Proposed Raytheon Compensation and Benefits Package (Term Paper Sample)

Proposed Raytheon Compensation and Benefits Package
Student’s Name
Institutional Affiliation
Proposed Raytheon Compensation and Benefits Package
Raytheon Company
Today, security has been a great concern for governments, corporates, and individuals as well. No one seems to be safe at all. The fact that it requires being more vigilant today cannot be overemphasized and hence the motivation for companies to delve into providing top-notch security services at the height of increased internal and external threats such as terrorism. One such company is Raytheon Company that offers security services with a tinge of technology and innovations ranging from defense to unrivaled communication and intelligence systems that are bound to ensure better security. True to its billing, the company has a long-standing of up to 92 years in the security industry. Attracting skilled employees has taken centre stage for most employers but it is keeping up with emerging competition in the form of great salary perks and other benefits that is becoming more important.(thesis)
Justification
Regardless of the size of the company, it is vital to pay attention to employment policies and regulations that govern it. Further, employment policy ought to highlight the benefits and terms of references intended for its immediate users, the staff members (Lindsay, 2013). By and large, most companies are advocating for well-managed human resources that ensure managerial trainings and inclusivity of diverse cultures within the working environment hence achieving professionalism and respect (Gilmore, 2009).
In summary, many corporate organizations are experiencing competition and other internal pressures from stakeholders accompanied by high operating costs and the ever-surfacing legal issues. Chiefly, staying afloat requires creating incentives for current employees whose satisfaction will lead to ultimate business growth. For Raytheon to succeed, an engaged workforce must be created through performance contract or value proposition which in turn helps in determining commitment from the employees.
Precisely, the ‘rewarding’ components herein include salary compensation, working environment, and learning and development. By giving affordable health insurance plans, mortgages, shopping discounts, and other long-term policies, Raytheon can be rest assured of a stable working force. While nearly all companies have benefits for their employees, times have changed. Salary reviews must be conducted within a period of 6 months based on employees’ performance and loyalty. This will enable all employees to cater for their basic needs in the face of increasing prices for essential commodities such as food. Other than that, all employees will be subject to a team building activity after every 3 months to ensure a better working culture.
Many similarities can be drawn by comparing Raytheon to other relates companies in the same industry such as Dyncorp, ManTech, and Rockwell Collins. All the companies offer insurance coverage, performance bonuses, voluntary benefits, and a raft of other affordable mortgage and auto plans for their employees. However, Dyncorp and Raytheon stand out in their flexibility work from home policy, although moderate, and offering insurance for same-sex partners’ insurance policy which is clearly stipulated on their websites. The average salaries compensation for a software engineer at Raytheon, ManTech, and Rockwell Collins are $78,725, $70,451, and $71,718 respectively. The 21st century employee is keen on many issues but mostly on an companies that offer wellness programs to ensure they are healthy, are multigenerational in terms of service delivery (more so for the youth who embrace the use of technology) and a few other unnoticeable benefits such as free coffee, computer loans, gym or parking lots and at the same time offer the work-from-home work plan (Maling).
Outstanding compensation and benefits that could be introduced at Raytheon are:
Stock bonus plans where employees should be given a share(s) of the company that accrues dividends within a given period (ideally yearly). This will enhance loyalty and sense of belonging from the employees. All employees shall be subject to a 0.05% stake of the company’s share which is also subject to transfer in case of death or other related issues.
Profit-sharing plans where margins are shared between the employer and employees based on what the latter has brought into the company. All employees shall be subject to a 50% share of the total profits based on the revenue they accrued for the company.
Leadership and mentorship programs. By putting employees into teams of at least 3, programs will be encouraged towards growing the company and overall skills and ability of the employees. Again, it will help identify their weaknesses and therefore offer professional advice in that regard.
Termination compensation and other benefits. This can be created to help employees who lose their positions for various reasons such as underperformance to have another opportunity to venture into individual start-ups that are inspired by the skills gained overtime while working for the company. All employees will have a cheque payout of their total monthly earnings of up to 1 financial year upon termination.
Enrollment into the compensation. All managers shall be entitled to approve new employees into the incentive program upon a 6 months probation period. Participants shall be removed from this program if they are found to have underperformed within the given period.
Gallup’s survey on work satisfaction and engagement should offer new direction to human resources managers in relation to keeping employees engaged. The summary of it is that employees’ engagement is highly influenced by their relationship with the manager at the workplace (Lipman, 2013). For that reason, it is important to always coach and motivate employees, give them some time off to be with their families, and listen to their concerns at all time, whether personal or work relate...