Employee Compensation and Benefits. Senior Secretary at Capital Nursing Home Limited (CNH)

Introduction Employee compensation and benefits characterize an investment from which an organization derives value. In this regard, it is imperative for the company to manage this investment in line with the overall organizational strategy as opposed to writing it off as an expense.Advertising We will write a custom case study sample on Employee Compensation and Benefits. Senior Secretary at Capital Nursing Home Limited (CNH) specifically for you for only $16.05 $11/page Learn More In view of hiring the new senior Secretary for Capital Nursing Home Limited, it is important to design and implement a compensation and benefits plan that will not only attract competent candidates, but also ensure that the company receives the best service from the employee attributed to motivation (Kouzes Posner, 2012). This will ensure that the company retains skilled and competent employees thus reducing the rate of employee turnover (Massey Gary, 1992). Senior Secretar y Total Compensation The following is the proposed personalized compensation plan for the Senior Secretary at Capital Nursing Home Limited (CNH). The proposal indicates the contributions CNH will make towards the Total Compensation package. The proposal demonstrates that the value of the employee’s benefits augmented with the annual salary and provides the total compensation. This is to illustrate to the employee how much his/her service is valued at CNH. Senior Secretary Job Description The Senior Secretary will have the responsibility for the general supervision specifically in assisting all tasks associated with systematic operations of the physician practice. The secretary’s duties will include receiving phone calls in a pleasing and receptive manner and direct the calls suitably (U.S. Equal Employment Opportunity Commission, 2013). Qualifications The position for Capital Nursing Home Senior Secretary entails standard secretarial responsibilities. In addition, it r equires the creation of rapport among the company departments for organizational efficiency, handling of petty cash and other minor duties. The potential candidates SHALL meet the qualifications outlined below to be considered eligible.Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The position needs two (2) years of secretarial training in a recognized institution or completion of secretarial training or equal business knowledge, skill and familiarity. The candidate MUST possess at least three years of experience in related field. A Bachelor degree in relevant fields is desirable. The candidate must be computer literate with an International Computer Driving License and have the capacity to type 55-65 words per minute. Domestic Compensation and Benefits Remuneration The successful candidate for the position of Senior Secretary shall receive a competitive package that includes compen sation and benefits. The initial annual base pay is $40,000. Other cash benefits (Annual bonus) will total to $1,200 while the company paid benefits will sum to $18,940. The total compensation for the new senior secretary is $60,140 annually. The breakdown for the remuneration is as indicated below. Benefits The total annual benefits for a senior secretary as paid by the company amount to $20,140. These include $18,940 Company-Paid Benefits and $1,200 Annual Cash Bonus. Insurance Benefits Insurance is essential as it covers the employee against most workplace mishaps (Guo Burton, 2010). Retirement Benefits The company shall contribute towards the senior secretary’s retirement benefits. Time Off benefits The company shall pay the secretary $3,538 as personal time off benefits. Mandated Benefits The company shall meet its legal requirements according to the Federal Law by paying the following towards the secretary’s benefits (All amounts in dollars). Federal Unemploymen t is $56; State Unemployment is $184, and Worker’s compensation 1,512. All these amount to $1,752.Advertising We will write a custom case study sample on Employee Compensation and Benefits. Senior Secretary at Capital Nursing Home Limited (CNH) specifically for you for only $16.05 $11/page Learn More Special Benefits It is important for the candidates to note that the corporation exclusively contributes towards this. In fact, this is to ensure that the senior secretary performs his/her duties conveniently for self and company performance, growth and development. These benefits encourage employees to work harder, commit to duties and be loyal to the institution (International Society for Performance Improvement, 2013) Total Compensation Package CNH as a competitive employer offers its employees competitive packages to ensure it retains the most competitive workforce in the healthcare industry. The total compensation package for the position of Sen ior Secretary includes the base pay ($40,000) and the company-paid benefits and cash ($20,140). This amounts to the total annual compensation of $60,140. The company-paid benefits represent 68 percent of the senior secretary’s total benefits. The company-paid benefits and the annual cash bonus represent an extra 50 percent of the secretary’s base pay. Additional Company Perks Basically, perks by the company initially include coffee services, company picnics, team bonding and annual holiday retreats (Krueger, 1990). Additional perks shall be given upon the evaluation of the secretary performance and negotiations with the human resource manager. Benefit Perspectives In order for the company to retain its competitive edge, it is critical to be creative in view of the benefits (Schneider, 2008). It is imperative to present employees with improved access and value of the benefits. The company should ensure that it allows the secretary to access the benefits immediately they are hired (SHRM, 2013). Indirect non-financial compensation The culture of CNH will be contributed to by the employment structures including the compensation rewards system. It is imperative to ensure that the program aligns with the company strategic goals (Stewart Brown, 2012). Recent research indicates that the contemporary changing and increasingly competitive healthcare industry’s inventiveness and flexibility draws and maintains highly skilled and competent workforce including expatriate (Burns-Green, 2013).Advertising Looking for case study on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion Contemporarily, it is a prerequisite for companies to reward employees for new ideas, superior performance and creativity for them to be innovative in a way that will help the company achieve its organizational strategic goals. This will be attained by putting in place a compensation and benefits program that reflects the changing economic times and the need for companies to attract and retain highly skilled employees. In order to retain employees for a long period as opposed to recruiting new workforce frequently, the company should offer annual bonuses. It is also plausible to tie the salaries to the tenure of employment. References Burns-Green, C. (2013). Consistent flexibility- The challenges of managing expatriate benefits. Benefits Magazine, 1(3), 12-19. Guo, X. Burton, J. (2010). Worker’s compensation: Recent developments in moral hazard and benefit payments. Industrial and Labor Relations Review. 63(2), 340-355. International Society for Performance Improv ement (2013). General format. Web. Kouzes, J., Posner, B. (2012). The leadership challenge: How to make extraordinary things happen in organizations. San Francisco, CA: Jossey-Bass. Krueger, A. (1990). Incentive effects of workers’ compensation insurance. Journal of Public Economics. 41(1), 73–99. Massey, R. Gary, L. (1992). Compensation packages for farm employees. Web. Schneider, J. (2008). Recent court decision sheds new light on ERISA’s top hat plan exemption. Journal of Financial Service Professionals, 1(2), 34-37. Stewart, G. Brown, G. (2012). Human resource management. Danvers, MA: John Wiley Sons, Inc. SHRM (2013). General format. Web. U.S. Equal Employment Opportunity Commission (2013). General format. Web. This case study on Employee Compensation and Benefits. Senior Secretary at Capital Nursing Home Limited (CNH) was written and submitted by user Samara C. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.