Many firms struggle to set compensation and package programs that best suit their employees’ needs. However, there are numerous ways of determining what to pay a secretary for instance. Some employers prefer determining one’s pay based on the revenue and profit earned and also the manner in which the employee(s) serve the company. Nonetheless, it is noteworthy that compensation may include annual salary or hourly wages plus bonus payments, incentives and other benefits. Some of these benefits may also include retirement savings, health care coverage among others. In fact, a complete compensation package may have numerous components( Tropman, 2001) .
For this paper, we have chosen an organization known as “Inter Club Inc.” that will be recruiting a secretary and are tasked by to determine what the secretary will take home. Since this organization is mindful that because many firms have diversified in the market recently, it is imperative to reward its employees adequately. The secretary will have a huge role to play within this organization and needs to be paid for the time and input to the firm at various levels. This will act as a motivation to the secretary to perform better, thus; guaranteeing the company’s success. Thus, a new compensation plan and benefits package must be devised. In devising this pay structure the organization will consider various components of the compensation rather than pay alone.
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The competitive rate
Because “Inter Club Inc.” focuses on the competitiveness and would most likely focus on compensation structure that is based on the performance of employees, either as an individual or as a team. This payment approach will be considered as performance system that focuses on rewarding and encouraging employees to improve their performance. This is because the competitive rate of any company augments based on the performance of its employees at various levels ( Tropman, 2001) . On rare occasion, non-performing employees will not be allowed to continue with the company and for this system to operate within this firm. As for the secretary, this is one of the best systems that will ensure that job is reviewed at all times and everything done in a transparent manner.
Salary range
Salary range of employees in various departments will also determine a number of things and particularly will determine how “Inter Club Inc.” plans to utilize an integrated compensation plan. According to Towers (2007), for the secretary, the firm will employ the profit sharing, which is a tax efficient way of motivating the employees and making them loyal to the company. This will be done at “Inter Club Inc.” where portion of the company’s profit is shared among the employees based on their performance. The remainder of the proceeds will be invested back to the company. Additionally, “Inter Club Inc.” will also put in place a bonus incentive scheme that uses a yearly payout or bonus that will be offered to the workers based on their performance.
Pay and Salary
To further improve employee performance and their loyalty to the firm, each employee will be entitled to a paid annual leave. Overtime work done will also be remunerated for appropriately and also paid time off will include holidays, sick off days and personal off days. This will go a long way in further motivating the employees and increase their loyalty ( Tropman, 2001). Additional plans will be initiated for the employees to access various services for free. Employees will also be adequately compensated for injuries that they may get at work.
Proposed Compensation and Benefits for the Secretary
Year 1 Offer B Base salary: $75,000 Bonus (es): $4,000 Health benefits: $1,500 Other benefits: $12,125 Perks: $2,700
Total: $95,325
In view of the above pay structures, Graham and Manas (2003) affirms the significance for an organization to set up long haul pay structures. These are the reward designs that are given on accomplishment of objectives and targets whose time period is longer than a year. The segments of the reward framework must persuade representatives to achieve top execution incorporate aggregate pay. At long last, it is essential that all the above pay structures guarantees that aggregate pay comprises of the measure of cash that the representative will get in compensation, rewards, benefits, benefit sharing and different motivating factors.
References
Graham, M. & Manas, T. (2003). Creating a total rewards strategy: A toolkit for designing business-based plans , (Vol. 1).New York: Todd Manas & Michael Dennis Graham.
Towers, B. ( 2004) The handbook of employment relations: Law and practice . London: Kogan Page Publishers.
Tropman, J. (2001). The compensation solution: how to develop an employee-driven rewards system. San Francisco: John Willy & Sons Inc.
