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Compensation and Benefits Plan
Pages 6 (1506 words)
Due to shrinking local labor market and increasing turnover within Lansing-Smith Corporation, the board members of Lansing-Smith will propose a complete and progressive compensation and benefits plan to the CEO to augment retention in the Company. Traditionally Lansing-Smith Corporation has paid only minimum wage and mandatory benefits…
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.
The job assessment is a tool used to assess the worth of each job in our organization and in the market. ...
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