Essay Sample on Employee Compensation and Benefits: Impacting Lives Beyond Payment and Mentoring

Introduction

Beyond the payment and mentoring employers, entrepreneurs can use other means of to directly impact the life of employees. Employees compenstaion and benmefits pacjkages are some of the means that employers and business owners can profoundly use to impact employers life. Bigger companies remain in their staus because they know and practise competitive benerfits packages while other organisations only provide manadotory social security fund to employees (Stewart & Brown, 2019). As a the directpor of Human Resource Manager to Ford Motor Company, I would make sure that benefits, non-monetary compensation, and monetary compaensationa nd base wages are made as the main benefit packages and compensation schemes. Ford Motor Company has benefits packages that include pension, healcare dental coverage, self-insurance. Further, the compoanmy also provide compensation such as wages, profit sharing, Tax Efficient Savings Plan for Hourly Employee (TESPHE), and hourly payment. There are some issues raised by employees up on working conditions; for instance, Ford Motor employees have been complaining about long woeking hours which is not healthy for them.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

Main Benefits and Compensations as per Company’s Budget, Financial Capability and Objectives

The base pay for the secretary It can increase from $52.9 K to $52.8 K based on the experience, qualifications, and levels of responsibility of the candidate which is greater than $48.1 K - $51.0K (Leon, 2019). for Genral Motors. Broadly, insurance cover will be provided to the emloyees to meet theior medical needs. There would be TESPHE and SSIP which were targeted to be dropped by the company for compaetiveness (Leon, 2019). Compensation and benefits cannot be provided blindly workout evaluating the financial value of the company and its objective as per a particular time. Ford Motor Cimpany have been providing wide range of benefits packages and compensation to their workers. However, there some issues noted in the natire of job and hours the job is done. The finacila cpabaity of the company alongside objectives will determine the budget fo the company. Nevertheless, an employee who will have all the need qualities and experinecs will raise the level of competitiveness and thus tge company can manage all these wages and compensations.

Secretarial Needs Assessment

The main aim of the compensation and benefits packages is make employees feel comfortable at their place of work and appreciate the monetary wages from a company. For insdtamce a worker would need time for personal issues and family matters therefore working hours need to be reduced and remain optional alongside time off pay increment. Line of sight is used to influence perceprtins on essential outcomes (Leon, 2019). Therefore, as the drector of the company the company I would conduct a need assessment to weign the needs of the comoany, society, and employees. I would perform an assessment before recruitment to undertand the perception of employee on matters retaliating to tax regulations, tax laws, wages, and ferquencies of benefits. This would be done by assessing the revies of formers workers, current worers, and competitors evaluation. Common markets reseach technique is alos a n excellent stratrgy I would use to collect information from people.

Compensation and Benefits Package to MnagementThere are several hourly compensation and wages from the company; this shows that employesrs in the company works for long hours in order to gain sch compensations and benefits. Ford Motor Company competitors like Genreal motors (8 hours) has a slightly lower working hours than Ford Motor company (10 hours). Genral motor company and provides lunch time breal payment which is an which is acompetitive compensation other companies do not provide.

Benefit brokers would be used to increase competitiveness and cost-ecffcetive solution on health care reforsm (Hannay & Northam, 2000). Thererfore, the empoloyee compensation and benefitr plan will cater for the problems noted fromprevious issues. Firther, for a competitive plan there would be pai off time to meet the problem of long hours and protection against injusries. Finaly, team incentives will replace individual incentives to increase overall performance. At-risk pay will be used to rewrad those employee who always complete certain task. This will elimimate long hours for secretaries, supervisors, surbodinates, and others.

References

Hannay, M., & Northam, M. (2000). Low-cost strategies for employee retention. Compensation & Benefits Review, 32(4), 65-72. https://doi.org/10.1177/08863680022097920

Leon, C. (2019). The life of American workers in 1915 : Monthly Labor Review: U.S. Bureau of Labor Statistics. Retrieved 27 August 2019, from https://www.bls.gov/opub/mlr/2016/article/the-life-of-american-workers-in-1915.htm

Stewart, G. L., & Brown, K. G. (2019). Human resource management. Wiley.