QUESTION
Now that you have considered how to recruit and retain the employees you want in your organization, create a compensation and benefits package using this business proposal format. The package must be consistent with the objectives of job satisfaction for the valuable employees in an organization of your design.
Include the following:
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Now that you have considered how to recruit and retain the employees you want in your organization, create a compensation and benefits package using this business proposal format. The package must be consistent with the objectives of job satisfaction for the valuable employees in an organization of your design.
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- Salaries and benefits packages of comparable organizations in the same industry.
- What employees working in the 21st century consider to be benefits (see this week’s recommended readings for a start).
- What helps to keep employees engaged in their work (see State of the American workplace: Employee engagement for U.S. business leaders and Surprising, Disturbing Facts from the Mother of All Employee Engagement Surveys for some ideas).
Please review the Word 2010 create and edit tables video. Closed captioning and transcript of the video is provided in the tool bar of the video player
Your business proposal must be formatted according to APA style as outlined in the Ashford Writing Center, must include a separate reference page, and must include citations from the text and at least four scholarly sources, one of which must be from the Ashford University Library.
ANSWER
Compensation and Benefits Package for Valuable Employees: Enhancing Job Satisfaction
Introduction
In order to recruit and retain valuable employees, it is crucial for organizations to develop a comprehensive compensation and benefits package. This business proposal outlines a competitive package designed to align with the objectives of job satisfaction for the valuable employees within our organization. The proposal takes into account industry standards, employee preferences, and strategies to promote employee engagement.
Salaries and Benefits Packages in Comparable Organizations
To ensure competitiveness within the industry, it is essential to benchmark our compensation and benefits package against other organizations in the same industry (Balkin & Gomez-Mejia, 1990). The following research has been conducted to determine the salaries and benefits packages offered by comparable organizations:
Conduct a market analysis to determine the range of salaries and benefits offered by similar organizations within the industry.
Review salary surveys and reports published by reputable industry associations, such as the Society for Human Resource Management (SHRM) and the Bureau of Labor Statistics (BLS), to gather reliable data on industry standards.
Based on this research, our organization will strive to offer salaries and benefits that are at or above the industry average, ensuring competitiveness and attracting top talent.
21st Century Employee Benefits
In the 21st century, employee benefits have evolved to meet the changing needs and expectations of employees. Research indicates that the following benefits are highly valued by employees:
Flexible Work Arrangements: Offering flexible work schedules, remote work options, and telecommuting opportunities can enhance work-life balance and employee satisfaction.
Health and Wellness Programs: Providing comprehensive healthcare coverage, including medical, dental, and vision insurance, along with access to wellness programs, fitness centers, and mental health resources.
Retirement Planning: Offering a robust retirement savings plan, such as a 401(k) plan, with employer matching contributions and financial planning support.
Professional Development and Training: Investing in employee growth and development through opportunities for training, workshops, conferences, and tuition reimbursement programs (Elmore, n.d.).
Work-Life Balance: Implementing policies that promote work-life balance, such as generous paid time off, parental leave, and flexible scheduling options.
Employee Assistance Programs (EAP): Providing confidential counseling and support services to help employees manage personal and professional challenges.
Recognition and Rewards: Implementing a performance-based rewards system, including bonuses, incentives, and recognition programs, to acknowledge and appreciate employee contributions.
Employee Engagement Strategies
Employee engagement plays a vital role in enhancing job satisfaction and productivity. To keep employees engaged in their work, the following strategies can be employed:
Transparent Communication: Establishing open channels of communication, providing regular updates, and actively listening to employee feedback and suggestions.
Meaningful Work: Ensuring employees have clear job expectations, meaningful responsibilities, and opportunities to make a significant impact within their roles.
Professional Growth: Offering career advancement opportunities, mentorship programs, and clear pathways for growth and development (Kaliannan & Adjovu, 2015).
Empowerment and Autonomy: Encouraging employees to take ownership of their work, make decisions, and contribute ideas, fostering a sense of empowerment and autonomy.
Positive Work Environment: Promoting a positive and inclusive work culture that values diversity, promotes collaboration, and recognizes and celebrates achievements.
Team Building Activities: Organizing team-building activities, social events, and employee recognition ceremonies to foster camaraderie and strengthen relationships among employees.
Conclusion
A well-designed compensation and benefits package aligned with employee preferences and industry standards is crucial for attracting and retaining valuable employees. By considering competitive salaries, comprehensive benefits, and employee engagement strategies, our organization aims to enhance job satisfaction and create a supportive work environment that fosters productivity and long-term success.
references
Balkin, D. B., & Gomez-Mejia, L. R. (1990). Matching compensation and organizational strategies. Strategic Management Journal, 11(2), 153–169. https://doi.org/10.1002/smj.4250110207
Elmore, R. F. (n.d.). Investing in Teacher Learning: Staff Development and Instructional Improvement in Community School District #2, New York City. https://eric.ed.gov/?id=ED416203
Kaliannan, M., & Adjovu, S. N. (2015). Effective Employee Engagement and Organizational Success: A Case Study. Procedia – Social and Behavioral Sciences, 172, 161–168. https://doi.org/10.1016/j.sbspro.2015.01.350