Crafting a Compensation and Benefits Plan
Currently, businesses are engaging themselves in stiff market competitions and need to devise appropriate ways to work productively to be viable throughout the days. The company’s workforce plays a significant role in ensuring the continuous productiveness of the company’s businesses. There is a need to motivate and offer appreciation tokens to employees of their contributions. To make employees focused, loyal, and dedicated, appropriate, and suitable rewards and remuneration tokens should be developed (Gallup, 2013). This assignment is concentrating on developing a compensation and benefits plan for a carpentry business.
Background of the Organization
An organization with interests in venturing in the carpentry business has been taken into consideration and to be competitive with the existing companies. It is to their benefit to recruit and retain a competent group of employees that would be productive in conducting the businesses of the organization. The hiring of staff is necessary for the necessary business expansion and attaining the levels of the competitors through efficient outputs. To ensure employees are adequately motivated and compensated in their works, proper plans have to be set in place as they will help acknowledge and commend job done by employees, keeping them on track. The success of businesses always depends on the hard work put in by the employees.
Compare/Contrast of Industry
Several business organizations are under consideration of comparisons because the wood art industry is highly competitive and dependable. Three businesses specifically, WeWow Carpenters, Home Art Experts, and Amazing Wood works have been taken into consideration for comparison and evaluation of their employee compensation plans to enable the development of efficient and effective compensation plans for their respective businesses. Wages, full cover medical insurances, retirement benefits, life risk insurances are the significant factors to be taken into consideration during the analysis of the remuneration and tokens of benefits. Detailed comparisons have been covered under the table below, showing their compensation packages.
|Benefits||WeWow Carpenters||Home Art Experts||Amazing Wood works|
|wage||$40, 000||$50, 000||$55, 000|
|Full Medical Cover||Yes||Partial||No|
|Vacation||40 hours||50 hours||70 hours|
The three businesses offering similar services have different plans for their employee benefits. WeWow Carpenters provide the lowest wages to their employees but have they covered on medical insurances, retirement, and life insurances according to the information provided in the table. The Home Arts Experts offer a slightly higher amount of salary than WeWow carpenters but provide partial coverage on medical covers with no retirement benefit but with life insurances. On the other hand, Amazing Wood Works offers the highest salary to their employees with no life, retirement, and medical benefit packages. The three companies provide vacation hours weekly for their employees. Still, with varied periods, WeWow provides the lowest with 40 hours, followed by Home Arts Experts with 50 hours and Amazing Wood Works with up to 70 hours for vacations. Employees are more likely to be attracted to employment plans with higher amounts of wage and more vocational hours into accepting an employment contract offered. Therefore the Amazing Wood Works model will be considered during the recruitment and development of the ideal comprehensive remunerations and benefit plans of the organization.