HRM 531 Wk 3 Compensation Benefit Essay

1141 Words Dec 9th, 2014 5 Pages
Compensation and Benefits Strategies Recommendations for Landslide Limousines

Patricia Bernal
Cody Brenneman
Seneca Hart
Jose Morales
Yolanda N. Marion
Michael Templeton

Team A
HRM531
November 10, 2014
Instructor Foy Wallace, III
Compensation and Benefits Strategies
Introduction to the assignment for the week.
Recommendations for Landslide Limousines
As we put this paper together, let’s make sure we cover all the requirements:
Conduct a market evaluation by researching what companies in the relevant market are providing to employees from a total compensation perspective.
Recommend a compensation structure.
Recommend the position in the market.
Create a total compensation and benefits strategy.
Consider the use of performance
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Landslide Limousine business will be at the lower end of the market until the business picks up.
The company will have to create a creative way to attract and retain skillful employees. Our recommendation is for Landslide to use a strategic plan that will separated themselves from the competitors by using an old fashioned marketing way. To bring the finest and positive employees to work for a small business the company will have to demonstrate that their mission is to inspire and implement great values to the company that will benefit the community. Landslide should consider marketing themselves out in the community by advertising the positions that will be available and at the same time introduce their company and what it has to offer. The marketing plan should include information on what the new recruits can attain, what expertise are required and what opportunity they can develop.
What attracts employees to compensation package differ for each employee. A higher wage may appeal a younger generation that is single, however an older generation with a family may contemplate on having a job that offers flexible hours. We recommend for Landslide Limousines to include monetary and non-monetary components. The business must be competitive with the salary and benefits, such as health insurance, retirement plans and bonuses. The company may want to incorporate compensation for client satisfaction by

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