Essay on Proposal on a Compensation and Benefits Plan

Proposal on a Compensation and Benefits Plan Sonia Miranda Sandra Gonzalez HRM/531 Management July 11, 2011 Devin Daugherty Proposal on a Compensation and Benefits Plan Globalization and economy downturn are forcing companies’ to structure their benefit programs differently. Before some companies had a wide array of compensation for employees, but that has changed and these companies had to find ways to cut cost of benefits offer to new employees and find new programs to retain their current employees. Companies are basing their compensation and benefits programs on the economy decline and are attempting to contain staff sizes, payrolls, and benefits costs. On the other hand, small businesses have hard time†¦show more content†¦About 60% of BC laboratories have children and by offering flexible schedule they can attend to any school event, take children to the doctor, etc. BC Labs also has employees who are attending school and a flexible schedule will give them the opportunity to continue their education (Recognition Rewards Enterprises, 2011). Recognition and rewards With this tough economy small company like BC Labs has hard times competing with the pay scale, and the introduction of the new non-monetary incentives will make the employees happy and the quality of work will be higher. According to Warren (2007), most people leave their job not because of the pay, but because they believe they are not appreciated or they don’t get alone with management. By recognizing their work and training management, they will feel as if they are a value asset to the company (Cascio, p. 561). Reward Programs on Productivity and Turnover Employees need reassurance that they are doing a good job and by management acknowledged with a genuine â€Å"Thank You† will motivate them. This will increase the employee morale and productivity. Some of the rewards can include selecting an employee of the month based on employees’ performance, quarterly barbeque luncheon when meeting the deadlines on theShow MoreRelatedCompensation and Benefit Plan Essay1309 Words   |  6 PagesCompensation and Benefits Plan Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. 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