The key components of VCuisine’s compensation strategy comprise of 3 components. These components are compensation, benefits and personal growth. The total rewards program for VCuisine will contain elements of how employees are rewarded monetarily, benefits, work-life balance, performance recognition and career pathing opportunities. VCuisine‘s total compensation program will be centered around the ability to attract and leveraging the talent of exceptional employees. The philosophy will support the goals of the compensation program which includes, supporting the Organization’s culture of innovation and performance and aligning employee’s interest. (Robert L. Heneman, 2007)
The business strategy that the total rewards systems will be tailored …show more content…
Benefits not only include health vision and dental which is currently offered at VCuisine, there are also value-added benefits that are offered. In the benefits facet of the compensation strategy valued-added benefits is what VCuisine seeks to include in its total rewards plan. The benefits aspect of the total rewards strategy will include health and welfare, paid time off, flexible work schedule, disability insurance and retirement. 401K options employee and company contributed. They may make pre-tax contributions to the plan and at the end of the year based on profitability VCuisine will make matching contributions to the amounts employees have contributed. Employee discounts, tuition assistance and all legally required and mandated provisions such as FMLA, workers compensation and unemployment …show more content…
In the last facet of the compensation strategy, personal growth, it will be broken down into training, career development and performance management. Career development will be offered as part of the personal growth component as these are opportunities for an employee to grow employees while they are with the organization. Employees will also recognize that these skills can be used to propel them to new career levels within the organization. This will involve on the job coaching to develop and enhance current skills. Training will be offered through on and off the job programs that will also aid in skill development. This will lead to internal promotion or transfers will be offered, internships, self-development courses and leadership training. Performance management will include an ongoing goal setting program for employees and management will provide feedback to develop and further enhance employee skill set. In supporting the Organization’s culture of innovation and performance and aligning employee’s interest. VCuisine will also provide a unique take on the parental leave policy. The organization will provide three months paid time off, plus an additional month of part-time hours, as well as two counseling sessions to create a plan to re-enter the work
The business strategy that the total rewards systems will be tailored …show more content…
Benefits not only include health vision and dental which is currently offered at VCuisine, there are also value-added benefits that are offered. In the benefits facet of the compensation strategy valued-added benefits is what VCuisine seeks to include in its total rewards plan. The benefits aspect of the total rewards strategy will include health and welfare, paid time off, flexible work schedule, disability insurance and retirement. 401K options employee and company contributed. They may make pre-tax contributions to the plan and at the end of the year based on profitability VCuisine will make matching contributions to the amounts employees have contributed. Employee discounts, tuition assistance and all legally required and mandated provisions such as FMLA, workers compensation and unemployment …show more content…
In the last facet of the compensation strategy, personal growth, it will be broken down into training, career development and performance management. Career development will be offered as part of the personal growth component as these are opportunities for an employee to grow employees while they are with the organization. Employees will also recognize that these skills can be used to propel them to new career levels within the organization. This will involve on the job coaching to develop and enhance current skills. Training will be offered through on and off the job programs that will also aid in skill development. This will lead to internal promotion or transfers will be offered, internships, self-development courses and leadership training. Performance management will include an ongoing goal setting program for employees and management will provide feedback to develop and further enhance employee skill set. In supporting the Organization’s culture of innovation and performance and aligning employee’s interest. VCuisine will also provide a unique take on the parental leave policy. The organization will provide three months paid time off, plus an additional month of part-time hours, as well as two counseling sessions to create a plan to re-enter the work