HRM 530, Assignment 5
danhernandez
Assignment5Powerpointex.1.pptxCompensation And Benefits
XXXX XXXX
HRM 530: Human Resource Management
Dr. XXXXXX X. XXXX
June XX, 20XX
Organization: Customer Service Call Center
Job Position: Administrative Assistant
Full Time
Fixed Location (No Travel)
Overview of Position
Competitive salary and comprehensive benefit packages help attract and retain qualified, and loyal employees.
Happy employees are productive employees.
Employees like to be rewarded for their efforts and contributions.
Why Offer a Comprehensive Benefit Package?
Starting salary of $30,000 (based on Bureau of Labor and Statistics figures for state of Texas)
Eligible for annual wage increases
Opportunity to earn bonuses at up to 10% of annual salary based on performance
Overview of HR Secretary Compensation & Benefits Package
Company provides health and dental insurance, flexible spending accounts, and life insurance.
Employees pay a monthly premium for each; however, if enrolled in multiple options, employees receive discounts off their monthly premium.
Company provided short & long term disability coverage.
Overview (cont.)
80 hours of vacation time per year. Vacation time increases to 120 hours after five years employed and 160 hours after 10 years.
56 hours of Personal Time
40 hours of Sick Time.
Vacation time rolls over from year to year, personal hours expire at the end of the year, and employees can sell back unused sick time hours.
Overview (cont.)
Option to enroll in 401(k)
Employer will match contributions up to 5% after two years of employment and 10% after 10 years.
Company Provided Employee Wellness Plans
Overview (cont.)
Nutritional Counseling
Fitness Memberships
Free Health Assessments
On-site child care
Employee Quiet Rooms
Available Employee Wellness Plans
HR Secretary is considered a non-exempt employee
Overtime pay will be paid at the rate of 1.5 times the employee’s normal wage.
Hours worked in excess of 40 per week will be paid at the overtime rate.
Exemption Status and Overtime Pay
Cash Incentives
Flexible scheduling opportunities
Educational Assistance/Tuition Reimbursement
Stock Options
Multitude of subsidies and discounts off various products and services.
Additional Employee Benefits
Fair Labor Standards Act (FLSA)
Determines non-exempt status
Mandates minimum wage (employee must make a minimum of $7.25/hr)
Mandates overtime pay (any hours worked in excess of 40 per week will be paid at 1.5x the normal hourly wage)
Government Regulations & Compensation
The HR Secretary performs many necessary daily functions e.g. paperwork, filing, scheduling appointments, and providing general assistance and counseling.
Secretaries keep the organization running efficiently.
Valuable to the organization due to their interpersonal skills.
Why Should the Package be Accepted?
Starting salary of $30,000 is just below the median of pay for the state of Texas ($32,980-$35,290).
Although, our salary is lower that the median for the area, the opportunity for overtime as well as the potential for bonuses will push the salary closer to the median.
Comprehensive benefits package is likely to attract a qualified and loyal employee.
Company incentives are likely to motivate employee and increase productivity.
Why Should the Package be Accepted? (Cont.)
Long-term retention of qualified employees reduces labor costs over time.
Employees with families depend on their healthcare benefits and are more likely to remain with the company.
Employees that feel appreciated and valued will work harder for an organization.
Why Should the Package be Accepted? (Cont.)
Organizations that emphasize good benefits and use them to attract and retain high caliber employees show a profit increase.
Retirement plan shows employees the company cares and wants to help them plan for their future.
401(k) offers tax advantages for the company.
Company Benefits of Offering a 401(k) Retirement Plan
Emphasis on retaining loyal workers.
Rewards long-term contribution.
Organization communicates support and care for the well-being of their employees.
Abides by all Government regulations.
Health and retirement benefits help employees meet their basic needs; makes it difficult for employees to leave the organization.
How Does the Package Align with the Company HRM Strategy?
Good benefits package strengthens employer-employee bond.
HRM strategy is to attract and retain qualified employees through competitive salary and comprehensive benefits package.
This package gives the organization a competitive advantage in recruiting, which should increase as quality employees become harder to find.
How Does the Package Align with the Company HRM Strategy?(Cont.)
Strategic Compensation Process
Typical Compensation Elements
Goal is to attract and retain qualified, loyal employees
Offer a competitive salary and comprehensive benefits package
Benefits strengthen employer-employee bond, creates loyalty
Happy, motivated employees show decreased absenteeism and increased productivity
Aligning compensation and benefits with HRM strategy will give company a competitive advantage
Summary
