Compensation And Benefits Strategies Recommendations

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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 in the Austin TX, marketplace and the setup of an appropriate compensation plan. We have analyzed the market determined that the following options and adequately address the concerns of the client.
The analysis established that the client will face 58 licensed chauffeur/limousine vendors as competitors in Austin, TX. The competitors offer a range of services that begin with basic/standard prom night limousine service to classic car rentals with a personal driver. The typical price points range from $30 to $60 an hour for a standard sedan. The typical rate average for this kind of service in Austin, TX goes as follows (based on a 3-hour rental), Luxury sedan (1-4 passengers) $60-$90/hr. + gratuity, stretch limousine (1-8 passengers) $80-$135/hr. + gratuity, stretch SUV (1-14 passengers – Excursions, Hummers, etc.) $150-$300/hr. + gratuity, mini-buses / Limo Coaches / Party Buses (22 passengers and up) $150-$300/hr. + gratuity. Please note that most companies require a minimum booking of 4 to 8 hours, also the average gratuity to the driver is 15-20%. Though there are several key competitors, Team Dynamic recommends the client develop the business in a niche market. We recommend that the client examine specific themed attractions like wine tours, food groups, sporting events, gamers, weddings, and anniversaries.
Most of the transportation businesses are in the heart of Austin and battling to meet the needs of the population within the city. Therefore, it may be a strategic move that will establish the company in an advantageous postilion in the marketplace, for the client to focuses on the suburbs as a location for the company. There is one competitor that is specializing in eco-friendly vehicles. These cars, while still considered luxury brands, are hybrids, biodiesel, and ethanol compatible. A few of the companies have retained and created regular and a loyal customer base through by offering account holder programs and benefits and created regular and loyal customer base through offering account holders programs and benefits which includes promotions and discounts
Team Dynamic recommends that the client’s compensation structure be determined based upon the amount of driver experience, .customer service experience, utilization of marketing tools such as referrals, and overall job performance Please note that we are suggesting a minimum of two years of driving experience. According to salary.com, the average salary is $30,518.00 annually. The lowest salary offered is $22,716.00 and the highest being $41,219.00. The compensation and benefits according to research found on salary.com, would be salary as the core benefit. After analyzing the research data from salary.com, we have compiled following suggestions for the client’s compensation and benefits structure. Because these are based off the average numbers, Team Dynamic decided to decrease some areas and increase in others. If the client chooses to implement a starting salary at $30, 0000.00, along with the benefits package that places the annual salary plus benefits close to $50,000.00 in compensation. The overall strategy recommendation is to offer a lower salary such as the average, and using Team Dynamic suggested benefits to compile an annual compensation package with a value of almost $50,000.00.
There are strict laws that must be adhered to when determining pay and benefits structure. Team Dynamic has examined the laws and compiled the following
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