Benefits and Compensation
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- Date Submitted: 05/27/2014 04:53 PM
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Compensation and Benefits Strategies Recommendations
HRM/531
May 21, 2014
Charles Parker
Compensation and Benefits Strategies Recommendations
Starting a new business entails a lot of hard work and determination. It also requires patience. When running a business it is pertinent that aside from paying employees the minimum required wages that it is familiar with compensation and benefits as well. It is important that Landslide Limousine perform a market evaluation, recommend compensation structure and position in the market, create a total compensation and benefits strategy, consider the use of performance incentives and merit pay to recognize and engage employees, and identify laws related to the benefits and pay program. This will ensure that Landslide Limousine is knowledgeable in benefits and compensation for its employees, and what they can offer their employees as a new company.
Results of a Market Evaluation
The limousine market in Austin, Texas is currently highly competitive. A market evaluation of the limousine industry concluded that there are approximately 62 limousine companies operating in the Austin area. As a brand new company amongst stiff competition Landslide Limousine will find that hiring highly qualified and experienced drivers to be challenging. Landslide Limousine may take into account that the limousine industry has a high number of employee turnovers due to low wages. This could work in their favor of hiring top notch drivers as. It is no secret that limousine drivers make majority of their money from tips. Landslide Limousine must also offer competitive wages to its employees as well. As a brand new company Landslide Limousine must take this information and make it work for their company. According to the Bureau of Labor Statistics (2013), “Employment increased in leisure and hospitality, retail trade, professional and technical services, manufacturing and health care” (Bureau of Labor Statistics, 2013). As this trend...
HRM/531
May 21, 2014
Charles Parker
Compensation and Benefits Strategies Recommendations
Starting a new business entails a lot of hard work and determination. It also requires patience. When running a business it is pertinent that aside from paying employees the minimum required wages that it is familiar with compensation and benefits as well. It is important that Landslide Limousine perform a market evaluation, recommend compensation structure and position in the market, create a total compensation and benefits strategy, consider the use of performance incentives and merit pay to recognize and engage employees, and identify laws related to the benefits and pay program. This will ensure that Landslide Limousine is knowledgeable in benefits and compensation for its employees, and what they can offer their employees as a new company.
Results of a Market Evaluation
The limousine market in Austin, Texas is currently highly competitive. A market evaluation of the limousine industry concluded that there are approximately 62 limousine companies operating in the Austin area. As a brand new company amongst stiff competition Landslide Limousine will find that hiring highly qualified and experienced drivers to be challenging. Landslide Limousine may take into account that the limousine industry has a high number of employee turnovers due to low wages. This could work in their favor of hiring top notch drivers as. It is no secret that limousine drivers make majority of their money from tips. Landslide Limousine must also offer competitive wages to its employees as well. As a brand new company Landslide Limousine must take this information and make it work for their company. According to the Bureau of Labor Statistics (2013), “Employment increased in leisure and hospitality, retail trade, professional and technical services, manufacturing and health care” (Bureau of Labor Statistics, 2013). As this trend...