Access over 20 million homework & study documents

HRM 531Week 4 Compenstation and Benefits Plan

Content type
User Generated
Type
Homework
Rating
Showing Page:
1/5
Running head: COMPENSATION AND BENEFITS PLAN 1
Compensation and Benefits Plan
Human Capital Management – HRM 531

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/5
COMPENSATION AND BENEFITS PLAN 2
Compensation and benefits packages come in a variety of options, however, the main goal
is to attract, retain, and motivate new employees (Cascio, 2010). As discussed in previous memo,
(appendix 1) the need for more qualified direct support professional/behavioral health specialist
is very critical to the growth of our company. Low pay has created the inability to retain high-
qualityemployees and has also caused ahindrance in the quality of care given to the clients. This
proposal will meet the needs of the employees and the company, as well as identify obstacles or
resistance that may occur as a result of the implementation of the proposal.
Recent research, comparing similar companies, has shown that companies must have a
well-designed compensation plan that motivates employees, controls compensation costs, and
ensures equity (Fogleman, 2004) Creating a compensation and benefit package based on those
qualities, found in research, will cause productivity within the company to increase because
employees will be more satisfied about their jobs. Our goal is to create a plan for compensation
and benefits that will emulate the culture of our company.
The base pay for Direct Support Professional/Behavioral Health Specialist position is
$66,000 salaried for full-time employees. After completing six months of employment at Barber
National Institute the following benefits will be implemented:
Matching contributions to a 401(k) planup to 6%
Potential annual increase of 3-15% after performance review
Stock options
Paid time off including: birthday, holidays, vacation, personal, bereavement, jury
duty, andmaternityleave.
There will be five additional days of vacation given after the person reaches his or
her five year mark.

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/5

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 5 pages?
Access Now
Unformatted Attachment Preview
Compensation and Benefits Plan Human Capital Management - HRM 531 Compensation and benefits packages come in a variety of options, however, the main goal is to attract, retain, and motivate new employees (Cascio, 2010). As discussed in previous memo, (appendix 1) the need for more qualified direct support professional/behavioral health specialist is very critical to the growth of our company. Low pay has created the inability to retain high-qualityemployees and has also caused ahindrance in the quality of care given to the clients. This proposal will meet the needs of the employees and the company, as well as identify obstacles or resistance that may occur as a result of the implementation of the proposal. Recent research, comparing similar companies, has shown that companies must have a well-designed compensation plan that motivates employees, controls compensation costs, and ensures equity (Fogleman, 2004) Creating a compensation and benefit package based on those qualities, found in research, will cause productivity within the company to increase because employees will be more satisfied about their jobs. Our goal is to create a plan for compensation and benefits that will emulate the culture of our company. The base pay for Direct Support Professional/Behavioral Health Specialist position is $66,000 salaried for full-time employees. After completing six months of employment at Barber National Institute the following benefits will be implemented: ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Nice! Really impressed with the quality.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Documents