Employee compensation and benefits characterize an investment from which an organization derives value. In this regard, it is imperative for the company to manage this investment in line with the overall organizational strategy as opposed to writing it off as an expense.
We will write a custom Case Study on Employee Compensation and Benefits. Senior Secretary at Capital Nursing Home Limited specifically for you
807 certified writers online
In view of hiring the new senior Secretary for Capital Nursing Home Limited, it is important to design and implement a compensation and benefits plan that will not only attract competent candidates, but also ensure that the company receives the best service from the employee attributed to motivation (Kouzes & Posner, 2012).
This will ensure that the company retains skilled and competent employees thus reducing the rate of employee turnover (Massey & Gary, 1992).
Senior Secretary Total Compensation
The following is the proposed personalized compensation plan for the Senior Secretary at Capital Nursing Home Limited (CNH). The proposal indicates the contributions CNH will make towards the Total Compensation package.
The proposal demonstrates that the value of the employee’s benefits augmented with the annual salary and provides the total compensation. This is to illustrate to the employee how much his/her service is valued at CNH.
Senior Secretary Job Description
The Senior Secretary will have the responsibility for the general supervision specifically in assisting all tasks associated with systematic operations of the physician practice. The secretary’s duties will include receiving phone calls in a pleasing and receptive manner and direct the calls suitably (U.S. Equal Employment Opportunity Commission, 2013).
The position for Capital Nursing Home Senior Secretary entails standard secretarial responsibilities. In addition, it requires the creation of rapport among the company departments for organizational efficiency, handling of petty cash and other minor duties. The potential candidates SHALL meet the qualifications outlined below to be considered eligible.
The position needs two (2) years of secretarial training in a recognized institution or completion of secretarial training or equal business knowledge, skill and familiarity. The candidate MUST possess at least three years of experience in related field. A Bachelor degree in relevant fields is desirable. The candidate must be computer literate with an International Computer Driving License and have the capacity to type 55-65 words per minute.
Domestic Compensation and Benefits
The successful candidate for the position of Senior Secretary shall receive a competitive package that includes compensation and benefits. The initial annual base pay is $40,000. Other cash benefits (Annual bonus) will total to $1,200 while the company paid benefits will sum to $18,940. The total compensation for the new senior secretary is $60,140 annually. The breakdown for the remuneration is as indicated below.
The total annual benefits for a senior secretary as paid by the company amount to $20,140. These include $18,940 Company-Paid Benefits and $1,200 Annual Cash Bonus.
Insurance is essential as it covers the employee against most workplace mishaps (Guo & Burton, 2010).
The company shall contribute towards the senior secretary’s retirement benefits.
Time Off benefits
The company shall pay the secretary $3,538 as personal time off benefits.
The company shall meet its legal requirements according to the Federal Law by paying the following towards the secretary’s benefits (All amounts in dollars). Federal Unemployment is $56; State Unemployment is $184, and Worker’s compensation 1,512. All these amount to $1,752.
Get your first paper with 15% OFF
It is important for the candidates to note that the corporation exclusively contributes towards this. In fact, this is to ensure that the senior secretary performs his/her duties conveniently for self and company performance, growth and development. These benefits encourage employees to work harder, commit to duties and be loyal to the institution (International Society for Performance Improvement, 2013)
Total Compensation Package
CNH as a competitive employer offers its employees competitive packages to ensure it retains the most competitive workforce in the healthcare industry. The total compensation package for the position of Senior Secretary includes the base pay ($40,000) and the company-paid benefits and cash ($20,140).
This amounts to the total annual compensation of $60,140. The company-paid benefits represent 68 percent of the senior secretary’s total benefits. The company-paid benefits and the annual cash bonus represent an extra 50 percent of the secretary’s base pay.
Additional Company Perks
Basically, perks by the company initially include coffee services, company picnics, team bonding and annual holiday retreats (Krueger, 1990). Additional perks shall be given upon the evaluation of the secretary performance and negotiations with the human resource manager.
In order for the company to retain its competitive edge, it is critical to be creative in view of the benefits (Schneider, 2008). It is imperative to present employees with improved access and value of the benefits. The company should ensure that it allows the secretary to access the benefits immediately they are hired (SHRM, 2013).
Indirect non-financial compensation
The culture of CNH will be contributed to by the employment structures including the compensation rewards system. It is imperative to ensure that the program aligns with the company strategic goals (Stewart & Brown, 2012).
Recent research indicates that the contemporary changing and increasingly competitive healthcare industry’s inventiveness and flexibility draws and maintains highly skilled and competent workforce including expatriate (Burns-Green, 2013).
Contemporarily, it is a prerequisite for companies to reward employees for new ideas, superior performance and creativity for them to be innovative in a way that will help the company achieve its organizational strategic goals. This will be attained by putting in place a compensation and benefits program that reflects the changing economic times and the need for companies to attract and retain highly skilled employees.
In order to retain employees for a long period as opposed to recruiting new workforce frequently, the company should offer annual bonuses. It is also plausible to tie the salaries to the tenure of employment.
Burns-Green, C. (2013). Consistent flexibility- The challenges of managing expatriate benefits. Benefits Magazine, 1(3), 12-19.
Guo, X. & Burton, J. (2010). Worker’s compensation: Recent developments in moral hazard and benefit payments. Industrial and Labor Relations Review. 63(2), 340-355.
International Society for Performance Improvement (2013). General format. Web.
Kouzes, J., & Posner, B. (2012). The leadership challenge: How to make extraordinary things happen in organizations. San Francisco, CA: Jossey-Bass.
Krueger, A. (1990). Incentive effects of workers’ compensation insurance. Journal of Public Economics. 41(1), 73–99.
Massey, R. & Gary, L. (1992). Compensation packages for farm employees. Web.
Schneider, J. (2008). Recent court decision sheds new light on ERISA’s top hat plan exemption. Journal of Financial Service Professionals, 1(2), 34-37.
Stewart, G. & Brown, G. (2012). Human resource management. Danvers, MA: John Wiley & Sons, Inc.
SHRM (2013). General format. Web.
U.S. Equal Employment Opportunity Commission (2013). General format. Web.