Compensation and Security for Employees Free Essays

Discussed in this paper will be how employees are categorized and at what level they are categorized at. What the goals and expectations for each level are and how they can be reached. How compensation is dispersed and awarded and how the compensation is given. We will write a custom essay sample on Compensation and Security for Employees or any similar topic only for you Order Now This paper will also discuss what kind of compensation is given, whether the compensation is monetary or in another form. This paper will also discuss what the incentives will be for reporting abuse of other employees or violation of company policies and procedures. The steps that the company will take to keep all incentives for the different categories and employees fair and equal. What kind of payouts for the different performances in each category. The paper will also include a section on why the compensation is awarded and how they will reward the employee or group (Snell, 2010). How to set the program to handout the incentive and when they will be awarded and how. It will also discuss whether the incentive is given yearly or if it is given quarterly. Also in the paper it will discuss how to motivate employees and how to keep employees motivated. Read this  Chapter 2 – Why Security is Needed Also being discussed will be putting in a compensation plan to attract new employees. Knowing how to manage unfairness and employees who think it is unfair to offer an incentive for a particular performance or for an organization. Putting the steps in categories will also help out the unfairness. Also being discussed is how the compensation will be presented. What steps will be taken to ensure that all employees are eligible for the compensation program. Giving the steps out so the employee knows what is to be expected. Compensation and Security for Employees Some companies have different levels of employees; some include entry level employees to executives. Categorizing employees is a little difficult, especially if there is a lot of turn over. Some employees that have been in the company for more than a year may still be in an entry level position, but deserve to be at a junior level position. The main purpose for this program is to ensure a low employee turnover. These employees should be compensated not for their position but how they perform in that position (Snell, 2010). Other companies may give a bonus or compensation for getting hired into the company. Bonuses are given mainly in monetary fashion; they are given also if the employee is at the company for six months or more. Categorizing employees is a big job, but also can save on money. Categorizing employees from entry level to CEO is difficult especially if there are several levels. The first step is to categorize employees is to know how many employees are in each level. Also included in the first step is a description of what each employee level is. How many employees there are in each level and how they get the incentive in the level. Level 1: entry level- fifty employees, these employees are the ones that have recently been hired, or have been with the company for six months to a year. Frequent turnover accrues with in the first two months of hire (Snell, 2010). That is why an incentive is give after the six month in the position. Level 2: junior level- thirty employees, these are the employees that have been with the company for a year or more a monetary incentive is usually given after the employee has given their commitment to the company for a year and a half. Level 3: lead level- twenty employees, these employees are the leads in their units or departments, they have been promoted from the junior level and have worked for the company for more the 2 years. The first incentive is the promotions; they also get an incentive for job performances in the first six months after becoming a lead. Level 4: supervisor level- fifteen employees, these employees have also been leads that have been promoted (Ederhof, 2011). Supervisors have worked for the company for four years or more. The incentive for this level is after a year of being a supervisor. The supervisory level compensation will be based on job performance, and the supervisors past performances. Level 5: manager level- forty employees, these employees are either hired for the manager level or they have been promoted from the supervisor level. These employees are committed to the company. Their incentive is for job performance, going above and beyond the call of their position. Level 6: Coordinator’s level-seventeen employees, these employees are listed as high as executives. These coordinators are budget coordinators, financial coordinators, company event coordinators. These employees are hired outside the company; they are hired for their skills of coordinating several departments. These employees know how to work through stress and deadlines. This level compensation is based solely on performance; there is still the six month compensation after hire. Compensation shows how they work through the stress and deadlines (Ederhof, 2011). Level 7: director’s level-ten employees, these employees are also hired outside the company; they have the skills and experience to do their job. These employees are responsible for several departments and the employees that work in those departments. The directors are higher than the managers. This is where deciding how the compensation will work for the remaining levels will get a little more difficult. They also are goal oriented and will make goals for the departments they run (Reh, 2013). Level 8: Administration Assistant’s level: five employees, these employees are usually hired outside due to unfairness of the other employees. The employees have four to five years’ experience in the field. Administrative assistants work directly with the CO’s and presidents. Their work is monitored above any employee in the company. Their stakes are higher when it comes to incentives and compensations. This is not an entry level position. Level 9: CO’s level- twelve employees, these employees have specific areas of experience. Some of the CO’s that would be in the company are: Chief executive officer (CEO) chief accounts officer (CAO), chief information officer (CIO), chief financial officer (CFO) to name a few. There is about eight to ten years’ experience in their field. Their goal is to keep things in their department running smoothly. Level 10: presidents level five employees; this level is the most difficult level to do incentives and compensations. They are the highest and most experienced in their areas. This level of employment makes all final decisions in the company. They work closely with directors in each department; knowing what is going on throughout the company is another objective that this level is kin on. Setting goals and expectations for the different levels is not as easy as it seems. The upper levels will have more difficult goals and expectations to achieve than the lower levels. This is the second step in the incentives and compensations plan. Anything that needs to be discussed about each level should be discussed with each level in a conference or a meeting (Super Jobs for You, 2009). Get the employees involved in their goals and expectations. Setting goals and expectations are very important, it keeps employees motivated and looking forward. Level 1: goals setting and expectations for the entry level positions. Sitting down with the level 1 employees the company found out that some of the goals are pretty similar. Having the employees set goals for themselves will help the employees achieve realistic goals and set short and long term goals (Goals and Expectations, 2011). Goals for entry level employees would include: to move up in the company, to have projects done on or before the deadline, being able to type 50 words per minute every day for a month. Bring job performance up to five percent in two weeks. Another goal would be win over customers that have not been in for a while. Achieving this goal would be for each level one employee. The goal would be to get back 3 customers within sixty days. Some personal goals for employees at level one is: being able to speak up in meetings, get along with co-workers better, to talk to their superiors a lot better without being terrified of being rejected. Level 2 employees have the same goals as the level one employee with some differences. Some goals that level two employees have set for themselves are as follows: wanting to move up in the company, get sales up to ten percent before the next quarter. The incentive for reaching the customer goal would be a hundred dollars and free lunch on the company for 3 employees of level one and three employees for level two. Some of the incentives for the level one employee, once they have achieved their goal, would be a promotion with a pay raise. For finishing a project before the deadline would be a fifty dollar bonus on their next check. Level two employees would be the same, a promotion and a pay raise. Once they achieve their goal of getting sales up the company will give incentive for the first three employees who reach the goal. The incentive will be a week vacation with pay. For level 3 employees the goal setting is a bit more complicated. Some goals could be: having their department reaches a team goal within thirty days. A team goal could be to increase communication through the entire department. Also getting employee feedback from the departments to reach the specific goal (Goals and Expectations, 2011). Giving out monthly progress reports to level one and two employees, telling the employees how they are doing and where they are to achieve their own personal and professional goals. Once the communication goal is reached by one department the entire department will get fifty dollars on their next paycheck and will get a free lunch to a great restaurant on the company. For the level three employees the incentives for reaching goals and expectations would be a week’s paid vacation from the company for achieving the progress report goal for the first 4 employees. This goal is also available to the level four employees also. For level 4 employees they will also make up goals for themselves as well. Some of the goals would be figuring out how to relieve the stress from their employees to increase productivity and performance. How to keep employees from going home early or calling in sick from work on Fridays. Some suggestions would be giving the employees free massage on their breaks, giving a longer lunch hour on Fridays. Setting and posting team goals that are simple and are seen everywhere. Level 5 employees personal goals could be to get out on the floor to help out lower level employees about sixty percent of the day for the next sixty days. The department goal could be to develop a plan to keep more employees from quitting and to lower turnover by fifty percent. Whichever level achieves this goal will get a twenty-five percent raise. The levels that will be competing will be levels four, five and seven. Levels 6 employees will have goals and expectations to fulfill. Some goals and expectations could be to stay up-to-date on advertising until the end of the year. Plan a company event three times a year. The big goal is to talk to customers about what they want out of the company, or what they want to see the company change and make it happen within six months. Achieving this goal would get the coordinator responsible a thirty percent raise and 2 weeks paid vacation. For the entire company goals would be an award of their choosing for working in the company for five, ten, fifteen and twenty and so on years. The awards would be for five years a plaque that says for five years of service in the company and would have the employees name on it. The ten year anniversary would be an award of their choosing, like a stereo or two hundred dollars cash. Every year would have an award that is a little more expensive and elaborate. For reporting violations and abuse to co-workers the incentive would be the same hundred dollars for reporting sexual harassment, reporting a violation of the code of conduct would award the employee with a free membership to the gym of their choice or ten free massages for two. For referring new employees the employee would get fifty after the new employee was hired and hundred after the new employee was at the company for six months. Steps that the human resource management will take to ensure that all compensation and incentives are fair and equal to all levels. Step one is to figure out different higher goals for each employee at each level. Keep goals short-term. Let all employees at the lower level know they have the potential to achieve all goals and expectations. Also let them know they lso have the ability to be promoted wit in the company. Also letting all employees know that they are valued in the company. Giving out â€Å"treats† to all employees at the end of a really long work day or work week. Company parties, picnics or celebrations, to let the employees know they are valued in the company. Celebrating the employees birthdays, to let them know that the company remembers them and that they are special. Conclusion In conclusion the paper discussed compensation and incentive for employees at all levels in the company. These employees should be compensated not for their position but how they perform in that position (Snell, 2010). Other companies may give a bonus or compensation for getting hired into the company. Bonuses are given mainly in monetary fashion; they are given also if the employee is at the company for six months or more. The steps that the company will take to keep all incentives for all the different categories and employees fair and equal. What kind of payouts for the different performances in each category. The paper will also include a section on why the compensation is awarded and how they will reward the employee or group (Snell, 2010). How to set the program to handout the incentive and when they will be awarded and how. Categorizing employees is a big job, but also can save on money. Categorizing employees from entry level to CEO is difficult especially if there are several levels. The first step is to categorize employees is to know how many employees are in each level. Also included in the first step is a description of what each employee level is. How many employees there are in each level and how they get the incentive throughout the time they spend in that level. For the entire company goals would be an award of their choosing for working in the company for five, ten, fifteen and twenty and so on years. The awards would be for five years a plaque that says for five years of service in the company and would have the employees name on it. The ten year anniversary would be an award of their choosing, like a stereo or two hundred dollars cash. Every year would have an award that is a little more expensive and elaborate. How to cite Compensation and Security for Employees, Papers