Introduction
Every employee in the company expects attractive pay and benefits from the company management, being a human resource director of the company, I am looking to develop effective and attractive employee compensation and benefits package for a particular job position. It is a new position in the company, and I have to make an attractive compensation plan to enhance the visibility of attraction. The effective and attractive employee compensation and benefits package is necessary to retain employees in the company.
Wal-Mart Background
Wal-Mart is a prominent retail chain in the United States of America. The company is dealing with an immense range of products and services around the globe. It is the largest retail chain by revenues. The company is operating with several departments such as sales, marketing, human resource, inventory, and procurement. The company was founded in 1962. According to 2018 reports, the revenue of the company is US$500. 34 billion. As far as the compensation and benefits package is concerned, the company has a good reputation, as most of the employees are satisfied with the job (Bell & Joyce, 2011).
Job Position
The new job position is “Department Secretary” in the sales department in Wal-Mart. Being an HR director of the company; I must have to know the nature of the job, roles, responsibilities, tasks, and duties to make an effective compensation plan. Furthermore, I also have to observe several challenges that the department secretary can face in the company. Thus, through navigating all possible risks and challenges, I have to make the compensation and benefits package (Tipuric, Bakotic, & Lovrincevic, 2013).
Well, the main role of the department secretary is to ensure the smooth functioning of the management committee in the organization. It is a fact that the company has a big sales department, and the department head has to conduct several meetings accordingly. Maintaining the administration and records and enabling the organized meetings and minutes are some key roles of the department secretary. Managing databases, preparing reports, handling correspondence, and implementing any change in the management system are some key responsibilities (Tocher, Feild, & Giles, 2006).
Employee compensation and benefits package
Employee compensation
The first step in the compensation plan is the salary. The salary of the department secretary is $ 48000 (yearly). However, The salary will be given monthly ($3349). The overtime rate is $ 35. The bonus of the department secretary will be $130. Comparatively, it seems an attractive salary package for the department secretary. Being a human resource director of the company, I have made this salary package through understanding roles and responsibilities and living standard in the city. Assisting the head of the department is not an easy task for secretary, and this salary package is quite pertinent to this job. Interestingly, the company is depending on the pay for performance, as additional rewards or perks will be given accordingly at the end of the year.
Benefits Package
Now, I have to make the benefit plan for the department secretary. The benefits package can be different for every employee group. The benefits package for the department secretary seems attractive. The first aspect is the health insurance for the department secretary. It is medical insurance that will cover the cost of different doctors in case of any illness and disability. Dental and optical care has been streamlined in this benefit package. Interestingly, I have designed this health coverage for the family of the secretary as well. The employee has to pay some percentage (5%) monthly as the cost of the insurance.
Moreover, the disability insurance, including short term and long term disability, is a part of the benefits package. Along with the disability insurance, the company is providing the life insurance to the secretary. It seems a real value for this employee or new job position in this company (Tipuric, Bakotic, & Lovrincevic, 2013).
Paid time off is another key benefit for this new job position the secretary of the departments is allowed to take 20 leaves annually. Furthermore, sick leave, vacation leave and holidays are part of this benefit package.
Along with these benefits, the workplace flexibility is another benefit for the department secretary. Depending on the existence of the department head, the secretary can work early or late in the day. Working 40 hours in a weak is a work plan for the department secretary. However, the big been effort that I planned is the compressed week work. The department secretary can complete his working hours in fewer days and get the bonus holiday (Bell & Joyce, 2011).
The department secretary will be given the transportation facility, as he will be picked and dropped. The mobile phone service will be provided to the department secretary, as the company will pay all telecommunication bills. The purpose of this benefit is to keep the secretary in the loop regarding the management process and ensure the appropriate actions. The balance between academic pursuits, employment opportunity is necessary to maintain in the company. For Instance, the company is looking to hire a young and talented department secretary, and accordingly, I am looking to make a flexible schedule to justify this purpose (Tocher, Feild, & Giles, 2006).
Conclusion
In the end, it is to conclude that the salary and benefits package of the department secretary is effective. In this retail chain, the intention is to retain the best employees or talent. This attractive salary and benefits package can motivate the employee. It also seems the responsibility of the company to meet the needs of its employees. This organization is also intended to make some changes in these benefits with the passage of the time, to integrate with the new human resource trends in the competitive retail industry.
References
Bell, R. L., & Joyce, M. P. (2011). Comparing Business Faculty’s Salaries By Rank And Gender: Does Aacsb Accreditation Really Make A Difference? Academy of Educational Leadership Journal, 15(2), 19-40.
Tipuric, D., Bakotic, D., & Lovrincevic, M. (2013). Exploring The Link Between Executive Compensation Package And Executives’ Pay Satisfaction In Croatian Companies: An Empirical Study. Montenegrin Journal of Economics, 9(2), 7-16.
Tocher, N., Feild, H. S., & Giles, W. F. (2006). Valuations of Compensation And Benefit Items By New Entrants Into The Professional Workforce: Do Men and Women Differ? Journal of Employment Counseling, 43(2), 84-96.
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