Compensation And Benefits Strategy

Words: 1021
Pages: 5
Open Document
Compensation and Benefits Strategy
Landslide Limousine (LL), a small business in Austin, Texas, hired Atwood and Allen Consulting (AAC) to conduct a market evaluation and provide recommendations for the following: a position in the market, a compensation structure, a total compensation and benefits strategy, and performance incentives and merit-based pay to recognize and engage employees. This will help to identify applicable laws related to pay and benefits. This paper includes citations from one peer-reviewed book, three government websites, four commercial websites, and one University of Phoenix online course material. Market Evaluation
Atwood and Allen’s market evaluation found the average salary for a limousine driver in Austin, …show more content…
Less than one-third of limousine companies currently offer health insurance to their employees and pay part of the premium (Limousine, Charter, & Tour, 2012). LL should provide health insurance to employees as part of a managed care plan and pay part of the premium. The company should join the National Limousine Association (NLA), which will provide employees discounts on phone service, prescription drugs, and other services. LL should provide a 401K Plan with matching contribution up to 2.5% of an employee’s gross salary. The company should vest the 401K for five years as an incentive to reduce turnover (Mayhew, 2013). The company should provide employees two weeks of paid vacation, 10 days of sick leave, pay time and a half on recognized federal holidays, and build in a 15% gratuity on charted limousines.
Performance Incentives and Merit Pay The company should value client feedback and make it the cornerstone of the organizational reward structure. The company’s organizational reward structure should incorporate financial and nonfinancial rewards (Cascio, 2013, p. 423). LL should provide customers with a comment card that rates driver services in 10 areas, including the cleanliness of the vehicle, how the customer chose the company, and will the customer recommend the
Show More

Related Documents: Compensation And Benefits Strategy

Compensation And Benefits Strategies Recommendations

Compensation and Benefits Strategies Recommendations Team Dynamic Terri Cephus, Audrey Donoghue, and Brittany Yohn HRM/531 January 26, 2014 Yelena Paykina Compensation and Benefits Strategies Recommendations From: Team Dynamic To: Traci Goldeman Re: Compensation and Benefits Strategies Recommendations Cc: Terri Cephus, Audrey Donoghue, Brittnay Yohn Hello Traci, Team Dynamic received your email and has reviewed all client communication. The client is concerned about the viability and position…

Words 972 - Pages 4

Compensation And Benefits Strategies Recommendations

Compensation and Benefits Strategies Recommendations Week Three Learning Team “D” Tamie A. Christmas, Kate Bethea, Benjamin Wendel, Henry Ford Human Resource Management 531 4/20/2015 Professor Rachelle Tanega Introduction Bradley Stonefield, an owner of a small business, is looking to start a limousine service in Austin Texas called Landslide Limousines. He is looking to hire 25 employees by year's end, have projected annual net revenue of $50,000 and begin having 5% revenue growth…

Words 971 - Pages 4

Essay on Compensation And Benefits Strategies Recommendations

Benefits and Compensation Strategies Recommendations TEAM B: Ben F. Soares, Thomas Manning, Zoua Yang, Ziad Shamma HRM 531 David John Stocker Benefits and Compensation Strategies Recommendations Introduction: Market Evaluation: When constructing a benefits and compensation strategy, it is important to understand what companies in comparable markets are providing to their employees. For our company, Clayton Commercial Construction, who wants to open up operations in Arizona, it means looking…

Words 1351 - Pages 6

Week 3 Team Assignment Essay

Compensation and Benefits Strategies Recommendations Team A MGT/521 Human Capital Management February 5th, 2015 Dr. Andrea Diese Landslide Limousines Compensation and Benefits Strategy Recommendation This paper provides an analysis of a proposed benefits and compensation package for Landslide Limousines that is comparable to companies that are similar in size and scope in Austin, Texas. Team A proposes a compensation structure and position in the market, as well as a total compensation and benefits…

Words 1479 - Pages 6

Chapter 1 and Intro Compensation Lecture Summer 2015posting Essay

QUESTIONS WE WILL ADDRESS TODAY:  Purpose of a compensation system  Steps in designing a comp. system  Components of compensation  How to assess if a compensation system is successful  Intrinsic vs. extrinsic rewards WHY STUDY COMPENSATION AND BENEFITS?  40 -70% of operating budgets  Single largest operating expenditure  Canada employers spend:  $800+ billion on wages and salaries  $100 billion on employee benefits DISCUSSION QUESTION Join with 2-3 other students…

Words 656 - Pages 3

Total Rewards Essay

Contents Total Rewards Strategy Total Rewards Strategy Benefits Provided at Motors and More Inc. Currently Motors and More employees receive only statutory employment benefits. Statutory benefits are Social Security, workers’ compensation, unemployment compensation and FMLA leave. Social Security provides retirement and disability income and can supplement unemployment insurance. It is funded by equal contributions between the employer and the employee. Workers’ compensation covers medical costs…

Words 3165 - Pages 13

Total Compensation Methods Paper

Total Compensation Methods Paper The purpose of this paper is to provide an analytical overview of compensation strategies within organizations. First, an analysis of the impact of various compensation methods and benefit programs on employees and organizations will be discussed followed by how salary and benefit administration strategies relate to organizational culture and performance. What are compensation and benefit strategies? Compensation and benefit strategies are ways that organizations…

Words 1900 - Pages 8

Week 3 Assigment Essay

Week 3: Assignment Compensation, Compensation Philosophy, and Critical Components of a Compensation Strategy Linda Moody HRM430: Compensation and Benefits Professor John Dibenedetto January 19, 2015 Compensation Defined Compensation is mostly known as the paycheck that an employee receives from their employer in exchange for the hours and work contributed by the employee. However, compensation does in fact include more than just the paycheck between the employer and the employee. According to…

Words 914 - Pages 4

Compensation and Benifits Strategies Recommendations Wk3 Team A Essays

Compensation and Benefits Strategies Recommendations Angela Garrett, Bessie Fuller, Catherine Spivey, Chandell Tyghter, Janell Jernigan HRM/531 Human Capital Management December 8, 2014 Doreen Lawrence Compensation and Benefits Strategies Recommendations In this scenario, Team A has agreed to work with a small business, Landslide Limousine. Bradley Stonefield is our client whom we must develop some compensation and benefit recommendations. Landslide Limousine is a small business…

Words 2243 - Pages 9

Essay on IngramA M1 A3

Compensation at Microsoft Compensation and Benefits – MGT420 Angela Ingram Argosy University November 5, 2014 The shift at Microsoft from stock options to performance based pay has been met with both negative and optimistic responses. It is Microsoft’s belief that the staffs that are the best performers are the most valuable to the organization. Microsoft also understands that these same employees would have the greatest opportunity to find work outside of the organization. Previously…

Words 1151 - Pages 5