Compensation and Benefits Strategies Recommendations

Compensation and Benefits Strategies Recommendation HRM 531 Compensation and Benefits Strategies Recommendation Providing a first-rate benefits package for employees can be an important part of the recruitment and retention puzzle, especially for small businesses. Benefits matter. Small businesses like the limo service Bradley Stonefield is establishing has many challenges. Nowadays, companies are running on leaner budgets. There is competition in attracting good employees between companies. The most popular cafeteria plans that may have multiple options for health coverage, vision coverage and other benefits are what many employees desired. Employees have the ability to use a fixed amount allotted to custom-design a†¦show more content†¦Stonefields new startup limousine business. According to Cascio (2013), the design of benefits package should takes major concern.Federal Employment Laws requires employer benefit must offer Workers compensation, Social Security Act (1935), Federal Unemployment Tax Act (1935), and Employee Retirement Income Security Act (ERISA) (1974) (p.470). There fore, Stonefilds company benefits for employees has to be cost-effective. The benefit plan shell includes detail information regarding employee services, security, health, and payments for time not worked. The importance of compensation and benefits in retaining employees is embodied in the need to keep these competitive so that valued employees will be encouraged to remain (McConnell, 2007, p. 73). Stonefield needs to create an attractive benefit package for potential employee or retention new hired. Author Cascio agrees that in a mature firm with well-established products and probably can offer much more generous in compare of a startup venture probably will offer low base pay and benefits but high incentives (2013). The list of security and health benefits should include the following suggested by Cascio (2013): Life insurance, workers compensation, Disability insurance, Hospitalization, surgical , and maternity coverage, Health maintenance organizations (HMOs), other medical cov erage, sick leave, pension plans, social security,Show MoreRelatedCompensation And Benefits Strategies Recommendations Essay1360 Words   |  6 Pagesï » ¿ Benefits and Compensation Strategies Recommendations TEAM B: Ben F. 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