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ASSIGNMENT 5 6

Assignment 5:

Employee Compensation and Benefits

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HRM530 Strategic Human Resource Management
Strayer University

Dr. XXXX. XXXXX

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Introduction

An important role of a human resource department is to generate an effective compensation and benefits package for all employees of an organization. The compensation and benefits package is design to appeal and retain the desired employee type for the various job positions inside the company. This paper examines the compensation and benefits available for the administrative assistant position within our human resource department. The paper gives details on the compensation the position is entitled to and the added benefits that enhance the overall package of compensation.

Type of Organization

As the newly hired Director of Human Resource for a customer service call center, I am tasked with the responsibility of hiring a new secretary for the department and designing a compensation and benefits package for the position. Budhwar and colleagues (2006) found that call center have become an important part of the service industry and are on the increase not only in numbers but also in size. As the company has expanded, it has become apparent that the department is in need of a secretary to assist with the clerical work around the office. This secretary will assist all human resource representatives with paperwork, filing, scheduling appointments, and providing general assistance and counseling.

Employee Compensation and Benefits Package Compensation is the human resource management function that deals with every type of reward individuals receive in exchange for performing organizational tasks, with a desired outcome of an employee who is attracted to the work, satisfied, and motivated to do a good job for the employer (Michael et al., 2016). To begin, the starting salary for the position will be $30,000. According to the Bureau of Labor Statistics, the median wage for administrative assistants in the state of Texas was $34,870 in May of 2017 (Bureau of Labor Statistics, 2018). Although, our salary is lower that the median for the area, the opportunity for overtime as well as the potential for bonuses will push the salary closer to the median. The position is eligible for annual wage increases and has the opportunity to earn bonuses at up to 10% of annual salary based on performance.

According to Stewart & Brown (2014), healthcare plans have now become a required benefit, which has benefits in line with those advocated by many companies, given that a majority of company executives believes a good healthcare plan can improve employee health and in turn increases worker productivity. Our company offers health and dental insurance, flexible spending accounts, and life insurance. Employees pay a monthly premium for each; however, if enrolled in multiple options, employees receive discounts off their monthly premium. To invest in the employee’s future, a retirement savings plan will match contributions up to 5% after two years of employment and 10% after 10 years. The organization will match the employee’s contributions to their 401k.

New employees receive 80 hours of vacation time per year. Vacation time increases to 120 hours after five years employed and 160 hours after 10 years. Employees will also receive 56 hours of personal time and 40 hours of sick time. Vacation time rolls over from year to year, personal hours expire at the end of the year, and employees can sell back unused sick time hours. Employees also have the opportunity of flextime in 4 hours or fewer increments.

Finally, to assist employees with career advancement, the organization provides for tuition assistance. All employees also receive company provided Employee Wellness Plans. The company also offers a multitude of subsidies and discounts off various products and services. With all of the earnings and additional benefits offered for this administrative assistant position, the value far exceeds that of the median pay of administrative assistants in this area.

References

Budhwar, P., Varma, A., Singh, V., & Dhar, R. (2006). HRM systems of Indian call centers: an

exploratory study. International Journal of Human Resource Management, 17(5), 881

897. Retrieved from

http://eds.a.ebscohost.com/eds/pdfviewer/pdfviewer?vid=1&sid=49711b37-40cf-4ae6-

9d17-200ef125f27d%40sessionmgr4009

Bureau of Labor Statistics (2018). Occupational Employment and Wages, May 2017. U.S.

Department of Labor. Retrieved from https://www.bls.gov/oes/current/oes436014.htm#st

Michael, B., Prince, A., & Chacko, A. (2016). Impact of compensation package on

employee retention. International Journal of Research in Commerce & Management,

7(10), 36-40. Retrieved from

http://eds.b.ebscohost.com/eds/pdfviewer/pdfviewer?vid=1&sid=587d8f44-919e-4992 83f6-f38efd3950cc%40pdc-v-sessmgr01

Stewart, G., & Brown, K. (2014). Human Resource Management (3rd ed.). United States of

America: John Wiley & Sons, Inc.