A high salary has always been the key element in the hiring process as the most successful candidates are always looking for the best salary on the job market. However, today many companies offer non-wage and retirement benefits to attract professionals to fill in vacant positions.
Our company has developed a compensation and benefits package that includes the following:
A high monthly base salary ($750 higher than an average monthly salary of secretaries across the United States). Although an average salary in Maryland is higher than a mean wage in the United States, our company offers a competitive salary on the job market in Maryland. (“Employment and Wage Estimates”, n.d.)
If a secretary reaches all KPI objectives, he/she will receive an incentive pay of $200. On special occasions, secretary will receive a bonus of $300, and in case the secretary works at the company for more than 5 years, an amount of $3000 will be added to the salary according to the loyal program that exists in the company.
A compensation and benefits package will also include paid leave benefits, such as personal/sick days (5 days a year), paid holidays (Independence Day, Thanksgiving Day, Christmas, and January 1), paid vacation (2 weeks a year), and funeral leaves (2 days a year).
A standard 401(k) retirement plan will also be included to the compensation and benefits package of the new secretary. This retirement plan is often added to the C&B packages in many companies today (“How Retirement Benefits Will Change in 2015”, 2014). More than that, 50% of Medicare expenses will also be covered by the C&B package that was developed by the company for the new secretary.
Some other benefits that the secretary will receive are cafeteria plan, free tickets to basketball and football games (on special occasions), 1 hour of paid break per day.
Overtime work will be paid additionally as the position is non-exempt. For every additional hour of work, the secretary will receive 150% of regular hourly wage. According to the Fair Labor Standards Act, bonus for the overtime work should be paid out to the secretary with the monthly salary (“Wage and Hour Division”, n.d.).
There are many various federal and state laws and acts that regulate working conditions, and among them are FLSA Fair Labor Standards Act, Age Discrimination in Employment, Equal Pay Act, Americans With Disabilities Act, Family Medical Leave Act, Employee Retirement Income Security Act, Uniformed Services Employment and Re-Employment Act, Patient Protection and Affordable Care Act, Fair Credit Reporting Act, Pregnancy Discrimination Act, Maryland Flexible Leave Act, Maryland Lie Detector Tests Act, Maryland Wage and Hour Law, etc.
When developing the compensation and benefits package for the secretary, all provisions of the abovementioned laws were followed precisely. About fifteen federal and state laws regulate working conditions (“Wage and Hour”, 2010). In general, C&B package is rather competitive as the mean annual salary is higher than the average salary of secretaries in Maryland (“Maryland National Compensation Survey”, 2010).
Thus, the compensation and benefits package created for the new secretary is rather competitive and will help the company hire a new professional secretary. It includes high salary and a wide range of bonuses and non-wage benefits.
References
Employment and Wage Estimates. (n.d.). Bureau of Labor Statistics. Retrieved March 6, 2016 from http://www.bls.gov/oes/current/oes_nat.htm
How Retirement Benefits Will Change in 2015. (2014). U.S. News. Retrieved March 6, 2016 from http://money.usnews.com/money/retirement/articles/2014/11/24/how-retirement-benefits-will-change-in-2015
Maryland National Compensation Survey. (2010). Bureau of Labor Statistics. Retrieved March 6, 2016 from http://www.bls.gov/ncs/ocs/sp/ncbl1564.pdf
Wage and Hour. (2010). Maryland Department of Labor, Licensing and Regulation. Retrieved March 6, 2016 from http://www.dllr.state.md.us/labor/wages/
Wage and Hour Division. (n.d.). United States Department of Labor. Retrieved March 6, 2016 from http://www.dol.gov/whd/flsa/
