Compensation And Benefits Plan Executive Summary

881 words - 4 pages

Executive SummarySMC Company, in an effort to be competitive in the local labor market, needs to establish and bring to the forefront an aggressive compensation and benefits package for its current and future employees. It is imperative that SMC be able to provide a wide variety of compensation and benefits to stabilize its work force and provide for long term relationships between employer and employee. The benefit of having a comprehensive package will provide employee loyalty to SMC for years to come, in doing so will cut down the costs related to marketing employees and the training of new employees.In the past SMC has paid only minimum wage and mandatory benefits. If SMC is to move forward in the industry, SMC needs to provide an unparallel benefits package to its staff. In an effort to be competitive within the industry SMC needs to be creative and look at both traditional and non-traditional benefits to fulfill this obligation.Attracting and Retaining Key EmployeesThe most significant challenge facing SMC is finding and retaining employees. We've all heard the cliché that "our employees are our greatest resource." In the manufacturing industries, this is especially true. There is a limited pool of top talent, and companies are constantly competing, not just to attract that talent, but to hold onto it. According to the small business survey, companies are turning to new types of incentives to lure and retain employees. For instance, 62 percent of companies recognize the importance of rewarding performance through bonuses, commissions, and other incentives. In addition to rewards, companies need to offer progressive salary and benefit packages, including health, dental, and vacation benefits, as well as defined contribution plans such as a 401 (k) plan.In early stage service companies, the most common and valued employee benefit is a medical compensation plan sponsored by the company. This benefit generally takes the form of different levels of participation from the employee, the company pays for a designated % amount for the employee. Many companies will set aside between 50 to 75 percent of the employee cost in the single category with the employee contributing to any additional costs for children and or a combination of spouse and children.Some of the benefits SMC will provide to new employees after a 90 day probation period will be:MedicalDentalVision401k Savings/Retirement PlanFlexible Time-OffHolidaysEducational AssistanceEmployee Basic Life & AD&DLong-Term Disability CoverageBusiness Casual DressThis benefit summary presents general information. Not all plan provisions, limitations, and exclusions are included in this summary. In the event of any conflicts between the information contained in this list and the plan...

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