Compensation and benefit programs for employees need to be an exceptional offer that is developed to attract and retain the best and talented employees. A merit pay compensation strategy is used for an incentive pay based on goals and achievements set by the employer. Compensations that are recommended for this company is a health benefit package that is managed by the employees. This package consists of medical, vision, and dental coverage. The medical insurance is PPO and HMO of choice. Dental coverage has a limit per person of $1500 of service a year.
Vision has free yearly eye exam and discount cost on eyewear. This will make the employees feel proud and valued to work for this organization.
The fundamental purpose and the objective of the organization compensation are to provide equitable rewards that are appropriate for employees that highlight from their abilities, skills, and the contributions to the company. Employee compensation has key factors and strategies would help this company maintain satisfactory of the employees and the organization as a whole. A compensation structure and benefit strategy is analyzed for a medium size organization and market evaluation and position.
The company strategy consists of cost, ability to pay, legal requirements, which motivate and maintain skilled employees. The plan has provided performance incentives and merit pay for the employees that are suitable for their employees. The laws of benefits and pay programs are provided so that the organization has proper and informed choices that would benefit the employer and employees. The compensation and benefit program is essential to new hires decision to remain employed for the company.