to recruit and maintain employees in terms of payment. What the current employees consider as benefits is completely different from what they considered to be so in the past. Monetary terms and payment played a large role in the recruitment and retention of employees in the past. It is, however, no longer the case as the current employees consider the value of the organization towards them more. What they consider as benefits of the company is the need to be engaged and involved ...Download file to see next pagesRead More
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