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Recommendations for a compensation plan

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For this task, I need you to work with a team. You will only be able to work with one client, though, so everyone in your team must agree on which client to work with.
I need you to develop some compensation and benefit recommendations for the client. Don't forget to check the Client Communications link to see a copy of my communications with the client regarding this issue. In your recommendation, make sure you do the following:
- Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective.
- Recommend a compensation structure.
- Recommend the position in the market.
- Create a total compensation and benefits strategy.
- Consider the use of performance incentives and merit pay to recognize and engage employees.
- Identify laws related to the benefits and pay program.

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Solution Summary

This solution provides recommendations for developing a compensation plan for a limousine service company in Austin, Texas.

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Market Research:
The media salaries for taxi drivers in Austin, TX is approximately 30,000 per annum. With benefits, it comes to approximately 48,000 per annum.

(Reference: http://swz.salary.com/SalaryWizard/Taxi-Driver-Salary-Details-Austin-TX.aspx?hdcbxbonuse=off&isshowpiechart=true&isshowjobchart=false&isshowsalarydetailcharts=false&isshownextsteps=false&isshowcompanyfct=false&isshowaboutyou=false)

The average salary of administrative assist and other office staff hovers around $36000 per annum. Marketing managers and sales staff can expect to make upto $75000 per annum in Austin (Ref: http://www1.salary.com/TX/Austin/Marketing-Manager-salary.html)

Being a startup and based on the above mentioned salary trends in Austin, the limousine services company can implement a pay for performance model for most of its positions, such as drivers, marketing and sales staff, etc. The pay for performance model will not only allow the company to motivate the employees to achieve and exceed their targets, but would also alleviate fixed salary cost pressure on this starup organization. Especially, positions such as limousine drivers and sales/marketing staff can be hired on a pay for performance ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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