James Richard's Employee Compensation Package
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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.
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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Solution Summary
This posting discusses James Richard's employee compensation package. It examines his qualifications and experience for constructing this compensation package.
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STEP 1
Compensation Package:
1. The base pay will be $45,000 per annum
2. The variable pay will range between $12,000 and $24,000 depending on the performance of James;
3. The employee stock program will allow James to purchase deferred stock between $10,000 and $30,000 annually depending on the performance.
STEP 2
Incentive plan
The incentive plan operates on three levels;
1. On one level it will affect the variable pay that James will get, the rating that James will receive based on annual rating will determine the exact amount that James will get between $12,000 and $24,000. For example if James gets the highest rating, he will get a variable compensation of $24,000.
2. On the second level the incentive plan will allow James to purchase company stock at the rate fixed for employees that is far lower than the market rate, however, the stock cannot be sold unless five years have passed ...
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