The Mpbs Compensation Plan

An adequate compensation plan is very important to the success of any organization. Well paid employees are usually happy employees and happy employees tend to be more productive. Base pay though is only part of a great compensation package. When designing a compensation package that works we need to remember that compensation does not mean the same thing to everyone (Miklovich, 2013). One employee might feel that the amount they receive in base pay is the most important factor while another employee may see a good healthcare plan as more important. Compensation packages may also be different between grunt level employees, supervisors, upper management, or stockholders. Also, what we deem as an adequate compensation package here in the United States may not be in other countries. The needs of people differ from person to person and from country to country.

The compensation package that has been designed for MPBS was designed to appeal to the employees currently working for MPBS and attract new talent to the organization. We believe in offering a compensation package that is can compete with the other compensation packages offered by organizations within our industry. We feel that doing so will increase productivity and decrease employee turnover. MPBS’s compensation package is made up of a competitive base pay plus many benefits and perks.

Besides base pay, which many employees feel is the most important component of a compensation package, at MPBS we feel that health insurance is one of the most important factors to having a great compensation package. For many individuals, even with the Affordable Care Act in place, health insurance is not possible due to the cost. In 2015 roughly 10.4 % of the United States population were uninsured (United States Census Bureau, 2016). We want to insure that our employees are able to afford the health insurance plans that we offer. Before the redesign of the compensation plans MPBS offered one medical insurance plan with two options, single or family coverage. I think we should offer several different medical insurance plans in a tier program. The lowest tier health insurance will be the least expensive but have the least coverage, the middle tier will be a little more expensive and will have a little more coverage, and the highest tier will be the most expensive of the three tiers and have the most coverage. Each tier should have an individual and family option. Even though the highest tier will be the most expensive out of the three options we want to insure that it is still affordable. We want to make sure that the employees of MPBS remain healthy. Along with health insurance we will offer employees dental and vision insurance. All insurances will cover pre-existing conditions. MPBS will cover the cost of dental insurance premiums.

All employees will also be provided with basic term life insurance. Employees will be able to purchase