Compensation and benefits package sets a company aside and makes it unique, and this allows the company to attract and retain its customers. While designing a company’s compensation packaging, understanding the company's internal structure or environment and its competitors are critical ( Menges et al., 2017). The company benefit or compensation package needs to emulate or be better than those of the competitors because this will make them more attractive to the potential employees. In this case, the aim is to design a unique and attractive benefit and compensation package to attract and retain employees in the industry.
Background of Organization
The company’s name is Caperton technology. Caperton Inc. is operating in the technology and telecommunication industry. The company target both local and global trade with its products. The company manufactures and sells mobile and smartphones. It also sells computers and other advanced technological equipment and devices. Its market includes stable people who have an interest in sophisticated innovations in the technology industry. Its pricing strategy is premium as its manufacture and sale premium products. Its marketing is both technology-based, and it commands nearly 2% of the total market share.
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Compare/Contrast of Industry
Here is how the company compares with its competitors in the market.
| Apparatus of comparison | Caperton technology | Apple Inc. | Samsung | Nokia |
| Products | Technology-based products (Premium) | Technology-based products (Premium) | Technology-based products (Premium) | Technology-based products (Premium) |
| Pricing | Premium | Premium | skimming | Premium |
| Promotion | Social media and mainstream media | Mainstream, Adverts and events marketing | Social media and mainstream media | Social media and mainstream media |
| Market state |
2% Competitive in the market |
7.2% A leader in the market |
6.9% Very competitive in the market |
1.9% Moderately competitive in the market |
Engagement
In the current century, engaging employees is essential since employees in the current generation look more than the salary they get. First, they look at the nature of benefits that the company offers, including the health benefits, allowances, and recreational activities. Currently, employees are looking at the atmosphere in the organization and the culture that leaders instill within the organization. The freedom of diversity in ideas and decision-making abilities of the organization are some of the engagement approaches that motivate the current workers. Furthermore, the organization's image in society and its contribution to developing the world are also other areas that most employees look for while choosing the best organizations to work. Therefore, an organization’s leaders should make such factors part of their compensation benefits to motivate workers.
Proposal for Benefits
Here is the outlook for the company compensation benefits:
| Compensation package | Explanation |
| Hourly wage minimum accumulation rate of $15 but flexible depending on the job category | Setting the minimum wage at a level above the minimum average salary of $7.5 is part of the extrinsic motivation factors. It keeps the employees engaged as it helps employees acquire essential necessary for Maslow’s Hierarchy of Needs places as the primary needs ( Ritz, Brewer & Neumann, 2016). |
| Bonuses that depend on the expert work and achievements | Bonuses are sets of extrinsic factors that motivate employees, as explain by Herzberg’s Two-Factor Theory (Kuranchie-Mensah &Amponsah-Tawiah, 2016). |
| Allowances, health cover, house and car allowances utilities | These are created safety for the employees are part of the intrinsic motivation factors that keep employees engaged |
| Employees’ benefits such as retirement benefits and other benefits that are achieved after specific milestones, health benefits, education benefits, and development benefits | These are both intrinsic and extrinsic factors that boost employee security. They are what employees need to rise through the ranks on Maslow’s Hierarchy of Needs pyramid ( Stukas et al., 2016). |
Conclusion
From the discussion, it is apparent that modern-day employees look for extra efforts a company makes to sustain them. Therefore Caperton technology has in place a competitive package that will ensure that employees feel safe and secured while working for the company.
References
Kuranchie-Mensah, E. B., &Amponsah-Tawiah, K. (2016). Employee motivation and work performance: A comparative study of mining companies in Ghana. Journal of Industrial Engineering and Management (JIEM) , 9 (2), 255-309.
Menges, J. I., Tussing, D. V., Wihler, A., & Grant, A. M. (2017). When job performance is all relative: How family motivation energizes effort and compensates for intrinsic motivation. Academy of Management Journal , 60 (2), 695-719.
Ritz, A., Brewer, G. A., & Neumann, O. (2016). Public service motivation: A systematic literature review and outlook. Public Administration Review , 76 (3), 414-426.
Stukas, A. A., Hoye, R., Nicholson, M., Brown, K. M., &Aisbett, L. (2016). Motivations to volunteer and their associations with volunteers’ well-being. Nonprofit and Voluntary Sector Quarterly , 45 (1), 112-132.
