Hrm 531 Week 3
- Submitted by: verdawgs
- Views: 761
- Category: Other
- Date Submitted: 11/30/2014 02:04 AM
- Pages: 7
- Report this Essay
Compensation and Benefits Strategies Recommendations
Team D
HRM/531
November 24, 2014
Marylee Luther, HR Director at Clapton Commercial Construction, has asked Team D for recommendations for pay and benefits strategies for their company’s expansion into Arizona. In this paper Team D will conduct a market evaluation on total compensation, recommend a compensation structure, recommend a position in the market, create a total compensation and benefits strategy, consider the use of performance incentives and merit pay, and identify laws related to the benefits and pay program.
Market Evaluation on Total Compensation
Team D found three companies working in the Arizona market that will help us provide Clapton Commercial Construction good comparable data on total compensation. These companies are Turner Construction, Weitz and Ames Construction. We found that all three of these companies offered similar benefits, including medical, dental, vision and life insurances, along with short-term disability and retirement plans.
When it comes to compensation, Turner Construction states this about their approach: “While it's only one piece of Turner's total employment package, we know that competitive compensation is important. We measure our compensation against industry and geographic benchmarks. And we strive to offer our employees something extra.” (Turner Construction, 2014) Weitz shares that they provide: “Total cash compensation and benefits comparable to market. A level of accountability that recognizes performance and non-performance, and then rewards accordingly.” (Weitz, 2014) And, Ames Construction says: “Our wage and salary structure is one of the most competitive within the construction industry. Advancement to positions of greater responsibility and increased pay are based on each individual's performance.” (Ames Construction, 2014)
Recommended Compensation Structure and Position in the Market
Based upon our market evaluation of total compensation...
Team D
HRM/531
November 24, 2014
Marylee Luther, HR Director at Clapton Commercial Construction, has asked Team D for recommendations for pay and benefits strategies for their company’s expansion into Arizona. In this paper Team D will conduct a market evaluation on total compensation, recommend a compensation structure, recommend a position in the market, create a total compensation and benefits strategy, consider the use of performance incentives and merit pay, and identify laws related to the benefits and pay program.
Market Evaluation on Total Compensation
Team D found three companies working in the Arizona market that will help us provide Clapton Commercial Construction good comparable data on total compensation. These companies are Turner Construction, Weitz and Ames Construction. We found that all three of these companies offered similar benefits, including medical, dental, vision and life insurances, along with short-term disability and retirement plans.
When it comes to compensation, Turner Construction states this about their approach: “While it's only one piece of Turner's total employment package, we know that competitive compensation is important. We measure our compensation against industry and geographic benchmarks. And we strive to offer our employees something extra.” (Turner Construction, 2014) Weitz shares that they provide: “Total cash compensation and benefits comparable to market. A level of accountability that recognizes performance and non-performance, and then rewards accordingly.” (Weitz, 2014) And, Ames Construction says: “Our wage and salary structure is one of the most competitive within the construction industry. Advancement to positions of greater responsibility and increased pay are based on each individual's performance.” (Ames Construction, 2014)
Recommended Compensation Structure and Position in the Market
Based upon our market evaluation of total compensation...