Tuesday, May 19, 2020

Compensation and Benifits Strategies Recommendations Wk3...

Compensation and Benefits Strategies Recommendations Angela Garrett, Bessie Fuller, Catherine Spivey, Chandell Tyghter, Janell Jernigan HRM/531 Human Capital Management December 8, 2014 Doreen Lawrence Compensation and Benefits Strategies Recommendations In this scenario, Team A has agreed to work with a small business, Landslide Limousine. Bradley Stonefield is our client whom we must develop some compensation and benefit recommendations. Landslide Limousine is a small business with approximately 25 employees that is located in Austin, Texas. First, Team A will conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective.†¦show more content†¦These companies are currently operating in the Austin, Texas marketplace and are a large competitor. In addition, the market can easily offer skilled workers and great benefits. Landslide must offer a benefits package to keep up with their competitor, and if they wish to stay in business, keeping their employees satisfied amongst competition is a must. Team A recommends that Landslide must offer similar or improved benefits to their employees. Further, Landslide should offer a training program to entry level employees so that the service is exceptional and customers will continue to utilize their business. Compensation and Benefits Strategy When running an organization, managers and other members of leaders needs to take a look at the compensation and benefit strategy. A strategic plan for employee compensation determines how much you want to pay employees and what type of employees you want to attract. Your compensation plan entails a variety of aspects including pay scales, reward programs, benefits packages and company perks. A successful strategic compensation plan allows your business to compete in the market for the best employees in your industry (Strategic Plan for Employee Compensation and Benefits, 2014). Here are a few recommendation I would make to help with the creation of a compensation and benefit strategy plan. Attracting Quality Employees Your strategic plan for compensation plays a large role in attracting

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