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Top Ratings for Compensation and Benefits

Make recommendations you think your chosen company should follow when considering benefits and compensation packages.

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Introduction

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.

Preparation

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.

Instructions

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.

Gender Identity

Gender Identity has become a controversial topic over the last few decades. For this assignment, you will conduct research on the medical and psychological protocols a person would need to follow if considering gender reassignment.

This assignment is intended for you to apply research and critical thinking skills to interpret research results and communicate effectively in writing an argument on a controversial position.

Find at least one peer-reviewed professional resource. 

In approximately 100-150 words, respond to the following questions:

Ø  Indicated medical protocols.

Ø  Indicated psychological protocols.

Ø  Included peer-reviewed resources in research.

A Competitive Pay and Benefits Plan

Create a competitive pay and benefits plan, in 5-6 pages, using the same company as the one in the previous assessments.

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Introduction

Organizations need a thoughtful compensation program to remain competitive and to attract and retain top talent. Companies are having a tougher time than ever sourcing and retaining enough skilled talent to fill all of their needs. To overcome this hurdle, many organizations are focusing on building an employer brand, which includes a robust benefits package and greater incentives to reward performance.

Companies must create their overall philosophy of how they compensate their employees with their pay and benefits. A compensation philosophy is a formal statement that explains the company’s position on employee compensation. It explains the why behind their pay practices and it creates a structure for consistency. Employers also use their compensation philosophy to attract, retain, and motivate employees. Companies must also develop their benefits and compensation budget. Budgeting doesn’t have to be too complex, but it should be realistic and comprehensive enough to encompass all areas of an employee’s total rewards.

Instructions

For this assessment, use the same company as the one in the previous assessments.

Assume you have already created a budget for your pay and benefits program.

In 5–6 pages:

  • Create a compensation philosophy statement for the organization.
  • Address the following questions and justify your responses using the job you selected in Assessment 2.
    • Will this position be full time or part time, and exempt or non-exempt?
    • What will the pay for this position be?
    • Will there be incentive pay as well?
  • Analyze the major laws with which your compensation program must comply.
  • Describe the legally mandated benefits you will include in your benefits package. Identify the state in which this business operates and identify any specific state-mandated benefits as well.
  • Describe the discretionary benefits you will include in your benefits package.
  • Analyze the major laws or acts with which your benefits program must comply.
  • Analyze the employer cost of benefits as a percentage of the total compensation package.
  • Analyze the trends that affect the cost of benefits.
  • Evaluate the effectiveness of your compensation and benefits program to attract and retain talent.