Compensation and Benefits Paper

Week 4: Compensation and Benefits Paper

Danelle Martin, Anjum Ali, Elizabeth Bailey, Joseph Shriver, Rachel McRae and Shauna Burrell

University of Phoenix

Human Capital Management

HRM531

Tonya Curry

August 28, 2011

Week 4: Compensation and Benefits Paper

Compensation and benefits plans are vital to the success of an organization. Firms gain so much output within their own organization, by offering benefits. Benefits may attract a more stable, skilled workforce and should improve firm outcomes. Also, if benefits play an important role in firms’ compensation strategies, there should be measurable effects on firm outcomes such as productivity, firm growth, and survival. Such effects may come about indirectly through changes in the recruitment and retention of labor.

In this paper, Learning Team ‘A’ will read and discuss a team member’s employment recruitment ad. The team will research websites that summarize compensation and benefit plans consistent with the job analysis chosen for the research. The team selected the following job description:

New Meditech Revenue Cycle Analyst Job Description

Using this information, we will then write a proposal on a compensation and benefits plan that meets the needs of the employee and the organization and justify our approach. Last, we will identify any obstacles or resistance we foresee if the compensation and benefits plan were to be implemented.

Compensation

Everyone wants to feel like they are a part of the company and would like to have some benefits or perks for working there. One way to do this is to offer compensation for any extra time that may have been put into at work. “Compensation is a critical component of the employment relationship” (Cascio, 2010, pg. 413).  One form of compensation that we would like to propose would be to ensure that the Meditech Analyst is a salaried employee. Some of the other forms of compensation will be, holiday pay, pay for personal time off, allowance for sick...