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 Library, 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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Mr John Edwards
Hammer Enterprises Inc
Dear Mr Edwards,
Subject: Compensation Package for Mr James Richards
The compensation package will be as follows. Mr. Richards will get a base annual salary of $60,000. In addition, he will get a relocation allowance of $10,000. Mr. Richards also qualifies for a Performance based bonus of $12,000 to $18,000. The reason Mr. Richards have been given this base salary is that his salary in Texas is $40,000. The mandatory 25% increase in salary makes the basic pay $50,000. We have catered for the fact that the salary levels in Illinois are 20% above what electrical engineers get in Texas. Also, we have added another $5,000 per year to compensate Mr. Richards for the rigors of relocating. This is in addition to the upfront payment of $10,000 Mr. Richards will get as relocation allowance.
Mr. Richards also qualifies for the Incentive plan for employees. The performance based bonus plan where the middle level performance brings in a top bonus equivalent of 20% of the yearly base ...
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