Compensation and Benefits Strategies Recommendations
8 July 2013
University of Phoenix
Compensation and Benefits Strategies
Searching for a job in today’s market can become a long process and one thing many potential employees look at first is the compensation and benefits packages being offered from the potential most qualified, retaining employees, and maintaining motivated workers (Cascio, 2013). Most organizations are realizing that a well-constructed compensation and benefits programs for employees has a considerable effect on productivity, morale, and the employers cost benefit. These positive effects bring in revenue to add to the business success.
In today’s economy there are many who are unemployed and the compensation and benefits component is on the side of the employer where the employer can be more constrained on their rewards and benefits. Regrettably in todays market companies can offer less or no compensation and benefits, and oftentimes receive more in skills and expertise. Although the compensation and benefits package has gone through a transformation its primary purpose is to focus on adequacy, equity, cost control, and balance.
Our team has reviewed and concluded that the following adjustments should be implemented in the compensation and benefits package at Landslide Limousines. Compensation will be determined considering the organization’s budget and most importantly the required performance and productivity to achieve organizational goals. Taking an approach like this will align the interests of managers and employees. I believe the development of a compensation plan, which will work together with the benefits plan, is a significant aspect to attract, recruit and retain the most effective and productive employees. In addition, achieving the organizational objective to provide flexible and competitive compensation and benefits program is one of the focal point in order to satisfy and attract potential and...