Landslide Limusine Recommendations
Compensation and Benefits Strategies Recommendations
Compensation and Benefits – Landslide Limousines As a team of consultants at Atwood Allen and consulting, we have received a request to develop a compensation and benefits plan to support Bradley Stonefield as he opens up his limousine business in Austin, Texas. In Bradley’s initial request, he requested that his package be similar/comparable to other limousine company’s in the area. Mr. Stonefield still maintains that he will hire twenty-five employees, and projects a first year annual revenue of negative $50,000. Another important note is Mr. Stonefield projects a 5% increase in revenue each year over the next few years. In order to come up with an effective strategy, …show more content…
Keeping quality employees involves a good benefit and reward plan to build employee business devotion. Rewards inspire employees to work hard in building a profession with the business and prevent employees from leaving to other companies. When you pay an employee well they will think twice before leaving to another company if they have to take a pay cut. Incentive performance plans should be simple for employees to comprehend and easy to achieve even at its lowest levels, reassuring employees that working together will help them reach goals. If the performance incentives are too difficult to achieve, employees will ignore it and not try to work harder to achieve it.
Another way of keeping employees happy is by providing Merit Pay. Merit Pay is a system that pays workers by their individual performance. The Merit Pay programs goals are to pay for performance that is reliable to the operation of the company. In order for the Merit Pay program to work, the rewards given to the personnel that excel must be better than what is given to normal or below-average workers. The idea of performance-based rewards is for employees to be compensated generously for performing better than their co-workers, and to the workers whose performance is below average the compensation should be
Compensation and Benefits – Landslide Limousines As a team of consultants at Atwood Allen and consulting, we have received a request to develop a compensation and benefits plan to support Bradley Stonefield as he opens up his limousine business in Austin, Texas. In Bradley’s initial request, he requested that his package be similar/comparable to other limousine company’s in the area. Mr. Stonefield still maintains that he will hire twenty-five employees, and projects a first year annual revenue of negative $50,000. Another important note is Mr. Stonefield projects a 5% increase in revenue each year over the next few years. In order to come up with an effective strategy, …show more content…
Keeping quality employees involves a good benefit and reward plan to build employee business devotion. Rewards inspire employees to work hard in building a profession with the business and prevent employees from leaving to other companies. When you pay an employee well they will think twice before leaving to another company if they have to take a pay cut. Incentive performance plans should be simple for employees to comprehend and easy to achieve even at its lowest levels, reassuring employees that working together will help them reach goals. If the performance incentives are too difficult to achieve, employees will ignore it and not try to work harder to achieve it.
Another way of keeping employees happy is by providing Merit Pay. Merit Pay is a system that pays workers by their individual performance. The Merit Pay programs goals are to pay for performance that is reliable to the operation of the company. In order for the Merit Pay program to work, the rewards given to the personnel that excel must be better than what is given to normal or below-average workers. The idea of performance-based rewards is for employees to be compensated generously for performing better than their co-workers, and to the workers whose performance is below average the compensation should be