James Richards: drafting three items; (1) a compensation package, (2) an incentive plan, and (3) 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, and explains why your plans are appropriate for the position you are offering James. Your detailed plans will then follow that cover page.
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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. The other benefits in accordance to the rules of the company include.
· Annual Leave 21 days
· Medical Leave 4 days
· Hospitalization Leave 12 days
· Maternity Leave 90 days
· Marriage Leave 27 days
· Paternity Leave 7 days
· Child Sick Leave 2 days
· Compassionate Leave 4 days
· Time-off to sit for Exam 7 days
· Maternity Expenses: actual expenses according to the insurance rules.
· Marriage Gift $650
· Newborn Gift $750
· Medical Check-up Subsidy: according to the insurance rules
· Health Screening Subsidy: on actual expenses, according to the insurance rules
· Housing/Renovation/Vehicle Loans: Up to 3 years salary.
· Long Service Gift: $21,000
· Dependant Benefits : Medical benefits.
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