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
…show more content…

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

Related

  • Hr Essay
    4815 words | 20 pages
  • Jft2 Task2
    1864 words | 8 pages
  • The Merger of Two Competing Hospitals
    1270 words | 6 pages
  • Staff Retention in Non Profit Organizations
    2829 words | 12 pages
  • Slastyona Concectionary
    944 words | 4 pages
  • Employee Motivation and Performance
    17861 words | 72 pages
  • Analysis of Johnsonville Sausage Co. (a) Case Study
    2015 words | 9 pages
  • Compensation and Benefit Plan
    1316 words | 6 pages
  • Discuss the Challenges to Effective Compensation in Mncs and How Consistency and Equity of Compensation Can Be Achieved.
    2452 words | 10 pages
  • Corporate Goverance Practices of Boeing, Honda and Daimler
    5602 words | 23 pages