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Compensation & Benefits Package at Doiturself Home Improve

Doiturself Home Improvement Supply Store, has experienced record growth over the last year. You currently have 20 stores across the 4 states. As the Senior Human Resource Director, you find yourself struggling to keep up with growth and replacement staffing needs. And, the President of the company has just told you that he plans to open 10 more stores in the next year! Your gut tells you your compensation and benefits package isn't competitive enough to recruit new employees. Then to make matters worse, you can't seem to keep the employees you do recruit more than 15-22 months before they resign (and often times go to the competitor).

Currently you offer:
- Base salary
- 401K with a 5-year vesting cycle
- 2 weeks vacation
- Benefits package including health, dental, vision and prescription.

1. Explain the steps you would take to research exactly how your compensation and benefits package is impacting your recruiting and retention.

2. Choose at least two factors of the compensation and benefits package you could add or increase to recruit new employees and two that could help reduce your turnover in that 15-22 month employee group.

3. Justify the factors you want to add (or change) to the package.

Solution Preview

1. Explain the steps you would take to research exactly how your compensation and benefits package is impacting your recruiting and retention.

There are several ways to research to determine if a company's compensation and benefits package is impacting recruiting and retention. First of all, it would be important to determine if your company's compensation and benefits package is competitive. Salary.com (http://business.salary.com/job%2Dvaluation%2Dreport/) is one site that can provide a way to price various positions within the company to the market. The site customizes this service based upon the unique characteristics of the business, position, and employee based upon information provided by other HR professionals and "validated by a team of certified compensation professionals" (Salary.com, 2012). This service comes at a price, however. Other methods of determine compensation as well as more information regarding the market is available at no cost, online, from the Bureau of Labor Statistics. This site (http://www.bls.gov/ooh/) provides median pay for specific positions. Industry organizations also frequently have compensation and benefit information available. In addition, one can derive this information by developing ...

Solution Summary

This solution discusses compensation and benefits packages based upon a scenario featuring Doiturself Home Improvement Supply Store. It explains how to reseach how the current compensation and benefit package is impacting recruiting and retention, factors to add or take away from the package to recruit new employees and factors that could help reduce turnover in 15-22 month employee group. APA references are included.

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