Make recommendations you think your chosen company should follow when considering benefits and compensation packages.
Often, the market will select a company’s market position through word of mouth from current employees, former employees, or local press coverage through a best employer list. Taking a more proactive approach to managing a market position is the strategy of choice for most employers.
Tracking turnover rates, inflation, and economic indicators all play into the formula, as does a sense of the market and a company’s image and reputation. The numbers and trends tell a huge story. Interpreting that story is the difference between a superior compensation plan and ineffective one.
Most would agree that a policy is effective if it meets the standard of attracting and retaining a desired staff, stays within the laws of the market, and does not wreak havoc on the bottom line. But, what of the individual? Should the employee’s position be a factor in that equation? Should other outside, unsolicited opinions play a factor in the effectiveness equation?
How will you communicate your policy and standard to the employees of the organization? Will you make your message public to your consumer? These are the final questions that connect the complete package of managing compensation and benefits.
Research any one of the top employer lists frequently posted by top news publications or industry journals, which you can search for using the Internet. Once you have found the information, complete the following:
- Read the top 25 employers on the list.
- Note how many of these employers made the list because of their compensation and/or benefits policies, and also note the specific compensation-related policies that were mentioned.
- Log which policies were mentioned.
Based on your research about top employers, prepare an analysis of your findings in a report. In not more than two pages:
- Prepare a chart listing at least 10 of the top employers, their ranking on the list, and the compensation or benefit that was cited as a reason for being a top employer.
- Review your list of employers. Can you make any determination from that list? Is there a pattern that makes for a top employer in compensation and benefits? What characteristics do you view as being more important than others?
- Conclude with a recommendation for the company’s HR manager. Explain what standards you think are critical to becoming recognized as a top employer with excellent compensation and benefits policies. In other words, create the standard you think your company should follow. Justify your recommendations.