When you hear the word compensation, what do you think of? Most people think about what a person is paid. Even though this is true, compensation also includes benefits, which are provided to employees in return for their contribution to an organization. To determine compensation, organizations should develop a compensation and benefits program. In order to remain competitive in today’s labor market, an organization will need a well-structured program with a good balance of wages, benefits and rewards to ensure sustainability in the future.
Landslide Limousines has requested recommendations on a compensation and benefits program for no more than 25 employees that is comparable to other limousine services in Austin, Texas. After conducting a market evaluation, a preferred compensation structure, the organization’s position in the market, and a compensation and benefits strategy will be recommended on Landslide Limousines’ behalf. A total compensation and benefits strategy will then be created, with performance incentives and merit pay considerations included. Lastly, laws related to the benefits and pay program will be identified.
Market Evaluation
Finding and maintaining qualified employees is difficult for small-sized employers. With the rise of health insurance premiums, employers are finding it difficult
On account of tight competition, hiring qualified and experienced limousine drivers in Austin, Texas for a small start-up business is challenging. Austin has a large number of competing limousine businesses operating in or near the Austin area. 441 competing companies in Austin create a number of issues when it deals with human resources. Among the problems one could expect in this market is high employee turnover because to low wages. Another factor to consider is the tightening of the US job market in current years. The number of qualified applicants is decreasing as the US economy improves and employment in US job market pick-up. The Bureau of Labor Statistics published the newly released, November 8, 2013, Government figures from the Bureau of Labor Statistics. It shows that total nonfarm payroll employment rose by 204,000 in October, 2013. “Employment increased in leisure and hospitality, retail trade, professional and technical services, manufacturing, and health care,” (Bureau of Labor Statistics, 2013).
The Term Paper on Compensation And Benefits Strategies Recommendations 2
... must develop some compensation and benefit recommendations. Landslide Limousine is a small business with approximately 25 employees that is located in Austin, Texas. First, ... identify laws related to the benefits and pay program. Market Evaluation On account of the tight competition in Austin Texas, it will be challenging ...
As this trend continue into the months ahead it is expected
References
Yelp. (2004-2015).
Retrieved from http://www.yelp.com/search?find_desc=limousine+service&find_loc=Phoenix%2C+AZ&ns=1#find_loc=Austin,+TX
