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Compensation Benefits - Essay Example
Pages 4 (1004 words)
The following paper will propose the costs of the plan, exterior and interior equity, and creative methods of compensation and deliberate benefits for Lansing-Smith Corporation. Due to shrinking local labor market and increasing turnover within Lansing-Smith Corporation, the board members will propose compensation and benefits plan…
I am the new Director of benefits for Lansing-Smith Corporation. I am recommending a compensation 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 pay studies, these studies decide what jobs that our company ought to pay, what benefits and incentives are suitable. I start with a clearly define job description; insure comparable market information, base pay, salary compensation, salary trend and total compensation. Then I will study salary survey 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 title 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. ...
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