Compensation and Benefits Strategies Recommendations
HRM/531
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Abstract
Unemployment plays a big role in limousine driver retention (Mergent, 2013). Consequently Austin’s unemployment rate (5.2 (BLS, 2013)) is below the national average (7.3 (BLS, 2013)) and even blow the Texas average (6.2 (BLS, 2013)), retaining drivers will be an issue for any company. For Landslide Limousine, choosing the right strategy for applying salaries and targeted benefits will be very important because of this challenging personnel retention environment. A strategic look at benefits implies that the benefits provided to employees will also help attain business objectives (Cascio, 2013). To achieve Landslide’s general strategic goal of “providing first-class transportation” (UOPX, 2013, p.110), the company must take this strategic view of benefits.
In the current business lexicon, the expression “long-term” constitutes three years (Robbins & Coulter, 2012). Landslide Limousine has stated that one of its financial objectives is to increase revenue by 5% per year, over the next few years. Planning for this long-term objective requires a strategic look at many things. Some strategies to consider are customer service strategies, repair, and maintenance strategies, and service pricing strategies. However, without drivers to safely, legally, and loyally provide the driving service, Landslide Limousine will have no need to determine what business strategies to employ because it will have no business. Therefore, Team D will explore some strategies for attracting and retaining competent and loyal workers; the compensation and benefits strategy.
Before we look at the strategy, let us evaluate the state of the limousine service market. In regard to Landslide Limousines attentiveness to market comparisons, the company’s strategy is most beneficial concerning identifying what the company is capable of...