The organization chosen is a property management business organization. The secretary will be responsible for providing high-level administrative support by handling information requests, preparing statistical reports and performing clerical functions including receiving visitors, preparing correspondence, scheduling meetings and arranging conference calls. Other activities may include training and supervising May lower-level clerical staff.Compensation and benefits package for this new position
The industrial annual mean wage for the position is $55,020 while the hourly compensation is $ 26.45. However, the organization will provide an hourly compensation of $ 30. The total compensation and benefits package for the new position will consist partly of pay and benefits. It will entail some aspects including reward programs, benefits packages, and other perks that the successful applicant will be entitled to upon employment. The employee will be expected to work for a maximum of eight hours in a day. The material components of employee compensation plan will include the fixed component, At risk component and Benefits component.Fixed component
The reward element of the fixed component will be in the form of base salary in the form of cash. The purpose of the base salary will be to provide a fixed level
of competitive base pay to ensure that the organization attracts and retain strong employee talent through a full career. Market data has been assessed to determine the most appropriate base salary. Individual performance and salary grade differences are also acknowledged. (Gores, 2000)At risk component
The at-risk component will consist of two reward components. The first component will be the organizations Incentive plan that will be paid in cash to reward the employee for business units, annual company, and individual performance. The second element will consist of long-term incentive that will be paid in the form of performance shares, restricted stock units and stock options. The purpose of long-term incentive plan will be to reward the creation of long-term value. (Sachs & Spreier, linkbearer.com
1996) The benefit component
The benefits component will comprise of the retirement and saving plans. It will be paid in the form of a lump sum or annuity savings plan. The advantage of this element will be to provide retirement benefits designed to achieve a base level of replacement pay upon retirement. The greater part of employee pay opportunity will come from long term incentives comprising stock options
and performance shares. The organization will also provide relocation, dental, medical, disability and life insurance programs (Murray, 1985)The need for the compensation and benefits package
The ability to attract and retain highly qualified staff depends on the company's detailed benefits and pay plan. The major objective of the compensation and benefits package is to attract and retain seasoned employees who can deliver long-term business value. The global business is very competitive and largest of global industries. With the employment sector becoming highly competitive, there is the need to competitive device plans to enable the organization to remain competitive and attract highly qualified applicants. The director of HR department is therefore required to be more creative and be responsive in the designing and timing of the benefits plan. The provision of only traditional programs makes it harder to retain employees in the organization. Additionally, projects undertaken by the business organization are often very long. The development of a cycle of major capital projects can take several years. Accordingly, there is a need for a geared compensation and benefits program to reward career, employees.
Gores, J. (2000). How Effective Is Your Incentive Compensation System?. Journal Of Management In Engineering, 16(1), 29.
Murray, M. L. (1985). Workers' Compensation-- A Benefit Out of Time. Benefits Quarterly, 1(2), 8-15.
Sachs, R. H., & Spreier, S. W. (1996). Reward ceremonies. (Cover story). H&HN: Hospitals & Health Networks, 70(17), 26.