hrm324 wk4-2

Learning Team E

HR/324 Total Compensation

4/23/18

Bob Ficken, Jr.

Retirement Plan Proposal

Being a part of the company retirement plan would be in the best interest of the staff as they prepare for their future. I am here to propose a new retirement plan that would be put into place. Our retirement plan will be in accordance to the Employee Retirement Income Security Act of 1975. Which states that the plan must provide information about the particulars, must provide responsibility to control assets, it must give families the right to sue if there is a breach, and it must provide a grievance and appeals process. The new proposal would be as follows a portion of an employee pay would be used. Here the amount would be about 1%. With this the employees would receive 8% company match along with a 0% to 9% company contribution. As such the ideal target in this case would be 4% for a 10% total company contribution. What all this would boil down to is this factors that would be based on the business that has been made and the current market condition. This cases would be reviewed for a total of two times in a fiscal year. Once this would be done than a given amount would be deposited into the employee’s accounts after the review. That 1% employee constitution would be done at the end of each given pay period and as such because of this it would be the way in which they would receive the company discretionary contribution. While contributing on a before and after tax one would have complete control of their account and as such. The ability to change that contribution amount at any given time. The enrollment for this plan would be instantly meaning after a 1 and half period this 401k plan would go into effect. Having a plan in which values our employees will show what we have to offer and with the right steps put in place than the plan at hand can be implemented. There is a reason why matters are the way that they are and there needs to be an adjustment made. With this plan that’s being proposed this will show that we care about the future of our employees. We want to keep that turnover rate in our favor and by taking the necessary steps than this can be addressed. Doing the things necessary to keep what we have and attract those that we want in the near future. Now I know the question may come up showing the resistance to that change with what is already implemented. There are those points that will be discussed and with it has to come as is that awareness of when there is a time for things to change. If we keep that status quo the same than it will mean that we will be behind the rest of the competition. Which means that doing this as described here in this plan will at least shed any doubts. Going further into this and it effective communication. Coming up next what will be described are the ways we will need to get this plan through to the staff because knowledge comes responsibility and with it our staff will exactly what they are getting.

Communication Plan

Here let me explain the manner in which the plan will be communicated to the employees and the way this will be done is as follows. With an announcement letter detailing when the staff can expect these changes will happen so there’s no surprises. Having access to educational brochures to answer any questions that may loom. Then by having those presentations at the staff’s disposal from the meetings with online e videos. This will ensure that if there any more questions than the doubt could be erased. Communication is everything and we want to ensure everyone has all information that they need.