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Human Resource Compensation and Benefits

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Explain how to create employee compensation and benefits. Determine appropriate components of employee compensation and benefits. Use organizational and market data to conduct human capital management functions.

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Creation of Employee Compensation and Benefits
Compensation is an important motivating factor to push employees and achieve desired goals. Organizations determine employee compensation and benefits according to the needs of employees and available resources of organization. Compensation policy and benefits reflects the strategic business objectives of the organization (Thomason, Schmidle & Burton, 2001). In this way, companies develop a compensation plan that includes various aspects such as pay scales, reward programs, non-financial rewards, benefits packages and company perks. Organizations provide compensation and benefits through fixed and variable pay program that depends on employee performance. It is important for the organization to create right balance between fixed and variable pay programs that provides flexibility to deal with changing environment (Hirsch & Estreicher, 2009). ...

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The expert examines human resource compensation and benefits.

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Human Resource Management - Compensation for James Richards

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. 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.

This is a research assignment so be sure to include and cite your research in the paper.

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