Human Resources

Sample Benefits P lan Assignment 1 This student sample Benefit s plan assignment addresses key benefit strate gies and issues and provides many industry sources to support the anal ysis . There was a little too much reliance on the cour se textbook as a primary source , but overall the plan presented was credible . The decision to include the pay analysis in addition to the benefit plan was an extra bonus to provide perspective on the to tal compensation plan. The plan had a logical flow, was well written and had few gra mmatical or sentence structure issues. Benefits Plan for Public Relations/Digital Media Marketer Compensation is the set of rewards and wages that organizations provide to individuals in return for their willingness to perform various jobs and tasks within the organization (DeNisi & Griffin, 2016 ). Compensation should never be a resu lt of arbitrary decisions , but the result of a careful and systematic strategic process ( Lister, 2014 ). A benefit program shoul d be developed in concert with a pay plan to ensure the total compen sation achieves organizational goals. When developing a pay and benefit program, a human resource manager should use pay surveys as a starting point. Pay surveys are surveys of compensation paid to employees to ensure pay equity and salaries are based on supportable data (SHRM , 2016 ). The fundamental purpose of compensation, then, is to provide an adequate and ap propriate reward system for employees so that they feel valued and worthwhile as organizational members and representatives (DeNisi & Griffin, 2016 ). Compensation represents more than the number of dollars a person tak es homes in his or her pay envelopes. It also provides a measure of the employee's value to the organization and influ en ces job satisfaction and turnover rates. Pay Policy There are several options for determining a pay policy . The first option relates to the basis for pay, some key factors that correlate with this option are; functions performed on the job, skill -based pay, and pay -for -knowledge programs. For my Sample Benefits P lan Assignment 2 industry, I would use pay -for -knowledge programs and skills base d pay as the basis for comp ensation as a public relations/ digital media marketer. This approach aligns with industry norms. The second decision in developing a compensation strategy focus es on the bases for differential pay within a particular job (DeNisi & Griffin, 2016 ). Differential pay means the difference between seniority pay and pay based on performing. I would base the compensation rate as a mixture of pay based on performance and pay based on seniority . The amount of time an employee has been employed with Daytona International Speed way would be a factor but also the knowledge and skills an employee brings would also be considered for the type of compensation that employee receives. A third decision in developing a compensation strategy deals with the organization's pay rates relative to going rates in the region and legislative requirements (HR Council, 2017 ). A company's pay rate can have either above market compensation, below market compensation, or to pay market rates for employees that are comparable to those available in other organizations, n o more, no less. I would choose the similar compensation rate due to the need for budget and cost controls , while also attracting higher quality employees than an employer who implements a below market strategy. An organization that adopts a market -rate strategy is likely to believe it can provide other intangible or more subjective benefits to employees in return for their accepting a wage rate that is perhaps lower than they might be paid el sewhere (DeNisi & Griffin, 2016 ). Wages refer to a fixed regular payment , typically pa id to manual or unskilled employees often on an hourly, daily or piecework basis (Merria m-Webster Dictionary, 2017 ). Salary is income paid to an individual on the basis of performance, not on the basis of time ( DeNisi & Griffin, 2016 ). My dream job consists of two different emp loyment fields, a public relations specialist and a digital/social marketer. According to the Bureau of Labor Statistics, a median salary for a public relations specialist is $56,770 ( BLS , 2016). According to payscale.com; a digita l marketer's median salary is $62,352 ( Payscale , 2016). When I combine the wages of both occupations and divide by two, the total comes to 59,000 a year. I would use this number as the median salary for a public relations/ digital m arketer at Daytona International Speedway. I believe this salary is the market -based rate for this occupation and is the standard I would use as the Human Resource manager at Daytona International Speedway. When determining what to pay, I would use the pay for knowledge and a point system as a primary tool for determining compensation. Pay for knowledge involves compensating employees (usually managerial, service, or professional employees) for the increased knowledge or s kills they acquire (HRMP, 2017 ). This system can also be designed to pay for learning supervisory skills or for developing more in -depth knowledge about a topic relevant to the organization (DeNisi & Griffin, 2016, p.205). This type of system is usually expensive to start with due to the fact of that the organization needs to find ways to determine if the employee Sample Benefits P lan Assignment 3 has mastered the information. A point system is the most common method of job evaluation in determining what to pay. The point system for job evaluation requires managers to quan tify, in objective terms, the value of the various elements of specific jobs (DeNisi & Griffin, 2016 ). Coming up with a point system, I would use the example proposed by DeNisi and Griffin about an administrative role in an organization. The ratings for an administrat ive job are : weighting of a college degree (40 percent ); experience required (30 percent ); predictability and complexity of the job (15 percent ); responsibility and authority for making decisions (10 percent ); and working conditions and physical requirements f or the job (5 percent ). A point manual is a must for implementing a point system when it comes to job evaluation. The point manual is used to apply the point system of job evaluation, carefully and correctly defines the degre es of points from first to fifth (p.204). Using education as an example of a point manual, I would rank having a high school diploma as 10 points, an Associate of Arts degree as 25 points, a bachelor's degree as 50 points, a master's degree as 100 points, and any degree higher or multiple degrees in the marketing field as 125 points. Benefits Since employee s for this position are p aid at the average market -based rate, I will use benefits as an incentive to attract the most qualified applicant for this job. Even if the employees do not work harder in response to better benefits, they are more likely to remain with a firm that provides better benefits and is most sa tisfied with th at firm (DeNisi & Griffin, 2016 ). Employee expectations are a driving force in determining what benefits a firm must offer . A n example of this is when even though an organization is not legally required to offer any vacation time, paid vac ation time is very desirable and has become so common that almost every person , who considers a new job expects to receive this be nefit (DeNisi & Griffin, 2016 ). Mandated benefits are benefits that are required by law. Some of these mandated bene fits are unemployment insurance , worker's compensation, and mandated health care. Unemployment insurance is a mandated protection plan, is intended to provide a basic subsistence payment to employees who are betwe en jobs and e mployers pay into the unemployment insuran ce fund (DeNisi & Griffin, 2016 ). A second mandated benefit is Social Security , the initial purpose of this program was to provide some limited income to retired individuals to supplement their own personal savings, private pensions, part - time work, and so f orth (DeNisi & Griffin, 2016 ). Th is benefit is funded through Sample Benefits P lan Assignment 4 employee and employer taxes that are withheld on a payroll basis ( Social Secu rity Administration, 2016) . The maximum taxable earnings amount for Social Security is $113,700; the t ax rate is 6.2 percent each for employees and employers ( Social Security Administration, 2016 ). Worker's compensation is another mandated protection program, is insurance that covers individuals who suffer a job -related illness or accident (DeNisi & Griffin, 2016 , p.208). The Patient Protection and Affordable Health Care Act was signed into law on March 23, 2010 (DeNisi & Griffin, 2016, p.208). By law, the company is required to offer all mandated benefits to all employees. Non -mandated benefits are not obliged by law, and a company does not have to execute these benefits to their employees. One of the main non -mandated benefits I will be using is paid time off, but not just any paid time off benefit. A major component of paid time off is having certain holidays off with pay. Most full -time employees receive about ten paid holidays per year ( Roper, 201 7). I would use holiday and vacation time as pai d time off, but I would use sick days as a separate category that still involves paid time off. Another benefit I would offer to employees is using community service hours as additional paid time off. Every hour an employee spends doing documented community serv ice hours will result in the same amount of hours they could use for paid time off. According to Frauenheim and Lewis -Kulin (2016 ), giving employees paid time off for volunteering helps companies succeed by increasing retention and willingness to go the extra mile for the company . I would also implement a child day care ser vice either on the premises or additional pay for child care services. A company being considered a family - friendly organization is increasingly viewed as a competitive advantage in attracting talented workers (DeNisi & Griffin, 2016 ). Netflix offers on e paid year of maternity and paternity leave to new parents; they also allow parents to return part -time of full -time and take time off as needed throughout the year (Glassdoor Team, 2016). Salesforce employees receive six days of paid volunteer time off a year, and if they use all six, they receive a $1,000 grant to donate to a charity of their choice (Glassdoor Team, 2016).

These are just some businesses that go above and beyond when applying for employee benefit programs. In addition to the pension benefits guaranteed under the Social Security Act, many companies also elect to establish private pension plans (DeNisi & Griffin, 2016 ). The defined benefit plans are private pension plans in which the size of the benefit is precisely known and is usually based on a simple formula using input such as years of service (DeNisi & Griffin, 2016 ). A defined contribution plan is private pension plans in which the size of the benefit depends on how much money is contributed to the plan (DeNisi & Griffin, 2016 ). Devon Energy has an enhanced defined contribution pension plan , where the company will contribute 8, 12, or 16 percent of the employee's salary, so an employee can get as much as 22 percent of their salary contributed by the company to his or her retirement account (Perman, 20 10). As the Human Resource manager for Sample Benefits P lan Assignment 5 Daytona International Speedway, I would use the defined contribution private pension plan for my current and future employees. I believe this is a huge benefit for employees wanting to contribute to their future and a lso seeing how the organization they work for is willing to take care of them as well. This serves as a big "Thank You" for an employee's time and service to the organization. Our approach is to use valuabl e benefits to attract the best employees. According to The Creative Group (2016), a benefit can also be defined as a form of non -wage compensation, if not offered by the employer; employees would have to fund them themselves. The top 5 benefits an employer can offer are : healthcare, paid time off, retirement savings plan, maternity/paternity leave, and professional development. A perk, as in perquisites or corporate perks are nice to have additions to an employee's salary and benefits package. Perks can also be defined as above and beyond offerings that may sway an employee to value one employer over another. The t op 5 persuasive perks a company can offer are : workplace wellness programs, free food and coffee, work from anywhere, concierge services, and transportation or parking reimbursement (The Creative Group, 2016). Some industry norms for a digital/ social media marketer are : a social media manager with 5+ years' experience is expected to earn a weighted median salary of $46,511.02 (Crestodina, 2016). A marketing manager with 5 -10+ years' experience is supposed to receive a weighted median salary of $71,351.88 (Crestodina, 2016). A marketing associate with 1 -3+ years' experience is supposed to receive a weighted median salary of $42, 102.37 (Crestodina, 2016). Robert Half reports an 8.1 percent increase in salaries for marketing employees in 2016 (Crestodina, 2016). Public relation industry norms are also based on experience as well. A public relations employee with less than five year s' experience is reported to earn around $45,000 on average (P ays cale , 2016). People who have worked for 5 -10 years can expect a higher median salary of $57,000 (P ayscale , 2016). A national salary database show s a public relations employee can make between $30,767 - $104,086 plus $1,017 in bonuses to total $32,520 - $106,436 in total pay (P ayscale , 2016). Edelman, one of the largest Public Relation firms in the country rewards 30 employees each year with $1,500 and an additional week of vacation each to be used to either "Live a Dream" by pursuing a personal goal or interest or "Give a Dream" by giving back to the community (Homes Report, 2016). Coyne PR is a midrange public relations compa ny whose benefits include, zero co -pays for doctor visits, a generous holiday schedule along with Paid Time Off, unlimited sick time and birthdays off, in addition to two volunteer days per year (Homes Report, 2016). Summary Organizing a compensation plan is no easy task ; it takes thoughtfulness and strategic planning to initiate a competitive compensation policy. There is plenty of Sample Benefits P lan Assignment 6 information to use when completing a compensation plan, such as policy options for compensation, determining what to pay involving job evaluation methods, the use of non - mandated and mandated benefits. I have decided to use a market -based pay rate of $59,000 a year with a competitive benefit strategy. The mandated benefits I will use in my compensation and benefits package are: unempl oyment insurance associated with Social Security benefits, worker's compensation, and mandated health care. The non - mandated advantages and perks I will use are : a defined contribution private pension plan paid time off that involves, holiday and vacation paid time off as well as community service hours used for additional paid time off. I will also offer child care benefits that can result in child care facilities on the premises or additional pay for child care. I want to also offer dental, vision, and l ife insurance coverage as a benefit that could be used by employees. I also want to incorporate cafeteria -style benefits plan which allows employ ees to choose benefits they wan t. Using a cafeteria -style benefits plan, the organization typically establishes a budget indicating how much it is willing to spend per employee, on benefits (DeNisi & Griffin, 2016, p.212). An employee is then presented with a list of benefits he or she is willing to accept per the budget regulations. This approach allows empl oyees with different benefit needs to be chose the benefits that are most useful to them. For example, a worker with a young family may value a daycare service more than a wellness plan. Using a market -based pay rate plus additional benefit programs that an employee can choose from will allow me to attract the best -qualified applicants for this position. Sample Benefits P lan Assignment 7 References Bureau of Labor Statistics . (2016, March 30). 27 -3031 Public relations specialists . Retrieved from http://www.bls.gov/oes/current/oes273031.htm Crestodina, A. (2016, July 21). Marketing job descriptions - Marketing job salaries guide . Retrieved from https://www.orbitmedia.com/blog/marketing -job -descriptions -salaries/ DeNisi, A. S., & Griffin, R. W. (2016). HR 3e (Student 3 ed.). Boston: Cengage Learning. Frauenheim, E., & Lewis -Kulin, S. (2016, April 26). Giving workers pa id time off to volunteer will help your company succeed . Forbes Magazin e. Retrieved from http://fortune.com/2016/04/26/giving -workers -paid -time -off -to-volunteer -will -help -your - company -succeed/ Glassdoor Team. (2016, February 3 ). Top 20 Employee Benefits & Perks . Retrieved from https://www.glassdoor. com/blog/top -20 -employee -benefits -perks/ Holmes Report . (2 016). 2016 North America best agency to work for . Retrieved from https://www.holmesreport.com/events -awards/agencies -of -the -year/2016 -best -agencies - to-work -for/north -america HR Council. (2017). Compensation & benefits . Retrieved from http://hrcouncil.ca/hr - toolkit/compensation -wages.cfm Human Resource Management Practice. (2017). Pay for knowledge/Pay for compen sation . Retrieved from http://hrmpractice.com/pay -for -knowledge -pay -for -skills -compensation/ Lister, J. (2014). Strategic plan for employee compensation and benefits . Retrieved from http://smallbusiness.chron.com/strategic -plan -employee -compensation -benefits - 15613.html Merriam -Webster. (2017). Wage . Retrieved from https://www.merriam - webster.com/dictionary/wage Payscale . (2016). Digital marketing manager salary . Retrieved from http://www.payscale.com/research/US/Job=Digital_Marketing_Manager/Salary Sample Benefits P lan Assignment 8 Perman, C. (2010, September 21). 10 companies with the best retirement plans. CNBC.com . Retrieved from http://www.cnbc .com/2010/09/21/10 -Companies -with -the -Best - Retirement -Plans.html?slide=1 Roper, C. (2017). Paid vacation time: How do you stack up? Retrieved from https://gusto.com/framework/health -benefits/paid -vacation -time -how -do -you -stack -up/ SHRM. (2016, June 13). How to establish salary ranges . Retrieved from https://www.shrm.org/resourcesandtools/tools -and -samples/how -to- guides/pages/howtoestablishsalaryranges.aspx Social Security Administration . ( 2016 ). How is Social Security fina nced ? Retrieved from https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm The Creative Group . (2016, April 13). 10 top perks and benefits that win employees over . Retrieved from https://www.roberthalf.com/creativegroup/blog/10 -top -perks -and - benefits -that -win -employees -over