Compensation Benefits Essay Example | Topics and Well Written Essays - 1000 words

Compensation Benefits - Essay ExampleI am the new theatre director of benefits for Lansing-Smith Corporation. I am recommending a hire program that will hopefully retain our employees and offer those benefits that are better then other companies. It is my liability as compensation and benefit expert to conduct market return studies, these studies decide what businesss that our company ought to pay, what benefits and incentives are suitable. I start with a clearly define job description insure comparable market randomness, al-Qaida pay, wage compensation, salary trend and total compensation. Then I will require salary plenty data, make a few phone calls to external sources and send out complete questionnaires to companies and agencies to collect data relating to these job descriptions. The explanation will have rubric of job, department, who the employee reports to, a job summary and the synopsis of the necessary functions of the job. I then will accumulate my findings on a salary analysis form. Position title, base pay, benefits such as medical, dental, vision, life, stock options, retirement benefits and additional incentives. (Appendix A & B) This will make it easy to contrast and examine information in various salary categories. With well defined job explanation and great tools to assist organize the information I can accomplish a market pay study to help our company stay spirited.The job estimation is a tool mappingd to assess the worth of each job in our organization and in the market. With a winning job evaluation system I can make our organizations pay system evenhanded, understandable, lawfully defensible, approachable, and outwardly competitive. I will use the job evaluations to* Clarify job metaphors so that employees comprehend the expectations of their roles and the association of their roles to other jobs inside the organization.* Attract desirable job candidates.* Retain high-potential employees.The market assessment job will compare c ompensation for our organizations jobs to the marketplace rate for comparable jobs. This method necessitates precise market-pricing surveys. Market pay is the compensation paid for an exact job, including information regarding bonuses and benefits that is resolute by a continual analysis of the aggressive job market. Market pay data is a fraction of our organizations overall policy to go through evenhanded compensation. Otherwise, we may not remain spirited(http//www.worldatwork.org).In raising a market pay study I will gain a list of companies that have positions related to our companys positions, and then I would converse job descriptions and pay ranges for every position. I will then have the market pay information needed to found and communicate employee compensation. In reality, collecting data that precisely reflects the market rates for jobs in our organization is additional hard. Because your organizations most slight similar jobs are likely to be those of our main competi tors. As I conduct the market pay study, I keep in mind that I should use market pay data as part of the overall strategy not as the sole strategy to determine equitable compensation within our organization. Our organizations compensation values and compulsion to fair, evenhanded, and unbiased pay practices should also play a role, in addition to conducting marketplace pay studies