Resource Management Plans - Dissertation Example

Resource Management ID Lecturer Compensation plans are important from an individual’s standpoint. This is because the employee under consideration thinks out loud regarding the financial issues and circumstances that he might face or will face when he associates himself with an organization. Compensation plan The compensation package that will be offered to Shannon Albright will be based on the centre point that the offer creates attraction and retention for her skills and competencies. The full-time employment offer put forward in front of her will be monitored in terms of internal equitability and competitive externally. Equity of the compensation package being offered will be ensured by evaluating and analyzing the job requirements and tasks. Shannon’s responsibility will include and may not be limited to: Perform financial accounting of the company’s investment portfolio; this may include venture capital investments as well. Production of management information on the company’s proprietary investment portfolio. Assist with the development of controlling activities and maintenance of such activities, systems and processes to ensure accurate and timely accounting and management reporting. Prepare regular reports for senior management and the Board (Agnew 2004). The compensation package will include the following details: Net Salary: According to the market standing and the research done through salary survey, Shannon will be offered $1,250 per week. The major factor that accredited to accumulation of this amount are the facts that she has a 5 years experience in a similar capacity and she must be on a mid-career level managerial position. Moreover, she is a certified public accountant with a degree in Accounting from a reputed University. From this amount, mandatory deductions will be made for her Old age pension plan and health insurance. Health Insurance: The Health Insurance scheme will provide for Shannon and her dependants with coverage for hospital as well as medical expenses. It is a norm that staff members and their eligible dependants get enrolled within a cost-sharing scheme basis with the organization. Leave Provisions: The company will include leave provisions for Shannon with an attractive leave plan which shall include different kinds of leaves for her: 30 days annual leave annually, which is in addition to the official holidays, since she was not based in Boston. 16 week maternity leave and a 4 week paternity leave. Adoption leaves as and when required. Emergency leaves as and when required. Under certain circumstances, special leaves shall be availed. One vacation day for each sixty days of continuous employment Accommodation: Since Shannon will be required to move from Atlanta, Georgia, therefore her travel expenses will be covered. As well as the costs of shipping / storing and insuring household goods will also be covered. If she is recruited for at least one year at least one year then she will receive an installation grant upon arrival covering initial settling-in expenses. Rental expenses will be covered by the company on an incremental basis, which will keep on reducing with every passing year. Incentive Plan The incentive plan that the company offers will be through the profit sharing method. Since the company is not a very large firm, therefore in order to keep both the company’s and employees’ benefit in check, profit sharing is that best method. With this method in practice, the employees will realize that they will be entitled to increments based on the profits the company makes. This way Shannon will be compensated on the basis of her performance. She will receive the base salary but bonuses and increments will be based on how well she performs her tasks (Stambaugh 1992). This way unanimously, she will play her part in getting better profits for the company, which in turn will be beneficial for her. Shannon would receive quarterly reviews for the purpose of discussing performance and awarding any bonus. These bonuses and increments will be a motivational factor for her, because she will realize that in order to obtain the bonus she needs to perform the duties listed in their job description and as requested according to the set job performance standards. This way Shannon will be aware of the steps she needs to take in order to be awarded a bonus quarterly. As company profits increase there will be more money available for bonuses and she will get large bonuses. But on the other hand if company isn’t making a lot of profits therefore, bonuses can be quite small. Moreover, there can be a long delay in between the time when the effort and performance is increased and the time when the bonus is actually paid. However, Shannon’s bonuses will depend on how well she performs in her capacity. The pre-tax profits will be shared will Shannon in form of stocks and bonds. She will be entitled to receive profit sharing payouts and will need to pay taxes on them in order to avail them. Bonuses will be given out at a percentage of the net salary. As per company policies Shannon will get increments at the rate of 20% of her net salary. The bonus will be given at the end of the fiscal year. Benefits Plan In order to make the offer more attractive, Shannon will be offered extra perk in addition to the salary. The perks encompass benefits that will include vacation and sick time, the use of company vehicles. The company can offer her corporate memberships on the same footings as other employees on the same level. Moreover, another benefit that Shannon will be entitled to is the retirement income that company will offer her if she stays long enough (Drnach 2002). In any case the company will cover for insurance that provides coverage if Shannon gets injured or hurt on the job. Similarly disability insurance will also be covered for by the company in case Shannon carries a disability or company will provide some income for her in case she becomes disabled, even if the injury is not work-related. Cover Letter To Whom It May Concern: Shannon is a professional who excels within her work domains in the most righteous way. Shannon takes things as they come up to her and thus she realizes that the need for her gaining professional opportunities is maximal. Therefore the net salary and the incentive plan should be in accordance with how she does work and brings about sanity within the related ranks. Shannon believes that health provisions should be enacted within any incentive plan so that success could be ensured within her professional undertakings and the manner in which work gets done at the end of the day. Shannon believes that accommodation must be provided beforehand so that there are no housing problems as far as her work realms are related. This is in line with her most basic needs that she thinks are important to ascertain in the long run scheme of things. The benefits plan should be as such that it provides for a number of advantages for Shannon so that Shannon could work hand in hand with her colleagues as well as within the reigns of the organization itself. With that leave provisions would also be added within the incentive and benefits plan. Shannon therefore must receive compensation with the kind of experience and dedication she has shown over the years. This will bring in the much needed confidence within the performance of her work tasks, an act that will outshine her colleagues at the workplace. Shannon shall receive benefits which are of a magnanimous nature, both for the well-being of the individual under consideration as well as the organization at large. References Agnew, J (2004). The Marshall Plan Today: Model and Metaphor. Routledge Drnach, M (2002). Designing an Incentive Plan for Researchers. Journal of Research Administration, Vol. 33 Stambaugh, T (1992). An Incentive Pay Success Story. Personnel Journal, Vol. 71 Read More