Savannah Engineering, Inspection and Insurance Company (SEIIC):
Trends in compensation and benefits
Savannah Engineering, Inspection and Insurance Company (SEIIC) is a service-based company and thus must cultivate a strong and committed performance from each and every one of its employees to thrive. However, currently its compensation and benefits programs lacks the ability to reward top performers and merely gives annual pay increases to all employees of 2-5%, regardless of the employee's level of productivity. Seniority rather than performance is given preference in terms of the company's evaluation and rewards system. Its benefits are competitive given that it offers health insurance and other benefits but the structure of the benefits is rigid and only includes such traditional benefits as health insurance, life insurance, retirement plan (defined benefit) and a 401(k) plan (defined contribution). This paper will offer suggestions to improve evaluation and rewards systems to ensure that top earners are adequately compensated.
Different types of appraisal and compensation
The most popular, traditional method of appraisal based on performance versus seniority is that of a behavioral checklist. "Behavioral checklist has a list of criteria that an employee should workup to be a diligent worker. The behaviors differ according to the type of job been assessed. This method is considered favorable as the evaluation is done on the basis of individual employee performance without comparisons" (Elan 2015). Managers meet and discuss the employee's performance with him or her. The downside to the process is that the checklist may not fully take into consideration all of the employee's input over the year. However, this method is fair in the sense that employees understand how and why they are being appraised and if they will receive a pay increase or promotion based upon their performance.
A more contemporary method of evaluation is that of management by objective, another method which...
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