Preview

Compensation and Benefits

Powerful Essays
Open Document
Open Document
1765 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Compensation and Benefits
Compensation and Benefits Recommendations

HRM 531

No matter the size of the business, there is a need to evaluate an individual business’ compensations and Benefits. Each business will be unique; rarely will two businesses have the same benefits. These benefits will show employees, and future employees, what it is worth to work for the company. In this recommendation, it will outline various parts of the compensation and identify the pay act that this package will follow.
Market Evaluation
Creating attractive compensation package is a difficult task when entering new markets. After reviewing the benefits and compensation for Turner Construction Company, Ames Construction, Inc., and DPR Construction which are located in Arizona, the companies have these benefits in common: Medical, Dental, Retirement/Pension/401K plan. Turner Construction Company does offer more such as vision insurance, health club reimbursement, life insurance, accidental death and dismemberment, short term disability, long term disability, tuition reimbursement program, and professional certifications and licenses (Turner Construction, 2014). The compensation package offered by DPR Construction includes additional benefits like vision insurance, adoption assistance, personal time off, holidays & holiday shutdown, Flexible Spending Accounts, and Critical Illness Insurance. DPR construction has noted that employees must be non-union and full time employees to receive the full benefits package, but part time employees are eligible for medical, dental, and vision coverage (DPR Construction, 2014). The compensation package offered by Ames Construction, Inc. does not include extra benefits that Turner Construction and DPR Construction offer (Ames Construction, Inc., 2014). With the information provided, an attractive compensation and benefit package that is tailored to the area can be created for your employees in Arizona.
Recommended compensation structure As



References: Ames Construction, Inc. (2014). Benefit Package. Retrieved from http://www.amesconstruction.com/benefit-package.cfm DPR Construction Turner Construction. (2014). Benefits, Compensation and Rewards. Retrieved from http://www.turnerconstruction.com/careers/life-at-turner/benefits Heathfield, S Hislop, R. D. (1993). Developing a safety incentive program. Professional Safety, 38(4), 20. Retrieved from http://search.proquest.com/docview/200382925?accountid=458 Cost Estimators. (2014). Retrieved from http://www.bls.gov/ooh/business-and-

You May Also Find These Documents Helpful

  • Good Essays

    Erisa

    • 837 Words
    • 4 Pages

    References: Martocchio, J. (2003). Employee Benefits. The McGraw Hill Companies. Retrieved on July 2, 2007, from http://mycampus.phoenix.edu.…

    • 837 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Hr599 Project

    • 2428 Words
    • 10 Pages

    Dave Mote, K. H. (2011). Encyclopedia of Business. Retrieved 11 15, 2011, from Encyclopedia of Business: http://www.referenceforbusiness.com/encyclopedia/Eco-Ent/Employee-Benefits.html…

    • 2428 Words
    • 10 Pages
    Good Essays
  • Powerful Essays

    Rwt1 Wgu Business Report

    • 2510 Words
    • 11 Pages

    Within this business report, I have analyzed three different employee compensation strategies that I feel could be well executed within our organization. Employee compensation is key to recognizing and rewarding our employees for their performance and contributions to the overall company’s success. Because it is a signficiant factor, we need to carefully evaluate the three options in my report.…

    • 2510 Words
    • 11 Pages
    Powerful Essays
  • Best Essays

    Rwt1 Research Paper

    • 2313 Words
    • 10 Pages

    This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.…

    • 2313 Words
    • 10 Pages
    Best Essays
  • Good Essays

    Employee Compensation

    • 307 Words
    • 2 Pages

    A great sales team and the right compensation plan to keep sales people motivated is critical to helping business grow and prosper (Daniel, 2008). InterClean will create a new compensation plan and the goal is to reward sales success while motivating increased sales performance and providing a competitive, yet affordable reward levels. Rewards bridge the gap between organizational objectives and individual expectations and aspirations. To be effective, the new reward system will provide (1) a sufficient level of rewards to fulfill basic needs, (2) equity with external labour market, (3) equity within the organization, and (4) treatment of each member of the organization in terms of his or her individual needs (Casio, 2005). The compensation plan will be tied to the company`s strategic mission which means that a combination of merit system (designed to tie pay increases to each employee`s level of performance) and incentive system (designed to provide additional rewards to top performers) will be used. The broad objective of the design of this compensation strategy (i.e., financial and non-financial compensation) is to integrate salary and benefits into a package that will encourage the achievement of the organization`s objective (Casio, 2005). The new rewards package will consist of two components:…

    • 307 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    There are five considerations to take into account when designing a benefit’s program they are as follows: 1) are the type and level of our benefits coverage consistent with our long-term strategic business plans?, 2) given the characteristics of our workforce, are we meeting the needs of our employees?, 3) what legal requirements must we satisfy in the benefits we offer?, 4)are our benefits competitive in cost, structure, and value to employees and their dependents?, and 5) is our benefits package consistent with the key objectives of our total compensation strategy, namely, adequacy, equity, cost control, and balance? Another important factor is since there is a lot of long term employees that came over from EnvroTech means we have a diverse workforce and to some benefits may be more important to them such a pension plans rather than direct pay.…

    • 889 Words
    • 4 Pages
    Satisfactory Essays
  • Powerful Essays

    In today’s economy it is vital that society as a whole carefully consider every dollar spent. In both the small and large business environment one of the most important ways to do that is to analyze money spent on a company’s greatest asset – its employees. Although unemployment is still relatively high and many people are willing to work for much less than they would have three or four years ago, the savvy applicant knows the value of employment benefits. When given a choice of the same salary, most applicants will choose the position that offers benefits. In some cases, applicants will choose a position that offers a lower salary as long as benefits are part of the employment package. Be that as it may, it behooves the hiring firm to closely review their benefits package to be sure they are offering the best they can with the dollars available. With a competitive benefits package, a firm is more likely to hire and retain quality talent. In doing so, the firm also positions themselves to find success in their line of business. The question, then, that many business owners face is whether a benefits package is affordable and the best use of funds. For every business, the financial aspects can vary dramatically and the final results can look very different, but it is possible to put together a benefits package for your business.…

    • 3488 Words
    • 14 Pages
    Powerful Essays
  • Better Essays

    Riordan Manufacturing is a leader in the plastics manufacturing industry. As a fortune 1000 company, this employer of over 500 employees has not only made an investment into the products that roll off the production lines but most importantly the employees who help produce these products (University of Phoenix, 2013). In addition to the annual salary or hourly compensation these employees receive, Riordan makes additional investments in employees to better their wellbeing inside and outside of work. The complete benefit package offered by Riordan is known as the total compensation package.…

    • 1832 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective.…

    • 1143 Words
    • 4 Pages
    Powerful Essays
  • Satisfactory Essays

    Benefit Packages. Today’s globally competitive business environment has caused many U.S. businesses to reduce the value of their employee benefit packages. Examine how an organization can maintain its costly benefit structure while remaining competitive against coun...…

    • 407 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    In today’s work world it is makeup of diverse individuals which strives towards a successful outcome. However, working for a small or large company, individuals are looking forward to meeting the needs of the organization. In order to meet the needs of the organization, employees are to be in rivalry with hourly and salary wages. In additions to the hourly and salary wages, individuals are often attracted by organization benefits which usually consist of employee searching for discounts in 401k retirement plans and cheaper life insurance. The attractions to employees are health care insurance benefits, which usually includes…

    • 968 Words
    • 4 Pages
    Better Essays
  • Satisfactory Essays

    HRM/531 week 3

    • 269 Words
    • 2 Pages

    for the employees that are suitable for their employees. The laws of benefits and pay…

    • 269 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Jetblue Airlines

    • 1078 Words
    • 5 Pages

    Will they attract the ‘right people ' to work and will they attract enough business…

    • 1078 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Warren, M. (2007, Fall). Stuff is not enough. Marketing Magazine, 112 (11). Retrieved July 8, 2011, from EBSCOHOST database.…

    • 756 Words
    • 4 Pages
    Good Essays
  • Good Essays

    HRM 517

    • 902 Words
    • 4 Pages

    The members of this organization share a responsibility to guarantee WKTI Enterprises employees are provided with the best in packages and long term care. The benefits related to the revised Compensation and Benefits package are designed to establish new employees and to reduce the organization turnover rates. Please note that the organization is aware of your efforts and appreciates every member that strives to make this project beneficial to our staff and employees.…

    • 902 Words
    • 4 Pages
    Good Essays