StopNShopNow Comparion of Compensation
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After receiving a positive response from StopNShopNow, Inc. management about the recommendations for the incentives and performance appraisal projects, the HR generalist has been assigned a project that will prove to be very challenging: assessing the competitiveness of the company benefits package.
The owners of StopNShopNow, Inc. are very concerned about the escalation of health insurance costs. When they started the business in 1991, benefit costs were much less and employees were happier with what the company provided. Now, however, the owners regularly hear employee complaints about the growing health insurance premiums they pay.
In addition, the owners are tired of employees always requesting that they be allowed to take a greater number of paid personal absence days. Scheduling employee vacations and holidays is difficult due to the fact that the company's store locations are open all day, every day, except Christmas and New Year's Day. As a result, the owners want to compare StopNShopNow, Inc.'s benefits package with other similar companies. They intend to use these facts to make better decisions and communicate their problems more accurately to employees.
As the HR generalist, you quickly realize that the corporation had never quantified the total costs of benefits. After 1 month of exhaustive review of benefits bills and payroll records, you have summarized the corporate compensation and benefits costs as seen in the following:
Percent of Total Compensation:
total wages and salaries: 75%
total benefits costs: 25%
paid leave: 5%
supplemental leave: 2%
insurance: 6%
retirement and savings: 2%
legally required benefits: 10%
other benefits: 0%
With this information, you will now attempt an external benefits comparison. To get benefits data from other companies, review the following data from the United States Department of Labor Bureau of Labor Statistics. Some of the most pertinent survey results are in Appendix A.
Click here to view the United States Department of Labor Bureau of Labor Statistics 2005 data.
Click here to view the United States Department of Labor Bureau of Labor Statistics 1986 - 2001 data.
Prepare a comparison of the compensation and benefits costs that you will deliver to the company's owners. Create at least one chart to visually depict the most relevant data. Address the issues of greatest concern to the owners. Provide several paragraphs to summarize your findings. Use Appendix A or additional data provided in the United States Department of Labor Bureau of Labor Statistics documents.
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The response addresses the queries posted in 1120 words with references.
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The response addresses the queries posted in 1120 words with references.
// The paper deals with the understanding of the compensation and benefit costs provided by the companies by focusing on the compensation plan of StopNShopNow Inc, and comparing it with the plans of the other private companies //.
The compensation and benefit system of any company helps in determining the mechanism for providing financial and non-financial rewards, fringe benefits, hours of work and working conditions to the employees. Almost all the companies follow in a very general form of providing compensation to the employees which include wages and salaries, paid leaves, retirement benefits, supplemental leaves, insurance relating to health and life, legal benefits and several other kinds of benefits. The companies believe in following a fix compensation plan for all its employees in order to maintain equality. The employees of today do not work only for the cash alone, they always expect 'extra' from the company. This extra is known as the employee benefits or the fringe benefits which is a non-financial form of compensation that is been offered to the employees in addition to their salary in cash with a view to enrich their lives (Beam & McFadden, 2004).
// After taking a look at what exactly the compensation and benefits mean, we'll ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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