Prepare using the following guidelines for organization:
You were recently hired as the new Human Resources manager for a new company that has been in business for two weeks. The CEO is looking to you for your expertise in compensation and benefits to develop a package for all full-time future employees. The CEO is estimating that in the next four months this company will have over 40 full-time employees. The CEO is leaning on you to develop a report for the board meeting in two weeks.
Some things to consider: Though most employers are required to provide mandatory benefits such as Social Security contributions, worker’s compensation insurance, and unemployment insurance, most other benefits are voluntary in nature and determined by the employer. Benefits programs should include medical insurance, life and disability insurance, retirement income plan benefits, paid-time-off benefits, and educational assistance programs. Benefits selection and design are critical components in the total compensation costs. In some cases, benefits account for 40 percent or more of total compensation costs. Due to the employer cost investment and the importance of employee benefits in recruiting and retaining, employers should have a well-thought-out benefits plan design that meets both employee needs and employer objectives.
Develop a compensation and benefits package for your company. You must first address the type of company you were hired for (your choice). Second, you must select the city and state in which the small company is located (your choice). In your HR Compensation and Benefits Report to the board, you must address the following:
Requirements: Prepare this HR Compensation and Benefits Board report using the following guidelines:
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