Compensation and Benefit Plan for Texas University
Main Issue about the compensation and Benefit plan for Texas University
The program seeks to address different issue related to the compensation and benefit plan that Texas State University ought to adopt (Cascio, 1992). The plan will also address the compensation approaches as well as other employers’ challenges and benefit exercises such as training and development programs that the organization plans to implement in the future. Health and general benefits that come by excellent services offered by each employee is also discussed in the program. Finally, the benefits that the university will reap from plan are also highlighted (Edwards, 2010).
Goals of Compensation Plans
The organization has various reasons for developing and implementing the compensation plan. First, the system was developed so that the organization can be able to retain and attract employees who deliver excellent services to the organization. This will give the organization chance to improve the reputation internationally as well as increase its production. Since the organization is an educational institution, increasing job motivation will have a positive return to the students (Knoke, 1994). The other goal for implementation of the compensation plan is to ensure that employees feel that they are well paid and compensated equitably for the contribution and efforts to the organization or firm. Rewarding the employees well makes sure that workers are able to handle both academic and non-academic issues in the organization are adhered since the mission of the organization is to offer quality academic courses. Finally, the goal of the compensation plan is to make sure that employee’s motivation is update and job satisfaction, and retention are ensured.
The factors that determine pay
There are several facets that determine the level of pay. For example, workers or Employer deliberation must be maintained in a number of ways such as; When employees compete for talent in shows nationally or locally, they should be paid or rewarded the best way possible to increase their morale (Martocchio, 2013). The level of pay is also determined by the type of talents that employers are competing for like for the above case is hiring a secretary. The level of lead in the market that the employer is striving to gain also determines the level of pay. In addition, the expectation that the organization plans to attain also affects the level of pay.
Alignment with the HRM strategy
One of the HR strategies is to ensure that the organization motivates the employees as much as possible hence; the excellent compensation aligns with the organization HR strategy. For the sake of improving the level of motivation in the organization, payments increase, as well as other benefits like retirement benefits should be promised to the secretary to be employed (Ward, 2010). The organization believes that the best HR policies pave way to employees retention and job satisfaction hence it offers best remuneration.
} Health Plans: The organization plans to improve health plans in the future to cover all employees within the organization
} Retirement Plans: The organization Projects to offer retirement benefits to employees in the future
} Vacation/ time off: The organization plans to offer vacation time off to all the employees (30 days/year)
} Paid Training: All training programs in the future will be payable. This benefit encourages more employees to take part in future training and development seminars and training (Brower et al,. 2008).
} The number of working hours may be reduced in the future.
Cascio, W. F. (1992). Managing human resources (Vol. 276). New York: McGraw-Hill.
Edwards, C. (2010). Public sector unions and the rising costs of employee compensation. Cato J., 30, 87.
Knoke, D. (1994). Cui bono? Employee benefit packages. American Behavioral Scientist, 37(7), 963-978.
Martocchio, J. (2013). Employee benefits. McGraw-Hill Higher Education.
Ward, B. (2010). Compensation & benefits survey 2009: Despite overall downturn in economy, RD and DTR salaries rise. Journal of the American Dietetic Association, 110(1), 25-36.
Williams, M. L., Brower, H. H., Ford, L. R., Williams, L. J., & Carraher, S. M. (2008). A comprehensive model and measure of compensation satisfaction.Journal of Occupational and Organizational Psychology, 81(4), 639-668.