Compensation And Benefits Strategies Recommendations Essay

Benefits and Compensation Strategies Recommendations TEAM B: Ben F. Soares, Thomas Manning, Zoua Yang, Ziad Shamma HRM 531 David John Stocker Benefits and Compensation Strategies Recommendations Introduction: Market Evaluation: When constructing a benefits and compensation strategy, it is important to understand what companies in comparable markets are providing to their employees. For our company, Clayton Commercial Construction, who wants to open up operations in Arizona, it means looking at what other construction companies in and around the state of Arizona are providing as compensation and benefits. Clayton currently employees 650 people in the state of Michigan and is looking to add 130 people (20% increase in headcount)†¦show more content†¦Rewarding performance will motivate employees to continue their good performance or adjust bad performance. Correlating performance with pay ensures that rewards are only given to employees who operate at a high level Since this structure encourages employees to perform at the best of their abilities, management will get the most out of its resources. This becomes doubly important in the construction industry where resources, including budgets, materials, and timeframes are limited. A skilled-based pay structure would be less beneficial because it makes it difficult to do market comparisons, and it would also require the company to keep track of all the skills that every employee has. This in turn would increase cost in the long run, complicated and not time effective (Hausser Lebing, 1996). Time-Based pay structure promotes loyalty to the organization since promotions and increases in pay are based on the length of times the employee is with the organization, but the disadvantages outweigh the positive. For example, this compensation structure sends a message that performance does not matter, which in turn, will cause top performing employees to seek employment in other companies that will recognize their contributions (Hausser Lebing, 1996). Position in the Market: Considering that Clayton has 650 employees and wants to add another 20% in the state of Arizona, and with net income at $10 million, this would put Clayton as aShow MoreRelatedCompensation and Benefits Strategies Recommendations1139 Words   |  5 PagesCompensation and Benefits Strategies Recommendation HRM 531 Compensation and Benefits Strategies Recommendation Providing a first-rate benefits package for employees can be an important part of the recruitment and retention puzzle, especially for small businesses. Benefits matter. Small businesses like the limo service Bradley Stonefield is establishing has many challenges. Nowadays, companies are running on leaner budgets. 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