Hrm Week Three Reflectin

Compensation and Benefits Strategies Recommendations

Carrine Hamlett, Shaquan Bozemen, Andre Bakai

HRM/351

September 22, 2015

Professor:  Annmarie Burnette

Compensation and Benefits Strategies Recommendations

In current business, various sorts of resources are utilized to achieve organization goals and compete in the marketplace.  Compared to the Human Resource other resources are not as diverse and hard to control.  Humans are rapacious and needy, people desire compensation and need benefits.  This makes it difficult to control and continue a stable workforce.  This is why organizations offer rewards and benefits packets to workers.  There are no exceptions for Landslide Limousines to compete in the transportation marketplace, but the company must hold their skill personnel and keep their workers.  In this paper team “C”, will recommend various compensation and benefits packages for Landslide Limousines.  

Market Evaluation Results

Starting a new limousine business in Austin, Texas can be challenging because of the close competition, and hiring qualified limousine drivers with experience.  Austin, Texas has a huge number of limousine companies doing business in or around the vicinity.  There is a total of 442 limousine companies competing in Austin, which can create several problems for the Human Resource Department.  Some issues are dealing with low pay and high turnover rate.  Also HR must consider how tight the job market has been in recent years.  As the United States economy better and employment rise, the number of experienced candidates is showing a decreased.  On August 2015, the Bureau of Labor Statistics posted the newly released, which displayed the Government figures.  It showed an increase of 173,000 for the payroll of nonfarm employment in August 2015.  “Employment increased in leisure, retail trade, hospitality and technical services, and decreased in manufacturing and mining” (Bureau of Labor Statistics, 2015).  In the months ahead benefits and wages will rise as businesses compete for a reduced number of experienced candidates because of this trend.  

Recommends a Compensation Structure

Team “C” recommended the traditional job-based compensation model as the compensation structure for Landslide Limousine.  The structure includes the following pay-system mechanics:  an up-to-date and written explanation for each job position the organization offer.  This tool is crucial in the form of the pay system, it describes specific style for each position so that the characteristics are explained, and weight with compensable circumstances (Cascio, 2013).  The employment appraisal is a method used to appraise and rank positions in conditions of their general interest to the business and build a job hierarchy.  This tool also supports the company’s pay and construction dissimilarities between employments ranging from management to low-level workers.  The weight factor (points awarded) is what decides the hierarchy position (Cascio, 2013).  Surveys completed externally is utilized to identify the pay ratios in applicable labor markets.  During the job evaluation, each position is awarded points.  The points are utilized to create pay grades applicable to available employment opening in the hierarchy.