Reference no: EM1377974

Assume you are the Director of Compensation and Benefits for Lansing Smith Corporation, a six month old sales and service organization that currently has a workforce of 150 workers. 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 NEEDING ASSISTANCE: 3-4 pages with references

You are conducting an annual benefits review for your company. You must determine what, if any, changes should be made for the following plan year. This is a great opportunity to design and implement a benefits package that includes more than what is currently offered. The current plan includes an indemnity health plan, long-term disability and life insurance.
As you prepare your plan recommendations, consider how to create a plan that is competitive within the industry, is financially feasible for the organization, and meets the needs of the employees.

In your plan you should address the following:

Various discretionary benefits you recommend and why
Legal regulations to be considered
The issues/challenges need to be considered with this new benefit program
How the new benefit program will be communicated to managers and employees?

Describe the components of employee benefit programs.