Hrm 531 Week 3

Market Evaluation

Having researched the total compensation of relevant construction firms in the Arizona market, the following consistencies were noted. Where benefits are concerned, Health care, vision, and prescription coverage is standard among commercial construction firms, including both Preferred Provider Organization (PPO) and Health Maintenance Organization (HMO) options. Firms seek to encourage wellness of their employees by offering programs such fitness center reimbursement and reimbursement of a percentage of an employees out of pocket costs that improve or maintain their health. This benefit is at the company’s discretion. To further support the wellness of employees, firms offer Employee Assistance Programs (EAP) to their employees which cover counseling and referral services. Most firms offer basic life insurance, accidental death and dismemberment, as well as short and long term disability coverage. Options for voluntary benefits include dental insurance, supplementary life insurance, long term care, auto and homeowners insurance, which are paid by the employee, however may offer group discounts. Some companies have created partnerships with other businesses to provide employee discount programs (Sundt Construction, n.d.). Within the commercial construction industry, compensation comes in a number of forms. To remain competitive, most offer 401(K) programs for retirement and offer a percentage of matching funds after a specified length of service and specified number of hours worked. Base salary is commonly determined using three primary considerations. These include qualifications, years of experience, and scope of responsibility (Turner Construction, n.d.). Other forms of compensation include paid time off, which includes vacation time and sick days as well as paid holidays. The number and designated holidays are set by the organization. Some firms also offer tuition reimbursement for education completed at an accredited colleges...