Crafting a Compensation and Benefits Plan
Description
Fishers is a mid-sized manufacturing company out to maintain market leadership through the development and implementation of a compensation plan that meets the needs of the owners, clients, as well as employees. Compensation programs are critical to the effectiveness of the organization as they play a fundamental role in employee motivation, satisfaction, and productivity. The company seeks to achieve two crucial objectives from the implementation of this compensation and benefits plan; i) to reduce turnover, which has been an imminent problem over the last couple of years; and ii) to attract new talent, while retaining and improving the existing one.
Executive Summary
The company is at a critical juncture; it can no longer offer the perks of a small entrepreneurial enterprise since it has exceeded the employee threshold for such categorization. Employees have been complaining over what they think is below-market compensation, and noticeably, their morale appears to be diminishing. Sales have been on a consistent downward trend since the beginning of the year; and with the employee turnover rate hitting double-digits for the first time since the company's inception, it is becoming evident that we will need to upgrade our benefit plan to the corporate scale. Through its mission statement, the company has committed itself to satisfying employee and consumer needs; and it understands that satisfied employees will be crucial to the actualization of this, as well as other corporate goals.
Market-Based Pricing Strategy
One of the objectives that this compensation plan is to attract new employees while retaining the existing ones. We intend to achieve this by staying a step ahead of those companies that we compete with for talent. Cappelli (2012) expresses that companies are finding it increasingly difficult to fill their skilled job positions due to a lack of qualified applicants. To avoid such a scenario, and stay atop of the market, we will require a clear understanding of the compensation and benefit programs common to this...
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