Compensation & Benefits Package at Doiturself Home Improve
Not what you're looking for?
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.
Purchase this Solution
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.
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 ...
Education
- BA, University of Southern California
- MSS, United States Sports Academy
- Ed.D, Boise State University
Recent Feedback
- "Thk u"
- "Thank you!:)"
- "Thank you!:)"
- "Thank you!:)"
- "Thank you!:)"
Purchase this Solution
Free BrainMass Quizzes
Change and Resistance within Organizations
This quiz intended to help students understand change and resistance in organizations
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce