Total Compensation Packages
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A Compensation package can include salary, bonuses, health care plans, and a variety of other types of compensation. Envision an organization of your choice and develop a mission statement that defines what type of organization you choose (manufacturing, retail, sales, etc.) Based on research you conduct into the type of organization you have selected, create a compensation package for three classes of employees found below.
1. Initial entry employees
2. Middle management
3. Senior management
Your compensation package should include at a minimum, salary, bonuses, health care, retirement plans (defined benefit - defined contribution, etc.), and paid time off (PTO), (Vacation, sick leave, holidays, etc.).
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Solution Summary
The solution describes how to develop a compensation package and the differences between an entry level comp package and a middle management or senior management comp package.
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Compensation packages are extremely important to have in the workplace. All employees whether a new entry level employee or a senior executive management level has a standard and a desire to be at a particular level when they start a job. The compensation package is a formal document that provides all of the details around the salary, benefits and other fringe benefits the employee will receive, which makes up the total compensation package.
"Compensation can include monetary and non-monetary components. Compensation often includes an employee's base salary and additional benefits, such as health insurance, retirement plans and performance bonuses. The compensation packages a business offers to employees affects the company's recruitment rate, ...
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