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You are the HR manager of a relatively new retail company that has both retail stores and Internet sales. Your company is steadily growing in revenue and profitability. The company realizes that in order to retain the solid, highly productive workforce it currently has in place, it is important to enhance the base compensation and benefits package offered to the employees. The company currently offers a basic compensation program and only federally mandated benefits. Employee surveys suggest the compensation and benefits program may be out of date. Employees are beginning to consider leaving the organization.
Write a six to eight (6-8) page paper in which you:
- Propose two (2) methods an HR professional could use to determine incentive pay. Specify the principal manner in which the proposed methods take into consideration individual, group, and company performance. Justify your response.
- Examine the core legal requirements affecting employee benefits in today’s competitive environment. Determine the legally mandated benefits that the company must currently offer to its employees.
- Recommend at least four (4) additional benefits that the organization should consider providing to its employees. Suggest at least three (3) important concepts that a company must consider when designing benefit plans. Provide a rationale for your response.
- Assess the efficiency of common techniques for effectively communicating compensation and benefit plans to employees. Support your answer.
- Suggest two (2) ethical risks of making incentive pay a large portion of employees’ total compensation. Propose two (2) recommendations for ways the company might mitigate or reduce these risks.
- Use at least four (4) quality academic (peer-reviewed) resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources