Compensation and benefits explained in solution

Assignment Help HR Management

Reference no: EM1340847

Compensation and benefits explained in this solution

You are the Director of Compensation and Benefits for Lansing-Smith Corporation, a 6-month old sales and service organization that currently has a workforce of 150 employees. You recently joined the organization when the Vice President of Operations decided to move the Compensation and Benefits function out of the Accounting Department, into a separate function. From your own observations you have identified several areas in need of review, redesign or development, including projects such as an audit of current pay plans to ensure they are aligned with federal regulations, an analysis of various pay plans to assess which plans will provide maximum benefit for Lansing-Smith, extensive job analyses to ensure a solid understanding of each position, job evaluations to determine the worth of the positions, consideration of various incentive plan designs to identify a plan that effectively drives individual and group performance to achieve production goals and research, development, communication and management training for a company-wide performance appraisal process.

You are dedicated to developing compensation and benefit practices that are motivating and empowering for employees. You are confident that with well-developed programs and practices, employees will be motivated to perform at higher levels, thereby driving overall company performance.

TASK:

Details: As the Director of Compensation and Benefits for your company, you have been given the responsibility to conduct an extensive compensation review and analysis for your growing organization. You are doing so in concert with a committee you have formed. Your findings and recommendations will be presented for final approval to the CEO.

Group Portion: Choose a group leader and discuss and come to a consensus on the following points, and on the format and theme of your presentation:

The type of job analysis you will conduct and why you believe that approach is best.
The method of job evaluation you will use and how you feel it will provide the most reliable data.
Ensuring internal and external pay equity
Consideration of legal issues
Compensation structure recommendation.

Reference no: EM1340847

Questions Cloud

Show the elements of an effective staffing system : What are the elements of an effective staffing system and process and What is the link between effective staffing and effective management?

Explain the organizational philosophy : Explain the organizational philosophy of a real or fictitious company on compensation and pay strategy. Include the following information in your paper - Company background information.

How do organizations establish appropriate objectives : How do organizations establish appropriate objectives for their compensation systems and How do changes in corporate strategy affect the objectives of the compensation systems

Design a compensation package and incentive : Design a Compensation Package and Incentive and Benefits Plan - James Richards has an electrical engineering degree from a United States' accredited university. Upon graduation he was offered

Compensation and benefits explained in solution : Choose a group leader and discuss and come to a consensus on the following points, and on the format and theme of your presentation:The type of job analysis you will conduct and why you believe that approach is best.

Determine the appropriateness of retirement planning program : Determine the appropriateness of major retirement planning programs, such as social security, IRAs, and 401Ks for different situations.

Evaluate the total compensation cost pertaining to options : Evaluate the total compensation cost pertaining to the options, assuming Buford chooses to follow the FASB's accounting approach for fixed compensation plans. Show calculations.

How well do identified organizations represent your interest : Prepare a table with two columns. In the first column, list individual interests that are affected by public policy decisions made by local, state, and federal government.

Explain what are the income tax and fica tax : Explain What are the income tax and FICA tax consequences to Mr. Bern if the IRS determines that $100,000 of his salary is unreasonable compensation?

User Account

All Pages