Introduction
In Wal-Mart, designing the effective compensation and benefits packages is necessary to retain the employee. Employee’s performance and motivation can be enhanced through these compensations and benefit. Overviewing the compensation and benefits along with some key insights is a good approach. It works for the company, and through some strategic considerations, the difference can be made in the internal business process. The most important thing is to align these compensations and benefits with the main human resource strategy of the company.
Overview of the employee compensation and benefits
Overall, the compensation and benefits package is comparatively better than other companies. Being a human resource director, I have separately designed salary and benefits package. Based on needs of employees in the organization and the society, this plan seems purposeful. For this new job position, the company wants to set the standard, and I am taking this responsibility. The overview of the salary and benefits package is elaborated along with different insights (Danis, Lovett, Sabik, Adikes, Cheng, & Aomo, 2007).
Salary Package
The salary package for the department secretary is $ 48000. Interestingly, this package is integrated with the standard pay scale. It does not seem fixed, as pay for performance approach has been used. For instance, based on hourly work in the company, including overtime, the salary may be increased. However, it seems the standard compensation. It is a monthly salary for the employee, and he has to receive the check from the financial department of the company.
Benefit Package
Employee benefits vary with the time, and based on the position, performance, and need, these benefits can be changed. For the department secretary, health and disability insurance paid leaves, work flexibility, transportation, and mobile phone expenses are several benefits. All these benefits are designed thorough integrating with employee needs. Moreover, these benefits are designed due to the specific requirements of this new job position. Obviously, these benefits can enhance the visibility of satisfaction at work (Marquis & Long, 2001).
Impact on Department Secretary
The aim of the company is to boost the employee performance and meet different needs. Thus, accordingly, the impact on the department secretary will be positive. I tried to specify the role of the department secretary, and accordingly design these salary and benefits. The intention is to make employee satisfied and motivated, which can increase the loyalty, efficiency, and productivity as well. The compensation and benefits package is competitive, and the employee is the main beneficiary.
Employee exemption
The employee will be exempted from any tax. The compensation and benefits package is to be delivered after the necessary tax deductions. The company wants to create the value through taking this responsibility. It seems the policy of the company to reduce the tax burden. It is a good move, and of course, the impact on the employee is positive. For instance, for 48000, the calculated tax is $7,801.50. It seems 16.25%, and the company will pay it
How overtime will be handled
The overtime is to be handled by the company effectively. The job of the department secretary is quite flexible a, as he has to move on the department head’s call. The HR manager will record the overtime and include in the monthly salary, which is $4,000.00. It depends on the workload, which is to be examined when calculating the overtime of department secretary. The overtime is to be charged by the approval of the department head (McGaughey, Puleo, & Casey, 2005).
Other benefits to enhance employee performance and provide job motivation
These are standard compensation and salary benefit for the employee in the company. However, to improve the performance and motivation, the management of the company can add more benefits. To integrate with modern employee trends in the retail industry, some attractive benefits are to be shaped by the HR management. It will provide a boost regarding the employee contributions in the company. The company wants to create the value through these additional benefits, and these can be considered in next few months.
Ownership and profit sharing
The company stock ownership and profit sharing opportunity are some key benefits that will be considered in the next few months. The share from the business profitability is a great reward for the employee, and it looks the big motivational factors. Depending on the performance, this benefit can be considered by the company in next little work. Pay for performance approach will be used when designing this benefit for the department secretary (Pengelly, 2010).
Retirement saving plans
The retirement saving plan is also a big benefit. It is a great chance for the employee to earn and save from his future. Accordingly, the company is looking to provide a proper assistance through providing this benefit. A certain percentage is to be deducted from the annual salary. It depends on the overall employee turnover, which can make this company design this particular benefit a for the department secretary.
Training and development
The training and development process is a huge benefit for the department secretary. It provides different opportunities for employees to integrate with the culture of the company, groom themselves, and become a great contributor. It seems the learning process for the employee, which can work for this employee in the company. It can be considered in next few months, as this benefit is a source of the pertinent behavior in the company.
Mentoring, Coaching and skill building
Mentoring coaching and skill building are several benefits, which can be the priority of the management of the company in next few months. It seems necessary to provide several opportunities to identify strengths and weakness in the job process and make some improvements. The company can make the pertinent investment to increase the morale of employee. The building of necessary skills along with some improvements is a good move by the company for this job position.
Wellness benefits
The wellness benefits for this employee can also be the prominent consideration. For Instance, the employee will be provided the opportunity to particulate in different health fairs, to be conducted by the company. Walking programs and free gym activity are some other options in the wellness benefits. It seems the care for employees, which can enhance the visibility of performance and motivation effectively. The employee has to be triggered by the wellness benefits (Sims & Schraeder, 2005).
Improved working environment
The department secretary will be allowed to customize the working condition. The purpose is to bring the creativity in the work process and justify the role of the job position. From soft seating arrangements to the overall design of the office, the company will be depending on several suggestions of department secretary. These suggestions will be valuable after few months. The department secretary can work better in the customized work environment, and it seems in the best interest of the department and the company.
Celebrations & Events
Celebrations and events in the company are good benefits. For instance, if the department secretary makes a good reputation through quality work, he can be provided different opportunities to take parts in these celebrations and events and increase personal relations. It depends on the employee loyalty and reputation in the company, which makes him able to get this benefit. It increases the employee assertiveness in the company, which creates the positive impact on both, performance and motivation (Danis, Lovett, Sabik, Adikes, Cheng, & Aomo, 2007).
Brainstorming Sessions
Braining storming session for the department secretary is a benefit. He will have a voice in the company. The brainstorming session will help the company to streamline different ideas. The department secretary will have the communication freedom in the corporate meetings. Interestingly, it can increase the motivation. The company can give the value to the voice of this employee, and it is a great benefit for him. It depends on the experience of the employee, and therefore, it will be considered in next few months.
How government regulations will influence the compensation
The regulations in the United States of America will create the impact on compensation and benefits package. The equal pay act of 1963 is still applicable in the United States of America. The purpose is to eliminate the wage disparity and improve the living standard through the fair pay policy. Both, government and private organizations are triggered by this particular law. Thus, accordingly, the design of the compensation and benefits package is integrated with this law (Marquis & Long, 2001).
BLS data and convincing management
Some insights have been derived from the BLS data. For Instance, one organization, which is listed in BLS, is offering $37,870 per year to the department secretary. Interestingly, it is comparatively low. To convince the management of the company, I would like to compare the overtime and benefits package as well. I can predict the impact on the job performance, and it will change the perception of the management of the company. Other organizations, listed in the BLS, are providing the minimum benefits with any future considerations. The employee turnover in these companies is high as compared to our company, and this difference is to be presented to the management in order to convince them.
Competitive compensation and benefits
It is a fact that this compensation and benefits package is quite competitive. Employees want to work in this organization due to these attractive offering by the company management. The competitive factor has been enhanced through fulfilling all necessary job requirements. This job position has become the main priority. If the department secretary has all these benefits and compensations, he may depict the satisfaction and loyalty.
Alignment with HR strategy
The alignment with the human resource strategy is quite visible. The human resource strategy of Wal-Mart Company is to motivate employees through pertinent working conditions and compensations. This the new compensation and benefits design for the department secretary has been aligned with the main strategy, as it likes with the working environment, salary, motivation, performance, and the working conditions in the company. This plan will help the company meet goals and objectives of the human resource department.
Conclusion
In end, it is to conclude that the compensation and benefits plan for the department secretary is workable for the company. Being human resource director of the company, I have focuses on some strategic considerations in terms of the benefits package. The most important thing is to create the value for employees and increase the performance and motivation in an effective and lucrative manner.
References
Danis, M. M., Lovett, F. P., Sabik, L. B., Adikes, K. B., Cheng, G. B., & Aomo, T. B. (2007). Low-Income Employees’ Choices Regarding Employment Benefits Aimed at Improving the Socioeconomic Determinants of Health. American Journal of Public Health; Washington, 97 (9), 1650-7.
Marquis, M. S., & Long, S. H. (2001). Employer Health Insurance and Local Labor Market Conditions. International Journal of Health Care Finance and Economics; Dordrecht, 1 (3-4), 273-92.
McGaughey, R., Puleo, V., & Casey, K. M. (2005). Employee benefits of multi-owner accounting firms: groundwork for benchmarking. Benchmarking; Bradford, 12 (4), 354-363.
Pengelly, M. (2010). Paying by the rules. Risk; London, 23 (2), 25-27.
Sims, R. H., & Schraeder, M. (2005). Expatriate compensation: An exploratory review of salient contextual factors and common practices. Career Development International; Bradford, 10 (2), 98-108.
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