Corporate Packages
Corporate Environment
Compensation and Benefit packages
Compensation and Benefit Packages offered in a Corporate Environment
The purpose of this paper is to focus on the compensation and benefits packages offered to new and existing employees in the firm "Teamwork Packages" which is a small private firm. We take up the role of the head of Human Resource department and it is our responsibility to develop a new compensation and benefits package which can enhance recruiting and retention of our company with the strategic objective of increasing the production levels by more than twenty five percent in the next half decade.
We will discuss many sorts of compensation practices and benefits packages which are offered by any firm. Since our firm Teamwork packages has recently applied a new Human Resource structure, it is the responsibility given to this department by the senior management in evolving the growth, future prospects of the firm by analyzing other firms and business practices around it and give out a brief and precise conclusion regarding the topic which can help the firm. Since the firm faces competition on many fronts, therefore it is also necessary to have a keen eye on the practices of its competitors and observe their business functions as well. Now, let's have a review of current practices as well as of the strategic plans for change that can ensure success in recruiting, retention and on other aspects.
Review of Practices like Compensation structure in the firm
Money is regarded as one of most important and foremost issues the upcoming employees focus on, it is very important for the firms to offer the right type of monetary package to the employees which can be straight basic salary or any structure based on incentives. Let's have a detailed look on how these systems works then focus on the compensation structure. The standard base pay program gives predefined salary options to every employee or upcoming successful employee candidates. The firm should install minimum as well as maximum levels within the defined pay ranges which can measure up for different variations in skill and experience levels.
While setting up the main base pay structure, it is important to determine the overall competition which is surrounding the firm, this can greatly influence the employees working on the firm. The pay levels should be competitive otherwise the firm might risk losing its skilled and experienced employees. Proper research should be done in finding out the salary levels according to current industry standards which is based on specific types of jobs located at specific types of geographic areas. Once the firm's base pay structure places itself firmly then a merit pay program should be set up which can offer employees salary ranges according to their respective positions depending on their performance-driven speed. All this is applicable when the management applies the practice of annual performance review for its employees.
There is a drawback to this as well which can be that employees come under the impression that they will be offered increment in salaries only after evaluation period, this can cause the seizure in their motivation of performing better at their jobs. This is why most firms go for an Incentive Compensation system.
The Incentive-based compensation recently is showing to be more common among firms since it emphasizes more on performance as well as competition for the talented personnel. This system greatly helps in motivating the employees to do well at their jobs. "The proper set up of incentive-based compensation system demands comprehensive research and study just like that which is at base pay program." (Roomkin, 1989).
Types of Compensation
The bonuses offered by the firm should rely on achievement of every employee. This program should not be limited only to a certain degree or types of employees because by limiting it the firm risks limiting its optimum potential. Also, the limits let it lose the main advantages of team building in the incentive-based compensation. Here, it should be noted that if every person is chasing at the same goal then everyone including all the employees, the management and the firm has a better chance in achieving success.
The rewards offered should be according to the results and not according to the activity of employees, since trying does not mean they will get a decent result and bonuses are deserved by those employees who get the most decent results. It is important for the firm not to limit its total amount of bonuses offered, this can greatly limit the efforts being put...
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