Draft a compensation package, an incentive plan and a benefits plan
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James Richards has an electrical engineering degree from a United States' accredited university. Upon graduation he was offered, and he accepted, an entry-level engineering position at a firm in San Antonio, Texas. He has been gainfully employed with this firm for the last five years. Recently he interviewed with your firm which is located in Chicago, Illinois. You, working for the human resources department, want to employ James. Working in conjunction with your supervisor you are drafting three items; (1) a compensation package, (2) an incentive plan, and (3) a benefits plan in order to successfully employ James Richards with your organization.
Using the Internet and Cybrary, locate all necessary information for constructing these three packages. This will include designing plans that are specific to James and this situation, including the pay rate that will be offered, and the specific benefit and incentive plans this offer will include. Along with these packages you will include a one page cover letter that outlines what you propose to offer. The cover letter should be addressed to your supervisor and should explain and justify the compensation package, incentive plan, and benefits plan. Your detailed plans will then follow that cover page.
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In a 2360 word response, the solution thoroughly explores all types of compensation, incentive plans and benefit packages. There are lists provided plus excellent references for further information.
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From: George Mason, Head Human Resources.
Esgee Enterprises Inc.
Illinois, Chicago,
Dear Mr. James Richard,
We are pleased to offer you the position of Electrical Engineer with our firm.
The compensation package to you is as follows. You will get a base annual salary of $65,000. In addition, you will get a relocation allowance of $15,000. You also qualify for the other benefits that are available to the company's employees. The reason you have been given this base salary is that your salary in Texas is $40,000. We added the mandatory 25% increase in salary and that makes the basic pay $50,000. In addition, we have factored in the fact that the salary level in Illinois is 20% above what electrical engineers get in Texas. Also, we added another $5,000 per year to compensate for the hardship you would undergo in relocating. This is in addition to the upfront payment of $15,000 you will get as relocation allowance. Usually, this amount is sufficient for housing location and payments that you will need to make.
The other benefits in accordance to the rules of the company include: Annual Leave, Medical Leave, Hospitalization Leave, Maternity Leave, Marriage Leave, Paternity Leave, Child Sick Leave , Compassionate Leave, Time-off to sit for Exam, Maternity Expenses, Marriage Gift ,Newborn Gift , Medical Check-up Subsidy, Health Screening Subsidy , Housing/Renovation/Vehicle Loans, Long Service Gift and Dependant Benefits. You qualify for the benefits that a person of your qualification, experience and position would normally get. The details of the benefits plan are attached in the benefits package with this letter. Please go through these.
You also qualify for the Incentive plan for the employees that qualify you to participate in the following performance based awards.
Individual performance Award, Intellectual Property (IP) Rewards, Group Achievement Reward (GAR), Group Performance Award (GPA) Special Recognition Award (SRA). These have been mentioned because these awards are open to engineers including electrical engineers in our company. These awards are available to executives of your level in our company.
You also qualify for our performance based bonus plan where the middle level performance brings in a top bonus equivalent of 20% of the yearly base salary. The details of the performance based incentive scheme are given below.
There may be non-monetary benefits that you want to evaluate when making a decision. What type of rewards, besides salary, are you looking for in a job? For example, does the position provide long-term security? Does the work give you the creative outlet you need? Do you see yourself getting promoted within the company? All of these factors should play a role in your decision making process. Good salary package is more than just a paycheck. There are many benefits that our company will offer to expand the size of the total compensation pie. Please go through the packages attached below to determine what benefits and perks you will get. Also, take some time to consider what is most important to you on the job.
Our company has the history of providing a long term satisfying career with a bouquet of benefits that go a long way in making your experience at Esgee memorable.
Please let us know your interest in the position by 15th April. If you have any inquiries about our compensation package or incentive schemes please feel free to call me.
Sincerely,
George Mason,
Head Human Resources.
From: George Mason, Manager Human Resources.
Esgee Enterprises Inc.
Illinois, Chicago,
To: Mr. Tom Howard, Head Human Resources,
Esgee Engerprises. Inc.
Dear Sir,
I propose that we make the following offer to Mr. James Richards.
The compensation package to Mr. Richards is as follows. Mr. Richards will get a base annual salary of $65,000. In addition, ...
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