Recommendation of a new Compensation Program
I am the new bench vise president of benefits for R & J Mortgage Company. I am recommending a compensation program that will hopefully retain our employees and offer those benefits that are better thence otherwise companies. It is my responsibility as compensation and benefit specialist to take market pay studies, these studies determine what jobs that our company should pay, what benefits and incentives are appropriate. I start with a clearly define job verbal description; insure comparable market information, base pay, wages compensation, compensation trend and total compensation. Then I will line of business salary survey selective information, make a few peal calls to external sources and send out comprehensive questionnaires to companies and agencies to collect data relating to these job descriptions. The description will have title of job, department, who the employee reports to, a job summary and the summary of the essential functions of the job. I then will compile my findings on a salary abridgment form. Position title, base pay, benefits such as medical, dental, vision, life, stock options, hideaway benefits and other incentives. (Appendix A & B) This will make it lite to compare and analyze information in various salary categories. With well defined job description and great tools to supporter organize the information I can conduct a market pay study to help our company retain competitive (http://office.microsoft.com/en-us/FX011879991033.aspx).
The job evaluation is a tool use to evaluate the worth of each job in our boldness and in the market. With a successful job evaluation trunk I can make our organizations pay system equitable, understandable, de jure defensible, approachable, and externally competitive. I will use the job evaluations to:
* elucidate job descriptions so that employees understand the expectations of their roles and the relationship of their roles to other jobs deep down the organization.
*...
Excellent practical guide for building comp&ben system in the company, comprehensive templates attached.
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