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Compensation and benefits

One way organizations attract and retain talented employees is through a well-designed package of compensation and benefits. Research various approaches to compensation and benefits, and prepare an executive-level report that addresses each of the following:
What are the elements of a comprehensive compensation and benefits package?
What are some of the typical considerations for how organizations position compensation and benefits?
What types of benefits packages are most attractive to workers at different stages in their career? At a minimum, discuss the needs of younger workers, middle-aged workers, and workers nearing retirement.
What are some of the options an organization seeking highly qualified candidates might offer in compensation and benefits to recruit for a highly technical position such as a mechanical engineer?

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What are the elements of a comprehensive compensation and benefits package?

The elements of a comprehensive compensation and benefits package include:
a. The basic elements that are required by any state or government agency including workers compensation and social security

b. Paid vacation leave
c. Paid sick leave
d. Health, dental, and vision insurance
e. Bonuses or performance based pay
f. Retirement plan
g. 401K plan
h. Travel pay
i. Paid lunch
j. Cell phone
k. Laptop computer for teleworking
l. Comp time

What are some of the typical considerations for how organizations position compensation and benefits?

Some considerations that organizations utilize to determine compensation and benefits include:
a. A required length of employment prior to receiving retirement benefits
b. A required length of employment prior to receiving sick leave or vacation pay
c. Competition
d. Level of employee experience

What types of ...

Solution Summary

This solution assists in ways to attract employees, and elements of a compensation and benefits package.

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