Strategic Compensation

2125 words 9 pages
Write a 1200-1500 word paper that describes a strategic compensation plan for machine operators at Plastec Company. Refer to the description from the week 3 assignment. Include at least 3 referenced articles and cite them as appropriate. This paper should at a minimum address the following: * What should Paul do to determine how Plastec compares with other area employers in terms of wages and benefits? * How could Plastec motivate its machine operators to stay? To increase their productivity? * The majority of the machine operators are in their mid to late forties, some with families, some without. What types of benefits would you suggest offering?
Please submit your learning team paper: Strategic compensation here. Note
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In addition, other organizations offer medical and dental coverage, pension, life insurance, disability coverage and paid time off, which are also extremely competitive in its market.
Plastec seems to be trailing its competitors in the compensation package arena. They need to make some vast changes if they would like to maintain its employees as well as its customers. They need to focus on implementing additions to its compensation package such as: a.) Merit pay - The merit pay system is implemented because it adds to base pay and matches the market. b.) Stock options - The options are more generous than those of the competition and have longer vesting requirements. c.) Management incentives - . The management incentives has assisted in retaining managers who are proficient at making their departments more productive. This productivity was achieved largely through increased output. d.) Medical and dental coverage, retirement, life insurance, disability coverage and paid time off - All of these plans are competitive in the market, thus assisting in attracting and retaining employees. e.) Day care – This has been an invaluable tool in recruiting and retaining employees with young children. Turnover within this group has decreased significantly since day care was offered. f.) Flexible work hours - Since the introduction of flexible work hours organizations have found that it can easily


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