Sign In
Not register? Register Now!
Essay Available:
Pages:
3 pages/β‰ˆ825 words
Sources:
Check Instructions
Style:
APA
Subject:
Management
Type:
Coursework
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 15.55
Topic:

Compensation and Benefits: Issues and Possible Solutions

Coursework Instructions:

How would you design or redesign a benefits program in a company with more than 100 employees? What benefits would you offer and why? Be specific. What issues should you consider? Include the cost of the benefits you would include. (This means the actual dollar amount of each benefit.) How is this different than a company with less than 100 employees? (20 points)
Complete the Pay and Benefit Scenarios. For each identify the issue and possible solutions (6 points)
Pay and Benefit Scenarios:
Ida works 25 hours per week as a part-time customer service representative. She receives legally mandated benefits. Ida performs the same work/tasks as the other three employees who work 40 hours per week. These employees receive medical and dental insurance, retirement matches and child care benefits. Is this situation legal? Is it ethical? Explain both
John receives a large raise in one year because of superb performance. As a result he is currently receiving $60,000 while others in the same job class are receiving $52,000. Everyone expected John to continue his outstanding performance and productivity. However, John's performance and productivity have dropped significantly after the raise. What can be done about his pay?

Coursework Sample Content Preview:

Compensation and Benefits
Your Name
Subject and Section
Professor's Name
July 5, 2021
* Compensation and Benefits
In order to design or redesign a benefits program for a company, the first thing that must be taken into consideration is the different kinds of rewards and how they can be used for different circumstances and situations. Accordingly, the three types of rewards are tangible indirect, tangible direct, and intangible rewards.
Since the company, in this case, has more than a hundred individuals, the first consideration is whether the compensation and benefits program are in line with those provided under the law. This includes their 401k program, healthcare, and pension, among others. Assuring these essential mandated rewards is crucial to ensure that the employees are not underpaid and that the company would not suffer from any legal difficulties in the future.
Subsequently, the next thing to determine is the best type of compensation program depending on its culture, mission, goals, and financial capacities. It must also be focused on increasing the cost efficiency of the company. Since the company has over 100 employees, it is a large company, then indeed, one of the high costs that it hed to hiring, training, and retaining the best employees. Accordingly, these types of costs increase when there is a high turnover ratio since plenty of employees would have to be retrained to fill vacancies within the organization.
Given the company's circumstances, it would be best to balance between the three types of rewards.
First, the company's compensation package should be competitive enough but not too high that it runs the risks of increasing the costs of hiring and retaining employees that are not productive or competitive enough. Nonetheless, productivity bonuses must be given to those who perform well.
Second, tangible indirect benefits include dental and health insurance and holidays. This type of reward would be affordable for a large company and make its employees feel valued, thereby giving them more reason to stay. In one article written by Miner (2020), he noted that the average amount that medium-scale companies pay for their employees' insurance premiums is around $7,188 a year for s...
Updated on
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:
Order

πŸ‘€ Other Visitors are Viewing These APA Coursework Samples:

HIRE A WRITER FROM $11.95 / PAGE
ORDER WITH 15% DISCOUNT!
Order Now