Boeing Compensation and Benefits Plan

Boeing Compensation and Benefits Plan

Introduction:

The company the team has chosen to portray is, Boeing founded in 1916 by William E. Boeing in Washington State. During the early years during the turn of the new century, Boeing became the leading producer of military and commercial aircraft. The company headquarters is located in Chicago and employs 170,000 employees in the United States and across 70 different countries and continue to lead in the aerospace industry. Acquiring McDonnell Douglas, positions the space and defense business of Rockwell International and Hughes Space & Communications to lead the aerospace industry into the new century (www.boeing.com). When determining how to continue the growth of the company, like Boeing, it is key to do a lot of research and learn about the beginning of the company . In order to find where the company do its best it is necessary to review the history. . Maybe seeing where improvement can be made, finding out what the customer wants is also very important because times change, desires change as requests are being met. A snapshot of the competition and seeing what is on the market is a good way to make sure a company is not just providing the same technology to the customer. By discovering new methods for a better selling product, it can contribute to the building of a customer base and reputation for the company.

Compensation Proposal:

Cash payment calculations will entail salaries for management and other professional staff and hourly wages for the other employees. The latter category of workers will benefit from monthly performance based cash incentives. All employees qualify for long-term incentive schemes and stock options, based on how well the organization achieves its set objectives. The company will however undertake individual negotiations for specific employees pay, in accordance with the prevailing industry wide pay scale (Salary.com, 2012).

Boeing will offer several benefits to all workers irrespective of their rank. These include coverage for unemployment resulting disablement and loss of income. Employees will also benefit from a comprehensive medical cover that will encompass their immediate families. The company will sign up all its employees to a group pension cover. In addition, all employees will benefit from a companywide savings scheme (Bohlander, & Snell, 2009).

The company will provide an amicable work life balance for all employees. This will encompass flexible work arrangements including telecommuting, informal schedules for work where applicable, periodic paid vacations, and family friendly work policies for parents. Employees will also have access to wellness programs of their choice. The company will also offer payments commensurate with the contribution of individual employees and employee teams to the overall