Essay About Total Compensation And Relevant Experience

Total Compensation and Benefit Strategy
Student Name: XXXXXCourse/Number: HRM/ 531Date: XX/XX/XXXXInstructor Name: XXXXX Total compensation and benefit strategy – A compensation and benefit strategy helps the organization in attracting Quality employees, Rewarding for high performance, Encouraging employee retention and decide perks and Benefits to be given to the employees. (Lister, 2013). To decide a compensation strategy, the organization needs to consider the following parameter 1) Position or Role 2) Relevant Experience 3) Market Compensation benchmarks 4) User feedback or customer satisfaction. Positions plays an important role in determining the Compensation and benefits, different types of workers get different compensation based on the position and years of experience. In your company, we are going to have 3 types of employees namely 1) Driver or Chauffeurs 2) Dispatch Staff and 3) Office workers (including office staff for booking and reservations). We recommend having the following starting wages for various employees as per to the Labor Department norms, we can add $0.25- $0.50 above the wages below to attract good workers:Office Staff – Communications equipment operator –  14.5/hourOffice Staff – Dispatchers at 19.9/ hourReceptionists and information clerks – 13.38/ hourReservation and transportation ticket agents and travel clerks – 16.73/ hourTaxi drivers and chauffeurs – 12.35/ hour(Labor U. D., 2015)Experience directly or indirectly relates to the productivity of an employee. Since experience plays a key role in transport business we need to make sure we attract the right crowd by giving them competitive rates. The rates above are for average experience employee, and we recommend that we should be giving a $3 head start to anyone who has sufficient experience. 1-3 years is considered beginners as per the industry. 3-7 years are average and anything above 7 years is considered an asset. Market Compensation for taxi drivers and chauffeurs is very tricky, we can start with paying 12.50 – 15.50, which is higher than the market median wages and still has room for incentives. The actual number can be determined by looking at the actual employee profile. The same is depicted in the figure below for drivers or chauffeurs, which is taken from Department of Labor (Labor U. S., 2015):                Employment                                                                                                   Mean wages              Median                          Occupation                                                                                          Hourly  Annual(1)        hourly   Communications equipment operators……………………………….                      14.05   29,220            13.05    Reservation and transportation ticket agents and travel clerks………………..             16.73   34,790            16.11     Dispatchers, except police, fire, and ambulance…………………………….                    19.09   39,710            17.64    Receptionists and information clerks……………………………………….                           13.38   27,830            12.87    Taxi drivers and chauffeurs……………………………………………….                                 12.35   25,690            11.16(Labor U. D., 2015)