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Organization Essay

1654 words - 7 pages

Compensation and Benefits Strategies Recommendations
Matthew High, Levuris Smith, Clinton Fowler
Hrm/531
November 11, 2013
Samuel Hall

Compensation and Benefits Strategies Recommendations
In modern business different types of resources are used to accomplish company goals and compete in the marketplace. None of the other resources are as diverse and difficult to control as the human resource. Humans are needy and greedy. They need benefits and desire compensation. This makes it hard to control and maintain a stable workforce. This is why companies offer benefit packages and compensation to employees. Landslide Limousines is no exceptions to compete in the transportation marketplace ...view middle of the document...

As this trend continue into the months ahead it is expected that wages and benefits will rise as companies compete for fewer and fewer available, qualified applicants.
Recommends a compensation structure
Recommend the following compensation structure for Landslide Limousine with considerations given to a tightening labor market. The recommended pay structure is the traditional job-based compensation model, which include the following pay-system mechanics: a written and up-to-date job description for each position that the company has. This is an important tool in the design a pay system, it identifies important characteristics for each position so that each characteristic can be, defined, and weight with compensable factors (Cascio, 2013).
Job evaluation is a process to evaluate and rank jobs in terms of their overall importance to the organization and create a job hierarchy. It also supports the organization structure and pay differences between jobs, ranging from managers at the top to junior, entry-level employees at the bottom. Position of hierarchy is determined by the weight factor (awarded points) (Cascio, 2013). External survey to identify pay rates in relevant labor markets. Relevant labor market would include direct competitors operating in the same or similar business environment and location (Cascio, 2013). Total the point awarded each position during the job evaluation process, and use point totals to establish pay grades relevant to job positions in the hierarchy. Assign a dollar value to each job position in the hierarchy.
Position in the market
When looking at compensation and benefits one must look at their main competitors. Knowing one’s completion gives one a view of who in their market might sway or temp employees to leave the organization. Landslide’s main competition is Big as Texas Limousine Service and Austin Black Car Service. These companies are currently operating in the Austin, Texas marketplace and are large competitor. Landslide must offer a comparable benefits package if it wishes to take skilled employees away from the two or to keep any employees that it spends the time training. Starting out Landslide will be at the bottom of the marketplace and will not be able to afford comparable packages to their larger competitors.
Total compensation and benefits strategy
The compensation strategy will include three key compensation points. These three points are experience level, position, and customer satisfaction. As Landslide should use the traditional job-based compensation model, the compensation strategy will be divided in the jobs of the organization. Each position will receive compensation comparable to the market standard of the job. Limousine drivers average $25,020 a year nationally while Texas limousine driver averaged $22,760 annually. Next the experience of each driver will come into play. As drivers gain experience and hold a certain performance level, they shall get incremental pay raises....

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