Compensation and Benefits Plan Executive Summary 431

Compensation and Benefits Plan Executive Summary Due to shrinking local labor market and increasing turnoer rate inwardly SMC Company, the board members of SMC entrust target a comprehensive and advanced requital and benefits plan to the chief executive officer to cast up retention in the Company. Traditionally SMC has paid precisely minimal wage and mandatory benefits. The following paper leave alone project the salutes of the plan, external and internal equity, and creative methods of payment and voluntary benefits for SMC. appeal Of Plan In order to address the issues of retention at SMC, we must(prenominal) first look at bell: are we consumption too much, or are we not spending meet in addressing the wages and benefits needs of our employees. We plan to look at the following areas to see how cost will affect our croup line in profits; current benefits plan vs. best benefits package, incentive programs such as bonuses and profit sharing, and last c apital punishment of routine job evaluations to reflect current trends in compensation factors, ranking, and pay grades. Our HR department will be soluble for providing the initial data to support our claim, that we are not doing enough continue our employees, thereby we have incurred a high employee turnover rate. SMC believes the market, overall profit of the company, and employee motivation will drive the cost of change in these areas. Trade-off in these areas of corporate onwards motion will payoff in overall employee satisfaction, which will necessitate to higher(prenominal) profits. External and Internal Equity As a growing organization in office run business, SMC is experiencing a high turn over rate. SMC recognizes it is necessary to retain and motivate a sufficient government issue of our adapted employees. This requires a base pay program that pays competitively by at least three percent or higher than our competitors. SMC will also to into... If you want to get ! a rich essay, order it on our website: BestEssayCheap.com

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