Crafting a Compensation and Benefits Plan (Coursework Sample)

Ashford 5: - Week 4 – Assignment: Crafting a Compensation and Benefits Plan
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Introduction
Compensation and benefits plan is critical in motivating and optimizing the performance and productivity of the workers. In addition, the compensation of the laborers is regulated by the employment and labor laws that must be observed. On the other hand, the business may use salaries and other benefits as a competitive tool to increase the satisfaction of the workers thus increasing their performance, retention, and productivity (Moynihan & Wells, 2010). The writer will propose a compensation and benefits design for the workers at Amazon Inc. In developing the appropriate compensation and benefits design, the author will evaluate the packages offered by two businesses in the similar sector. In addition, the package will be designed to improve the satisfaction, retention, and performance of the workers. The designed compensation plan will be employed as the competitive tool to attract, hire, and retain the best labor in the industry.
Comparison of the Package with three Organizations in the Industry
The three organizations that play in the similar field as the business that we are designing the salary and benefit packages are the Alibaba, Barnes and Nobles, and Playboy Inc. Alibaba offers their permanent employees’ salaries that are determined by the international labor markets where the employee’s national standards are below the international legal requirements. The business offers medical cover for the part time workers that work for more than 20 hours weekly that include dental and visual cover. Barnes and Nobles compensate their workers in the similar manner but have additional benefits of retirement and savings plan contributed equally by the business and the workers. The organization does not offer medical cover to the part time workers. At Playboy Inc., the firm hires on contract basis and the most of the staff do not enjoy employment benefits since they are not included in the contract. The package offered by our organization is superior to the designs offered by the other three businesses (Shalini, 2012).
Issues 21st-century employees consider being Benefits
The current working forces have different things they consider as being work benefits and the variance is with age. The millennial consider career development and employee training as critical benefits as compared to monetary rewards, medical cover, and saving and retirement schemes. The generation X perceives the flexible working condition and the extensive medical cover as valuable benefits for them. In addition, the generation perceives monetary rewards as useful as compared to career development and job training. The exiting generation or th4e baby boomers consider extensive medical cover, savings, and retirement schemes as the critical benefits for the workers (Gallup.com, 2016).
Improving Employees Engagement in their Work
Engagement of the workers at the work place can be improved by changes in the working conditions, safety of the workers, compensation and benefit designs. The engagement of the laborers can improve by inclusion of the elements of diversity in the business culture and climate, integration of the management function to assume a democratic leadership. The democratic leadership ensures sig