Compensation and Benefits Plan Executive Summary: SMC Company

This executive summary go out describe the proposed compensation and bene breaks throw for SMC Company. Due to the ever-changing labor market, SMC Company should provide a comprehensive and progressive compensation big bucks to retain its employees. The competitors ar currently offering a better compensation package than SMC Company. The benefits offered at other companies may entice some SMC employees to mean employment elsewhere.

CompensationCompensation is one of the most delicate atomic number 18as for employees, employers, and Human imaging management. Employees want to make as much as they possibly can while an employer wants the best work for the least sum up of money. Most companies? highest cost is in the area of compensation. Compensation is be as ?something, such as money, given or legitimate as payment or reparation, as for a advantage or loss.? (http://education.yahoo.com/reference/dictionary/entry?id=c0526300) In the production line world, compensation is a combination of salary and benefits a association provides to an employee for the work they perform. Some employees are paid on an hourly basis, some are paid on an annual salary, and others could be paid on a commission structure. there are some employees that may be paid in a combination of these. Total compensation is a term use more today. Total compensation is defined as the pith value of the employee?s direct and indirect compensation provided by the employer. (http://www.opm.state.ok.us/01comprp.



pdf)A few of the recommendations for improving compensation will be discussed. tout ensemble positions will require a salary review. There will need to be immediate action taken to compel cost of living increases for the lower paid workers. A confederation wide ?pay-for-performance? program is recommended to help motivate workers to continually rectify their work. This program will need to be modified to fit into each department. The program will monitored by Human Resources. There needs to be achievement and recognition certificates provided for...

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