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 with approximately 25 employees that is located in Austin, Texas. First, Team A will conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective.…show more content… Employing more qualified workers leads to better results, including higher productivity and customer service interactions. This can increase your company's revenue and help your business establish its identity with consumers ("Strategic Plan for Employee Compensation and Benefits", 2014).
Rewards for Performance
A compensation strategy may also include rewards for employees based on workplace performance. This may include a commission-based system that rewards employees for total amount of sales or for consistent positive feedback from customers. A reward system should be easy for employees to understand and attainable enough at its lower levels to encourage employees to work harder to reach higher goals. A reward system with performance levels too high for employees to reach early on in the process won't encourage harder work because employees will simply ignore it ("Strategic Plan for Employee Compensation and Benefits", 2014).
Perks and Benefits
Perks and benefits can make or break your company's ability to attract the best and brightest in your industry. Offering health insurance benefits to full-time workers should be a goal of your strategic compensation plan. You can combine health insurance with other company perks, including paid holidays and guaranteed paid vacation time, to attract more qualified workers to your business. Your decision to offer these benefits is also contingent on the
