Compensation
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MGT330 Unit 4 Compensation 4-6 pages
James Richards has an electrical engineering degree from a United States' accredited university. Upon graduation he was offered, and he accepted, an entry-level engineering position at a firm in San Antonio, Texas. He has been gainfully employed with this firm for the last five years. Recently he interviewed with your firm which is located in Chicago, Illinois. You, working for the human resources department, want to employ James. Working in conjunction with your supervisor you are drafting three items; (1) a compensation package, (2) an incentive plan, and (3) a benefits plan in order to successfully employ James Richards with your organization.
Using the Internet and Library, locate all necessary information for constructing these three packages. This will include designing plans that are specific to James and this situation, including the pay rate that will be offered, and the specific benefit and incentive plans this offer will include. Along with these packages you will include a one page cover letter that outlines what you propose to offer. The cover letter should be addressed to your supervisor and should explain and justify the compensation package, incentive plan, and benefits plan. Your detailed plans will then follow that cover page.
This is a research assignment so be sure to include and cite your research in the paper.
There are 4 components required for successful completion of this IP: (1) a compensation package you suggest for James (including the specific pay rate that will be offered) (2) an incentive plan you feel will be effective for persuading James to take the position (specific incentive plans this offer will include) and (3) a benefits plan (specific benefits this offer will include)
Using the Internet and Library (notice that external research is required) locate all necessary information for constructing these three packages. Be sure to cite your sources within the paper (package) so that I am able to see how you obtained your data, and how that information was used to support what you plan to offer. Again, the in-text citing within the paper (not just the cover letter) is required. Although that would not normally be included in an offer, for the purpose of this assignment it is important to include.
Along with these packages/plans you will include a one page cover letter that outlines what you propose to offer. The cover letter should be addressed to your supervisor and should explain and justify the compensation package, incentive plan, and benefits plan. Your detailed plans will then follow that cover page. Be sure you do more than simply "list" the incentives and benefits in those plans. You are expected to include the details necessary to explain what you plan to offer James.
*************************************************************************************MGT330 Unit 4 DB
Students should conduct a debate on the discussion board to address the topic of the assignment. This is done via an initial posting with your thoughts, and then responses to other students on their posts.
Most job candidates are concerned with baseline pay. Incentives and benefits do very little to persuade a candidate to accept an organization's employment offer if baseline compensation is slightly below the candidate's expectations.
Following the discussion, post a follow up paragraph DB response indicating which side of the issue was most persuasive to you and why.
This assignment is completed in three parts.
Step #1 Make an initial post discussing your thoughts on the following statement: "Most job candidates are concerned with baseline pay. Incentives and benefits do very little to persuade a candidate to accept an organization's employment offer if baseline compensation is slightly below the candidate's expectations"
As a 2nd step you will engage in dialogue with others on the DB with 2 or more well developed replies.
As a 3rd step you will make your follow up one-paragraph post indicating which side of the issue was most persuasive to you and why.
All 3 steps are required for successful completion of this assignment. Your research must be applied and cited in either the initial or final post.
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The response addresses the queries posted in 1456 words with references.
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The response addresses the queries posted in 1456 words with references.
//This paper requires the writing of a cover letter to the supervisor explaining the compensation program. Before writing a cover letter, we must understand that cover letter has a particular format and it should be written accordingly. Firstly, we would describe the different program of this compensation plan, like this: //
Compensation Plan
Cover Letter
Street Address
Illinois,
State Zip Code
Telephone Number
Email Address
May, 19, 2009
Mr. /Ms. ABC
Title: HR Manager
Name of Organization
Street or P. O. Box Address
IIlonis, State Zip Code
Dear Mr. /Ms. /Dr. ABC
This letter contains the proposed compensation package designed for Mr. James Richard, which would be offered to him. This package contains all the basic elements of the compensation package which includes the incentive program and benefit offered to him on joining the organization.
Mr. James Richard would be offered a package of $74552.98 monthly for the post of senior electrical engineer. The compensation plan of Mr. Richard would consist of basically three components (Salary Survey Report for Job: Electrical Engineer, 2009). These are
Ø Fixed Component
Ø Variable component
The fixed component of the pay would be kept around 80-85 percent of the total pay package.
The variable component would range from 15 -20 percent of the total compensation package.
The variable component of the salary package has been divided into two heads i.e.
Ø Incentives
Ø Benefits
The incentives would cover around 5-15 percent of the total compensation package while the benefits would range from 1-5 percent of the total compensation package. The incentives and benefits would be offered after the review of his progress after every six months. The incentive program would cover bonus and flexible schedules. The benefit scheme would comprise of medical coverage, flexible schedules, extended-leave days, telecommuting and job sharing and educational programs (Mathis & Jackson, 2006).
//Above we discussed different components of the compensation plan. Now we will justify this compensation program decided for James Richards //
The compensation program of Mr. James Richards has taken in account the current average salary offered to an electrical engineer at his previous job, the industrial average and the average at Illinois. The various benefits and incentive schemes have taken in account the various industrial laws and the incentives and benefits offered by the competitors as well as other industries. The package has been kept a little higher as the purpose is to attract Mr. Richard to this job. Certain part of his pay would be kept variable as that would depend upon his performance. His performance would be reviewed at the end of every six months. If he fails to satisfy various performance standards, then the compensation can be reduced.
The above discussed were the different components of the proposed compensation program for Mr. James Richard which would be helpful in attracting him to this job position in our organization. Kindly put in your suggestions so that ...
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