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Compensation and Benefits Strategy Recommendations
Sabrina Brown, Tamara Kelly, Tierney Kennedy, and Shaina Tyler
HRM/531
December 16, 2013
Karin Wagner
Compensation and Benefits Strategy Recommendations
Introduction-Shaina
Market Evaluation
Compensation Structure
It is important to follow several steps when creating the compensation structure. The first step is to identify job and describe each position. The company should make sure that job descriptions reflect the essential functions of the position. Once descriptions are establish, each job is evaluated based on worth of the company. To evaluate job positions, the company should rank each job in order of importance. Third, the company should benchmark each job positions for fair pay and ensure competiveness. Some benchmarks resources that can be used is private surveys and market rates. Using the job evaluation and benchmark, the company has an idea of salary ranges. Therefore, these steps ensure that an employee is not getting underpaid or overpaid.
Market Position
When re-locating the business, it is important to become aware of competitors. Becoming aware of competition will give firms a perspective on why employees may want to stay or leave the company. Landline’s main competitions in Austin, Texas are large competitors. Two limousine company, in particular, are Big as Texas Limousine Service and Austin Black Car Services. These companies offer an attractive compensation and benefits package to employees. Landline need to offer comparable compensation package to keep or attract employees from pursuing careers at other large companies.
Compensation and Benefits
Because Bradley Stonefield wants to have comparable compensation for his employees in Austin, Texas, he will need to pay his drivers in accordance to what other limousine companies in the area pay. The comparable wage package will need to be in accordance to the position and credentials that the employee has. Out of his...
Sabrina Brown, Tamara Kelly, Tierney Kennedy, and Shaina Tyler
HRM/531
December 16, 2013
Karin Wagner
Compensation and Benefits Strategy Recommendations
Introduction-Shaina
Market Evaluation
Compensation Structure
It is important to follow several steps when creating the compensation structure. The first step is to identify job and describe each position. The company should make sure that job descriptions reflect the essential functions of the position. Once descriptions are establish, each job is evaluated based on worth of the company. To evaluate job positions, the company should rank each job in order of importance. Third, the company should benchmark each job positions for fair pay and ensure competiveness. Some benchmarks resources that can be used is private surveys and market rates. Using the job evaluation and benchmark, the company has an idea of salary ranges. Therefore, these steps ensure that an employee is not getting underpaid or overpaid.
Market Position
When re-locating the business, it is important to become aware of competitors. Becoming aware of competition will give firms a perspective on why employees may want to stay or leave the company. Landline’s main competitions in Austin, Texas are large competitors. Two limousine company, in particular, are Big as Texas Limousine Service and Austin Black Car Services. These companies offer an attractive compensation and benefits package to employees. Landline need to offer comparable compensation package to keep or attract employees from pursuing careers at other large companies.
Compensation and Benefits
Because Bradley Stonefield wants to have comparable compensation for his employees in Austin, Texas, he will need to pay his drivers in accordance to what other limousine companies in the area pay. The comparable wage package will need to be in accordance to the position and credentials that the employee has. Out of his...