The labor market has become competitive on the highly skilled and qualified employees. Additionally, there are many companies that are entering the market each day attracting employees who are already working for other companies. For a company to compete, attract and retain qualified and efficient work force it has to compensate them for their labor and the contribution to the company (Bryant, et al., 2013). Moreover, the company has to compensate the employees for an exceptional work. This will make the employees feel motivated and they are appreciated for their work by the firm. In addition to compensation, the employees are also entitled to benefits which relate to their endless and unselfish services they have given to the company. Therefore, the company has to come up with framework and make decisions on how to compensate the employees and how the employees can benefit from working in the company.
I work in a constructions company in the New York as human resource director. The company is in the process of procuring a secretary for the department. The secretary work will entails keeping the records of the employees and receiving emails which have been directed to the department. The secretary will also keep the tract of the appointment of the director. Furthermore, the director will also take minutes of the staff meeting in the department. Moreover, the secretary will accompany the director to various constructions sites to collect data concerning the employees of the company on those sites (McNulty et al., 2014). The following are the compensation and benefits entitled to the secretary.
Bonus, in addition to the weekly salary of US $1400, the secretary will get bonuses and incentives on top of the salary. The secretary will be compensated on every field trip taken to collect data on company’s employees on various constructions sites. The secretary will also get bonus by completing or meeting deadlines on time. The secretary will also be paid US $100 per hour for working overtime (Stewart et al., 2012).
Group insurance, the secretary will get a group insurance cover which will cover personal health, family health and accidents occurrence. The company will pay 70% insurance cover for the secretary and the remaining 30% will be deducted from the secretary salary. The insurance will cover the health of the secretary and three family members of the secretary. This is meant to make sure the secretary access the best and quality healthcare in the country or outside the country. Access to quality care will guarantee the secretary recover from the illness faster and return to work as soon as possible. If the secretary is involved in an accident while at work, the Company in collaboration with the insurance firm will pay the medical expenses fully (Stewart et al., 2012). The secretary will also be reimbursed all the cost incurred connected to the accident. The secretary will also be get full salary while at the hospital receiving medical care or while at home recovering from the wounds and injuries sustain at the accident.
Disability income protection, if unfortunate happens and the secretary is made disable by the accident while at work and cannot work anymore, the secretary will continue getting salary until he/she retires. This is to make sure the employee does not suffer after the accident (Hanna et al., 2013). This will also depict the company appreciation to the service the employee had offered the company.
Retirement benefits and pension scheme, the employee upon retirement will get the retirement packages that will enable to sustain him/her at the old age. The company will be deducting a certain percentage of the employee salary which the employee will assent. The company will double the mount and give it to the pension company to keep for the employee until retirement. The secretary will still enjoy health packages but it will only be limited to outpatient services and this will not include the family members. On top of the pension scheme the secretary will get a send off gift. This gift will be equivalent to a five month salary (Stewart et al., 2012). This is to enable the employee live well in the first five months after retirement and get ample time to plan well how to live without normal salary.
Sick leave, the secretary will be entitled to sick leave by the recommendation of a registered doctor working in a registered hospital. During the sick leave, the secretary will continue enjoying normal salary until he/she feels better. It is essential to note that it will be inhumane and against the law to allow or force the secretary to work while he/she is not feeling well. The productivity will also be low. Thus, it’s advisable that the secretary not allowed at work when he/she is sick (Craven, 2013). The secretary will also enjoy leave and national holidays. The salary and the benefits will not be affected by these holidays. The secretary will get two weeks leave per every six months. He/she will still get the normal wages while on leave.
Funding of education and training, the secretary can also apply for scholarship from the company if he/she wants to advance his/her career. The company will pay tuition fee if it is satisfied that the company will benefit from the training and education the secretary is pursuing. Moreover, the secretary will be allowed to attend relevant training, seminars or workshop organized by the company to train its employees on various skills which are essential to the company (Stewart et al., 2012).
Stock ownership plan, the secretary will also be allow to buy company’s stocks. If the secretary agrees to invest in the company, a small part of the salary will be deducted towards securing some shares each month for the secretary (Stewart et al., 2012). This is to make sure the secretary enjoy the profits of the company.
The secretary will also enjoy the privilege of getting promotion or increase in salary. If there is a vacancy in the firm and the secretary has all the qualification and experience he/she is free to apply for the vacancy. The company will give first priority to its employees before receiving application from outside the company (Werner, 2014).
Reference
Bryant, P. C., & Allen, D. G. (2013). Compensation, Benefits and Employee Turnover HR Strategies for Retaining Top Talent. Compensation & Benefits Review, 45(3), 171-175.
Craven, J. A. (2013). The Employment Relationship. NY Practice Guide: Business and Commercial, 4.
Hanna, W. L., Peterson, K. B., & Ford, S. (2013). Employment Relationships Covered By Workers' Compensation. CA Law of Employee Injuries & Workers' Comp, 1.
McNulty, T., & Stewart, A. (2014). Developing the Governance Space: A Study of the Role and Potential of the Company Secretary in and around the Board of Directors. Organization Studies, 0170840614556919.
Stewart, G. L., & Brown, K. G. (2012). Human resource management (2nd Ed.). Danvers, MA: John Wiley & Sons, Inc
Werner, J. M. (2014). Human Resource Development≠ Human Resource Management: So What Is It?. Human Resource Development Quarterly, 25(2), 127-139.
