Compensation and Benefits Strategies Recommendations
A compensation plan requires a selection of parts including pay scales, benefits packages, reward programs, and company bonuses. A strategic plan regarding compensation and benefits, will determine how much you’re willing to pay personnel and what kind of workers you want to attract. This approach allows your business to compete in the market for the best workers in your industry. In today’s modern organizations, various types of resources are used to realize business goals which are set to compete in the marketplace. Employees need compensation and desire benefits. In order to control and maintain a stable labor force, human resource has to come up with a variety of resources to cover such a diverse and difficult task in offering attractive benefit packages and compensation to employees. In this paper, we have a number of recommendations regarding compensation and benefit packages that are crucial for Landslide Limousines, a small startup company, competing in the transportation marketplace in Austin, Texas.
Hiring qualified and experienced limousine drivers will be a challenge for human resource because Austin, Texas has a great amount of competing limousine businesses in or adjacent the Austin area, which creates the issue of high employee turnover for the reason of low wages. Among the problems is the compression of the US job market in recent years. The number of qualified candidates is decreasing while the US economy improves and employment in the US job market develops. The Bureau of Labor Statistics published in November, 2013 the newly released Government figures, which show clearly an employment increase in October, 2013 ("U.s. Bureau of Labor Statistics.", 2013). It is expected that this development will carry on for the coming months and that wages and benefits will increase as companies compete over a smaller number of available, qualified applicants....