Clayton is in the construction industry so we feel that the most beneficial compensation structure would be a performance-based pay structure. This approach is a very common way for organizations to increase productivity and influence potentially a more competitive environment with employees always striving to do more and therefore earn more.
Looking at average construction salaries compared to other states, www. Finally, as the company grows, Clayton should consider offering Evaluating compensation strategies essay assistance to promote training and education of its employees. Employees that are hourly employees get paid based on a rate multiplied by the number of hours that they work.
Office of Personnel Management. Employees can get an annual bonuses based on their employment anniversary date or monthly bonus amounts added to Evaluating compensation strategies essay take-home pay that would reflect their length of service.
Because they are financially incented to do so! Employing healthy employees will cut down on sick pay leave and lost profits due to worker time off due to illness. If an employee is compensated by a salary, employees are compensated differently from those that may have an hourly compensation rate.
Analysis — Employees that are compensated through a salaried compensation strategy have a very stable compensation to rely on. All of these companies can be considered mid-sized companies, in the same state and industry as Clayton Construction, so a fair comparison can be made.
To help manage these expenses, we advise that Clayton Construction take a conservative approach when constructing their compensation and benefits package. How to cite this page Choose cite format: This compensation differs from both hourly paid employees or performance-based paid employees.
This type of strategy is really attractive because they are friendlier to corporate budgets than other methods of compensation.
You attract a different level of employee with this approach. This becomes doubly important in the construction industry where resources, including budgets, materials, and timeframes are limited. In contrast, a salary compensated employee gets paid the same salary, a fixed amount of money and is not impacted by the amount of hours an employee works.
We think work life balance is an important factor in keeping employees motivated, fresh and happy with their jobs, so it is our recommendation that Clayton offer flexible work schedules.
Three comparable Evaluating compensation strategies essay companies in the state of Arizona are Sundt, Inc. Information is also included on the schedule of payment so that employees really know what to expect.
Time-Based pay structure promotes loyalty to the organization since promotions and increases in pay are based on the length of times the employee is with the organization, but the disadvantages outweigh the positive.
Compensation is not impacted by the quality of the work produced or the quantity produced. Employees are able to really count on this compensation and a consistent pay strategy is important to retaining good employees Ojimba, Free Essays on Evaluate The Compensation Strategies For Executives Of Each Compan for students.
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Compensation and Benefits Strategy Landslide Limousine (LL), a small business in Austin, Texas, hired Atwood and Allen Consulting (AAC) to conduct a market evaluation and provide recommendations for the following: a position in the market, a compensation structure, a total compensation and benefits strategy, and performance incentives.
Compensation And Benefits Strategies Recommendations Essay Sample.
Market Evaluation: When constructing a benefits and compensation strategy, it is important to understand what companies in comparable markets are providing to their employees.Download