Assignment 5: Employee Compensation And Benefits Due 210915
Assignment 5 Employee Compensation And Benefitsdue Week 10 And Worth
Imagine that you have just been hired by a new company as the director of the HR department. You have been tasked to hire a new secretary for the department and to develop an employee compensation and benefits package that will be used for that position upon hire. Develop a PowerPoint presentation to present this information to your Vice President. Go to the Bureau of Labor Statistics’ (BLS) website for information regarding organizations and pay in your geographical area.
Section 1: Narrative
Write a two to three (2-3) page paper in which you:
- Choose the type of organization for which you are designing the package.
- Develop an employee compensation and benefits package for this new position.
- Support your ideas for the compensation/benefits package, using at least three (3) quality academic resources. (Note: Wikipedia and other Websites do not qualify as academic resources.)
- The narrative must be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
- Follow APA or school-specific formatting for citations and references.
Section 2: Presentation
Create a twenty (20) slide PowerPoint presentation in which you:
- Provide an overview of the employee compensation and benefits package that you developed in the narrative portion of this assignment.
- Determine if the employee will be exempt or nonexempt and discuss how overtime will be handled.
- Suggest other benefits that might be considered within the next few months to enhance employee performance and motivation.
- Provide information on how government regulations will influence the compensation.
- Examine data from two (2) organizations listed in the BLS website with packages similar to yours, focusing on salary, compensation, and benefits to persuade upper management to accept and implement your package.
- Describe how the competitive compensation and benefits package will align with the HRM strategy.
References should include at least five (5) credible sources, including academic journals, government publications, or authoritative industry reports.
Paper For Above instruction
Introduction
The development of an effective employee compensation and benefits package is crucial for attracting, motivating, and retaining talented staff within an organization. For this assignment, I have chosen to design this package for a mid-sized non-profit organization focused on community development. This type of organization typically emphasizes a combination of fair compensation, comprehensive benefits, and employee well-being to fulfill its mission while remaining financially sustainable (Milkovich, Newman, & Gerhart, 2014). The following narrative details the components of the compensation package, supported by current industry data and academic insights.
Description of the Organization and Its Context
The organization operates in a metropolitan area with a diverse population, emphasizing public service and community engagement. Its funding primarily comes from government grants and private donations, necessitating a balanced approach to competitive wages and sustainable benefits. Understanding regional labor market trends is essential for designing an appropriate package.
Developing the Compensation and Benefits Package
The compensation package I propose includes a competitive base salary aligned with local market data obtained from the Bureau of Labor Statistics (BLS), adjusted for the organization's funding constraints. Based on BLS data for administrative assistants in the region, the average annual salary ranges from $35,000 to $45,000 (Bureau of Labor Statistics, 2023). Hence, the proposed starting salary for the secretary is $40,000, with annual increases based on performance evaluations.
Benefits are equally vital and include health insurance, dental and vision coverage, retirement plans, paid time off, and employee assistance programs. Health insurance coverage will be subsidized by the organization, covering 80% of premiums, a standard practice in similar non-profits (DeArmond, 2019). Additionally, paid leave will include vacation, sick leave, and personal days, with provisions for extended leaves when necessary.
Supporting Rationale for the Compensation and Benefits Choices
The salary figure is validated by BLS regional data and aligns with industry standards for similar organizations (BLS, 2023). Offering comprehensive health coverage and a retirement plan enhances job attractiveness and helps retain employees, which is essential in a competitive labor market. Such packages also support organizational mission-driven identity by demonstrating commitment to employee welfare (Milkovich et al., 2014). Academic research confirms that a well-structured benefits package positively impacts employee satisfaction, performance, and organizational loyalty (WorldatWork, 2017).
Conclusion
Designing an appropriate compensation and benefits package requires balancing organizational capacity with competitive standards. Incorporating data from reliable sources such as the BLS ensures that the package is market-aligned, while academic research supports its effectiveness in fostering employee motivation and retention.
References
- Bureau of Labor Statistics. (2023). Occupational employment and wages, May 2023. U.S. Department of Labor. https://www.bls.gov/oes/
- DeArmond, D. (2019). Benefits practices in nonprofit organizations. Journal of Nonprofit Management, 12(3), 45-59.
- Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). McGraw-Hill Education.
- WorldatWork. (2017). The role of employee benefits in organizational success. WorldatWork Journal, 29(4), 78-85.