Compensation and Benefits Plan Executive Summary

Executive Summary SMC Company, in an effort to be litigious in the local labor market, needs to establish and catch to the forefront an in-your-face pay and benefits package for its current and incoming employees. It is imperative that SMC be able to cater a bulky variety of compensation and benefits to stabilize its work force and set aside for long frontier relationships between employer and employee. The benefit of having a encompassing package provide provide employee loyalty to SMC for years to come, in doing so impart cut down the costs related to to marketing employees and the genteelness of bleak employees. In the past SMC has gainful only minimum pursue and mandatory benefits. If SMC is to move front in the industry, SMC needs to provide an unparallel benefits package to its staff. In an effort to be competitive within the industry SMC needs to be creative and date at both conventional and non-traditional benefits to fulfill this obligation. Attra cting and Retaining Key Employees The wellhead-nigh significant challenge facing SMC is decision and containing employees. Weve all comprehend the cliché that our employees are our greatest resource. In the manufacturing industries, this is in particular true. There is a limited pool of top talent, and companies are constantly competing, not just to attract that talent, but to earn onto it.

According to the nice business survey, companies are turning to new types of incentives to lure and retain employees. For instance, 62 percent of companies recognize the richness of rewarding exercise through bonuse s, commissions, and other incentives. In ad! dition to rewards, companies need to broaden progressive salary and benefit packages, including health, dental, and pass benefits, as well as defined contribution plans much(prenominal) as a 401 (k) plan. In early stage assist companies, the most common and cherished employee benefit is... If you want to take off a full essay, effectuate it on our website: OrderCustomPaper.com

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