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Introduction An effective compensation and benefit package is an essential part for any organization that helps to motivate the employees in
order to perform in effective manner. For this, different aspects such as basic salary, allowances, incentives and other benefits should be included in a compensation package. According to the job description case study help experts In addition, in designing of compensation plan for the employee, a performance appraisal program is helpful to decide actual compensation for the employees as per their performance level within the organization. This paper includes a compensation plan and appraisal performance program for the dream job.
Compensation and Benefits Package I am business management student and my dream job is to work with a multinational corporation, which could provide me several opportunities to get progress in my life. I want to work as financial analyst in a MNC, where I could improve my capabilities and get an appropriate compensation for my work and service. I want to come with an agreement about a fair compensation plan that could motivate me to perform in well manner and commiserate with my skills and knowledge, which I will use to perform different activities in my dream job. In this geographical area, there is compensation range between $40,000 and $75,000 per annum for same position in a company (Cardy & Leonard, 2011). On the basis of my education, skills, abilities and knowledge, I should be at the medium of compensation range. I think that company should paid $40,000 annually to me for this position.
With this, there should be step increment on the basis of experience of the employee. Along with salary, company should consider other benefits such as health insurance covering family members, vacation days, paid leaves, 401(K) plan, allowances, stock options, conveyance facility, telecommunication privileges, retirement plans, additional payment for time worked out, non-production benefits, etc. This benefit package can be beneficial for the company to improve the performance of the employees. It will also motivate me to give my optimum outputs for success of the company. With these benefits, I can also adjust at lower salary than expected. Company can offer a compensation package including both direct and indirect compensation plans (Houldsworth & Jirasinghe, 2006). Company can include different compensations in its plan such as basic compensation, variable compensation and variable compensation. In basic compensation, company will provide basic salary, while in variable compensation; salary will be decided on the basis of work done. Supplementary compensation will be based on wish of employer. Apart from this, company should review its compensation structure time to time and include new benefits for the employees as per the demand of market or industry (Krausert, 2009).
Rationalization of Compensation and Benefits Package In this compensation package, different benefits are included with the salary for the compensation of chosen job. On the basis of research, it can be stated that salary range is not more than the current existing salary structure for this job in this geographical area. The actual range for this position is between $40,000 and $75,000 per annum in other companies. Therefore, in starting of job, demand for salary of $40,000 can be said appropriate salary structure for this position. It is because this salary structure is under the range of fixed compensation for the financial analyst as per the rules and regulations. This plan can be effective for both the company and employee because it gives equal opportunities to achieve growth at organizational and individual levels (Locke, 2009). This compensation package is balanced and designed as per the standards of the industry. At induction level of the job, the compensation package is better in the industry comprising of basic salary and other benefits such as leaves, allowances, profit sharing options, insurances, retirement plans, etc. Health insurance scheme is also effective and comprehensive because it includes family members with the employee (Mondy, 2008). A compensation plan should be such that employees should be satisfied and the paid amount should be commiserated with their skills and knowledge. In this plan, there are different benefits with basic salary that can be helpful for the company to motivate its employees.
This plan includes both monetary and non-monetary components including base salary and other benefits. Through this plan, company can retain its employees and make them satisfy. In coming time, by using this plan, company can attract more talented and skillful employees in the business (Paladino, 2010). It will enforce the company to provide an expected standard of living to the employees and consider the interests of the employee. Apart from this, it has also flexibility in its structure as company can change in it on the basis of market demand. It includes an effective range of compensation that is based on authentic labor standards, which makes it legal. However, conduction of cost analysis can be more effective for deciding the impact of the change on financial condition of the company. Other benefits can work as a motivational tool for the company to attract and retain the employees at higher posts. It will have a positive impact on productivity of the company. In this plan, there is variability for single and family having person because a single person can choose high base salary, while an employee with a family can select other benefits with less salary (Pope, 2005).
Therefore, it can be stated that this is a flexible structure of compensation, which can provide satisfaction to all employees. Bonuses and profit sharing plans can develop feelings of belongingness in the employees because they feel motivated to assist the company to be successful in its business operations. Apart from this, it also follows different laws and regulations that regulate compensation and wages for the employees. It will help the company to reduce penalty on any default regarding the compensation (Mondy, 2008).
Performance Appraisal Program An effective performance appraisal program can be useful for the company to analyze the actual performance of the employees and decide their remuneration according to their performances. For this position, appraisal should be based on the performance in a particular period of time that can be beneficial for the company to frame effective appraisal program. Initially, company will have to decide performance goals for the employee on this position with several parameters like work quality, errors frequency, knowledge, time taken, responsibility, accountability, etc. On the basis of these parameters, performance can be analyzed in a specific time period. Along with this, company should include both quantitative and qualitative measures in appraisal system that will help to analyze overall performance of the employee (Warner, 2002). Company can include graphic rating scale in its appraisal program, in which an evaluator will analyze the performance on a rating scale. This rating can incorporate different scales of the performance such as poor to good, least effective to most effective, etc.
Apart from this, different characteristics like leadership skills, team building skills and other management skills can be evaluated through this appraisal program. Overall, this method will give a synopsis of capabilities of the employee, through which it will be easy to decide new compensation and further increments (Smither & London, 2009). In this program, there is need to include job related traits, behaviour and results of the employee. Apart from this, company can include management by objectives method to analyze the performance of the employee on this position. In this, financial analyst has to determine specific objectives in advance. Performance can be measured by analyzing the fulfilment of objectives by the employee. For this, actual performance is compared with set performance objectives (Sims, 2002). Through this method, employee can improve his/her skills by self assessment. Additionally, company can implement 360 degree appraisal technique, in which feedback is given by managers, subordinates, team members, colleagues, etc. on performance of employee. These persons give their feedback and write comments on the performance of the employee. With the help of this method, company can analyze strengths and weaknesses of the employee and prepare a development plan in order to improve the skills and knowledge (Sandler & Keefe, 2003).
Rationalization of Performance Appraisal Program This performance appraisal program can be considered as effective plan because it includes different methods for performance appraisal. It can help the company to analyze the performance of financial analyst effectively in specified period. In this program, there is less chances of biasness because it will be evaluated by one evaluator in rating scale method. Inclusion of different methods in appraisal plan can be useful for the company to effectively evaluate the performance of the employee. Apart from this, MBO technique will be more appropriate to analyze the performance because it focuses on actual job outcomes of the employee instead of pre-established characteristics. In addition, it also concentrates on future rather than past that makes it more constructive method of appraisal (Rao, 2004). Through this program, employee can be self directed and evaluate his/her performance. Another method 360 degree feedback also considers all aspects of rating in the views of superiors, peers, clients, team members, etc. Through this program, company will be able to decide the need of training and development programs on the basis of outcomes of appraisal system. This will give proper view about behaviour of the employee within the organization. This program can be useful for human resource department of the company to enhance overall efficiency of the business because it will have impact on the performance of employee on this position positively (Pulakos, 2009).
This appraisal system will also help the employee to improve his skills and knowledge and inculcate new capabilities by self assessment. Managers will be able to determine salary and rewards for employee as per his/her performance. Apart from this, they can also take salary increment decisions after evaluation of performance on the basis of different parameters. This appraisal program will be helpful for the management to give more authorities and responsibilities to the employee on this post. After analyzing the capabilities, area of concern can be increased by the company for the employee. With the help of this plan, company can also identify different needs and expectations of the employee that can help it to design compensation plan in future. Along with this, it will also provide different opportunities for the employee to get progress and improve his skills through participating in training sessions. So, this appraisal program can be effective for both company and employee in terms of progress and success. Conclusion On the basis of above discussion by our business assignment help experts, it can be concluded that organization should frame a well designed compensation package for the employees as per the job description that could provide them satisfaction and motivate to give their best performance.
Through effective compensation plan, companies can increase the performance level of the employees and get their goals and objectives effectively. Apart from this, organizations should build a sound appraisal system for the performance analysis of the employee, so that they could design compensation plan and training sessions for the development of the employees. References Cardy, R. L. & Leonard, B. (2011). Performance Management: Concepts, Skills, and Exercises. USA: M.E. Sharpe. Houldsworth, E. & Jirasinghe, D. (2006). Managing and Measuring Employee Performance. UK: Kogan Page Publishers. Krausert, A. (2009). Performance Management for Different Employee Groups: A Contribution to Employment Systems Theory. Germany: Springer. Locke, E. (2009). Handbook of Principles of Organizational Behavior: Indispensable Knowledge for Evidence-Based Management. USA: John Wiley & Sons. Mondy, R. W. (2008). Human Resource Management. South Africa: Pearson Education. Paladino, B. (2010). Innovative Corporate Performance Management: Five Key Principles to Accelerate Results. USA: John Wiley & Sons. Pope, E. C. (2005). HR How-to: Performance Management. USA: CCH Incorporated. Pulakos, E. D. (2009). Performance Management: A New Approach for Driving Business Results. USA: John Wiley & Sons. Rao, T. V. (2004). Performance Management and Appraisal Systems: HR Tools for Global Competitiveness. USA: SAGE Publications. Sandler, C. & Keefe, J. (2003). Performance Appraisals Phrase Book: The Best Words, Phrases, and Techniques for Performance Reviews. Canada: Adams Media. Sims, R.R. (2002). Managing organizational behavior. USA: Greenwood Publishing Group. Smither, J. W. & London, M. (2009). Performance management: putting research into action. San Francisco: John Wiley and Sons. Warner, J. (2002). Performance Management System. USA: Human Resource Development. Assignmenthelpexperts .com is the only experienced site where you can get business assignment help of all topics. Our assignment helper are experienced assignment writing experts and can do short deadline assignment of business management assignment help subjects. Our online case study business assignment help experts are available 24×7 for solving assignment for US, UK and Australian students. You can e-mail us your any assignment queries at info@www.assignmenthelpexperts.com