Employee Compensation And Benefits Package - 944 Words

Employee Compensation and Benefits Package The organization for which I am designing the compensation package is a company that offers internet solution to customers in the domestic US market and the global market. The position that I am hiring is that of a company secretary. The secretary will be required to work in the office of the human resource manager and will handle all the papered and paperless documentation. The position comes with numerous benefits and packages as outlined herein. After doing extensive research and analyzing the data released by the bureau of labor statistics, the secretary will be paid a basic pay of $25.00 per hour (Deckop, 2006). The amount is based on comparative analysis of how secretaries are paid by other similar organizations and with the goal of offering a competitive package that attracts many qualified secretaries to compete for the position. The position will be non-exempt and is based on fixed working hours. Any overtime will not be implemented until approved by the company’s man agement (Armstrong, 2007). The overtime payment will be $35.00 per hour, but this may be adjusted depending on the amount of work involved in the overtime hours. The position will also offer other employee benefits and allowances as a motivation for the workforce. The company will offer medical insurance where the employees will be sponsored for half the amount incurred as medical expenses. The medical cover offered by the company also covers the immediateShow MoreRelatedEmployee Compensation And Benefits Package Essay905 Words   |  4 PagesIntroduction – Employee Compensation and Benefits This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describe the organization I chose for designating a compensation package. Next, this paper will develop an employee compensation and benefits package for this new position. This paper will outline an employee compensation and benefits package for a new hire for a secretary for the department. First, it will describeRead MoreEmployee Compensation And Benefits Packages Essay1245 Words   |  5 PagesEmployee Compensation and Benefits Organizations create compensation and benefits packages in order to attract the best talent. In today’s global economy it is imperative that organizations offer compensation packages that are competitive in order to recruit the very best talent in the world. However, in order to be successful, compensation packages must align with business strategies. Authors â€Å"Mathis, Jackson, and Valentine (2014) explain that an effective total rewards approach balances theRead MoreEmployee Compensation And Benefits Packages Essay1537 Words   |  7 PagesIntroduction In today’s competitive workforce, compensation and benefit packages plays a crucial role on recruitment and retention for both the organization and the employee. Bumpbie finds itself in a situation where it could positively affect its employee’s morale, turnover rate and longevity; by making a strategic decision to implement compensation and benefit packages that will encourage current workers to stay and entice new applicants. Money is not always the inherent reason businesses experienceRead MoreEmployee Compensation and Benefits Packages548 Words   |  2 PagesEmployee Compensation and Benefits Packages Introduction: A companys compensation and benefits package will likely be a great determinant of the quality of its personnel and the stake that these employees feel that they have in the hiring organization. This is why it is incumbent upon an organization to choose a compensation and benefits strategy that is at once consistent with internal values, needs and expectations and respects the external forces of industry standards, market context and geographicalRead MoreEffectively Managing Employee Compensation and Benefit Packages1289 Words   |  6 Pageschallenge, for global organizations and the human resource department, is effectively managing employee compensation and benefits packages. Managing compensation structures has become an integral part of many organizations that conduct operations in the global market, as there are many considerations for the host country when sending expatriates abroad. It is imperative for organizations to develop global compensation structures that attract and retain quality employees while not impeding operations or diminishingRead MoreConsiderations for Compensation and Benefits1442 Words   |  6 PagesConsiderations for Compensation and Benefits Abstract Compensation is one of the most important considerations perspective employees will make prior to accepting a job offer. For this reason, another performance of Human Resource (HR) professionals is the compensation analysis. The focus of the analyst in this position is to use strategy in formulating compensation and benefits packages that are attractive and conducive to maintaining talented employees (Editorial Board, 2011). As another criticalRead MoreCompensation Of Memorial Hospital Savannah1075 Words   |  5 PagesCompensation Packages- Memorial Hospital Savannah HR is the one responsible of the development of the organization compensation system and of the development of the pay structures, programs and policies.an effective compensation system will be focused on compelling with the law, cost-effectiveness, provide equity in all aspects and enhancement of the organization (Flynn, 2015). Compensation packages can include bonuses, benefits like health insurance, retirement benefits, paid time off, and professionalRead MoreEmployee Benefit Plan Development : Employee Benefits Essay1508 Words   |  7 PagesEmployee Benefit Plan Development â€Å"Understanding your employee’s perspective can go a long way towards increasing productivity and happiness† – Kathryn Minshew, founder of The Muse. In today’s highly competitive and robust job market, benefit programs have become an integral aspect of an employer’s total compensation package. In fact, an employer’s total benefit package plays just an important role in attracting and retaining talent for organizations as monetary compensation, according to a recentRead MoreHuman Resource Practices With Business Goals1363 Words   |  6 Pagesaligning business goals with employee motives, a well-rounded compensation plan precedes attainment of these business goals(Martocchio 3). As can be seen by this statement, compensation is a major concern for all players in the business world today. As a matter of fact, if a company fails to properly manage their compensation package they will find themselves being left behind by the competition. In particular, what exactly does being left behind in compensation and benefits mean? It stands that otherRead MoreMicrosoft Compensation and Benefit System1648 Words   |  7 PagesCompensation and Benefits System of Microsoft MGMT 365 February 23, 2014 Compensation and Benefit System of Microsoft Microsoft was founded in 1975, and is the worldwide leader in software, services, and solutions (Career). Microsoft is proud to offer great products and employ outstanding people. Previous Microsoft CEO, Steve Ballmer once said, â€Å"There are many things that are true about Microsoft. We have big goals, big dreams, and big aspirations for the future. We are both competitive