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In the hiring and management of the company's workforce, employee perks are important. In order to effectively hire and keep the greatest people from among the pool of potential employees, the management will design and modify the perks. If an applicant accepts a position and stays with the company for a long time, factors such as a competitive health plan, tuition reimbursement, retirement, and other benefits must be considered. The ideal benefit package would include both legally required benefits and optional perks that each employee might choose to accept or decline based on personal preferences. According to the organization's managerial model, the pay strategy will be put into practice. However, the Company seeks to offer other benefits besides salary such as healthcare, tuition reimbursement, bonuses, and retirement benefits
Similar to other organizations in the industry, the organization will set a basic salary for each worker category. The process of allocating compensation will take place annually. The executives with set one the benefits in a manner that 70% of the total compensation budget will be spent on salaries while the remaining 30% is spent on other benefits such individual and group performance incentives. The plan will also offer paid holiday plans, cafeteria plans, disability and life insurances, severance packages, stock options, health and wellness and telecommuting and adoption assurances to its workers. The primary goal of compensation plan is to control labor entry and exit from the company while controlling the salaries and other mandatory healthcare and other miscellaneous benefits costs
Salary range development is critical for ensuring that what the company pays to the people hired competes effectively with what other organizations pay. To enhance such compensation, the company will emphasize on benchmarking similar jobs and creating a pay structure. Salary development will be established internally by conducting research on Sites such as salary.com and payscale.com to determine the amount to pay within the geographical area.in which the company will conduct its operations. The HR will be responsible for conducting internal salary research to enhance it (Ulrich 315). The other methods that will be used include examining each task category to establish the amount of engagement and effort required in it. That way, the company will create salary range that matches each job description. Nonetheless, salary audits will be conducted to ensure the salary range in place is in accordance with the compensation trends within the industry. Audits will establish how demanding the job is to prevent loss of valuable workers.
The process of compensation will be equivalent to other business processes comprising of annual reviews, auditing, raising timelines and ensuring the stakeholders take responsibility in the compensation process to facilitate completion of critical tasks necessary for successful management of compensation. The success of the organization will be dependent on its process of hiring the right people and giving them incentives to maintain them. As such, setting clear expectations about workers, managing their performance and ensuring they are compensated for performing a commendable job..
The company will emphasize on respectful and dignified treatment of each worker to create mutual trust. With such, the organization will not be forced to struggle to meet the demands of unproductive workers, which is also crucial for maintenance of competitiveness in the market as a result of effective management of costs.
Additionally, no retaliation especially such as threatening workers that frequently report injuries and make routine claims will be entertained. Nonetheless, there will be no loss of hours, deportation or loss of jobs. More so, the company will avoid use of intimidation, peer pressure and social stigma that are ordinarily used to prevent workers from reporting injuries and filing compensation insurance. There will be no addition of premiums when workers incur injuries and illnesses occur at workplace frequently. What is more, there will be no delay or denial of claims to ensure the workers make lesser claims.
Managers will not be allowed to use their authority to push legislations that stack the desk against junior employees. The system will put measures to ensure people with occupational ailments do not become a barrier towards getting workplace compensations too. Worker compensation will play a significant role in ensuring the injured workers are rehabilitated to return to work as soon as possible. Nonetheless, the organization will attempt to navigate the potential of shifting its rehabilitation such that it not only meets the financial cost of the worker but also the human one data and evaluation will be conducted to determine and understand the true costs that the worker will in cur during medication, including caring for their families. For effective attainment of compensation scheme, the company will encourage its works to participate in governance as opposed to treating them like adversaries.
The company seeks to embrace pay-on performance model in its compensation. Considering that flexible reward systems based on performance are discouraged because much of the business risk is piled on employees and minimizes the collective bargaining and minimizes the power of unions (Stuff, reilly& Annette 5). With the pay-on performance model, the company will emphasize on pay on performance to make the employees connected to the organization. The company will ensure that the directors are paid adequately to encourage them, but the wage gap between the company managers and other executives will be minimized as much as possible. With low gap, the company will portray an image of non-discrimination to the outsiders and potential employees. The company will establish the base pay of 300 dollars per week which will be supplemented with different types of remuneration.
Annual goals will developed, performance appraisals held and a process of caching and mentor workers. The performance management system will be structured to ensure the workers meet the corporate goals and undergo regular assessment. Individual performance pay scheme where the employee gets bonuses or increased payment. The team based increased payment approach will enable the groups that perform excellently and those that achieve their targets effectively to be rewarded for their hard work.
Despite that the company will emphasize on minimizing labor costs, it will not tighten its financial belt strictly. Flexible benefits such as maternity and paternity leaves, paid vacations, ,sick leaves, jury duties voting and the time of bereavement. The workers will earn base pay despite the time-off taken during working hours leaves. They will also be entitled to health and security benefits, voluntary retirements and funeral services as well as premium pay. The company will give 20 weeks of maternity leave after the worker has adopted or gives birth to a child. Male workers will be given four weeks to bond with their child that has been born or adopted (family time off benefits) whose primary goal is to ease the employees balance of family commitment with work.
The company intends to give its low costs ways of obtaining services such as company-sponsored Retirement and saving plans and group healthcare plans such as 401(k)s and IRAs. To provide the workers with automatic saving and provide tax breaks. More so, the programs will provide the workers with free money after the company matches the employee’s contributions.
The compensation strategy will meet the federal and state requirements to limit its conflicts with the government. To do so, the company will emphasize on zero biases during recruitment and compliance with DOL FLSA laws such as minimum wage, Lully Ledbetter Fair Pay an overtime pay. The compensation plan will also be in accordance with Employee Retirement Security Act. Other laws that will be adhered to include include ERISA which covers health and disability, insurance and retirement plan , Americans with Disabilities Act (ADA) which prohibits compensation, limitations on the basis of disabilities and Health Insurance, Portability and Accountability Act (HIPAA) which discourages discrimination when handling worker benefits. More so, the company will adhere to the provisions of Consolidated Omnibus Budget Reconciliation Act (COBRA) which seeks to guarantee protection of employees from losing their benefits upon the loss of job any the employee. Keeping health coverage through the previous health plan by paying 102% of the coverage cost for one and half years
The National labor Relations Act provides for joining, contributing and benefiting from worker unions. Unions offer opportunity for collective bargaining in. With unions, the workers will demand for an improved workplace environment. Moreover, they can negotiate for higher wages. As a result, the company might be forced to give underperforming employee will earn above the market rate against what their skills and production levels contribute. Nonetheless, the unions will be an incentive for employees that are not interested in increasing their output to remain lazy. Besides wages, pension plans can be bloated as a result of labor unions.
To prevent such negative effects, the company will not allow its workers to joining or form unions. Instead, it will opt for making pension plan agreements to manage those that retire as well as those that are laid off. The Unions will not be necessary because the company will emphasize on reasonable compensation, and above average benefit packages.
The company will conduct research to determine the level of compensation for employees that accept assignments overseas .International compensation will be done in accordance with global business strategy. There will be a clear global pay model and corresponding programs of compensation that are consistent with pay management and facilitating employee mobility across the globe. As a result, the balance sheet approach will be employed for the company’s expatriates. The company’s elements that will be considered for international compensation include acceptable base pay, adjustments to cost of living, home leaves and house allowances, premium pay and assistance for dependents (Shraeder & Sims 101). The company will consider the indices of the USA Department of State standards such as living coasts while working abroad, hardship differentials and allowances such as hazard pay allowances. The base pay for the expatriates will be based on the home country standards and structure. The base salary will be divided into four categories: housing, taxes, goods and services.
Suff,. Paul, Reilly, Cox, Annette.” Paying for performance: new trends in Performance-related pay”. 2007 Institute for Employment Studies.UK. print
Shraeder, Mike & Sims, Robert,” Expatriate Compensation” An Exploratory Review of Salient Contextual Factorsand Common Practices.2005. Print. http://people.math.sfu.ca/~van/diverse/bellut-papers/test-8.pdf
Ulrich, Dave. "Measuring human resources: An overview of practice and a prescription for results." Human Resource Management 36.3 (1997): 303-320.Print
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