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Hr Resources - Employee Compensation and Benefit Packages

Essay by   •  June 11, 2011  •  Essay  •  1,040 Words (5 Pages)  •  1,478 Views

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Employee compensation and benefit packages are typically the number one issue when owning your own company and hiring new employees and keeping the existing employees happy. You must be aware that money is not the only issue; you need to be able to offer a well structured total benefit package that is enticing to all job candidates as well as the employees that are in place. This is considered a key element of your business plan and the management process if you aspire to hire and keep top employees. Some questions need to be asked so that you are successful in this arena, here are just a few:

* How can you establish your benefit package and make it competitive, as well as attractive without putting the company at risk

* What can be offered to employees in the terms of perks that will cost the least amount of money, and still will be looked at by them as extra added value to the deal

* What is the structure of setting salaries

* What is tax deductable in the benefit costs

* How can you bring down insurance costs and get the best deals

Total Compensation Traditional Package:

The TCTP include:

* Fixed base salary

* Short term incentives and bonus structure that are variable

* Variable long term incentives

* Fixed benefits

* Variable perquisites

* Variable supplemental benefits

* Selective employment agreements

Not all employees will receive or be eligible for all aspects of these compensations; for example, employment agreements and supplemental agreements may not be offered to entry level staff, while all components may be offered to executive level hires. One way to draw and hold on to top performers is through well established packages of benefits and compensation. Various approaches need to be researched when it comes to benefits and compensation and several elements need to be considered:

* What are the essentials of a comprehensive benefits and compensation package?

* What are the considerations for positioning benefits and compensation?

* What are the most attractive benefits packages to people at all tiers within their careers?

* What options will our company offer in benefits and compensation to top quality candidates when recruiting for highly technical positions?

The key to success is a mentality that a company instills in their existing and perspective employees that they want their people to share and grow with company's success, financially, as well as through growth and achievement and at the very least consist of a base compensation and healthcare benefits. A well run profitable organization will not only have a base pay structure but will also have a belief on the core value on incentive pay throughout the entire company. The benefit plan needs to be competitive to similar businesses benefit packages within its industry, and include healthcare coverage for their employees.

On both supply and demand sides of hiring, there is no single dynamic that carries more influence than that of labor force demographics. Much

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