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International Compensation Program, Assessment Example

Pages: 1

Words: 711

Assessment

In our company, the focus is wanting to succeed. When the company decided on setting up operations in Mexico, the plant wants to be a success. For this purpose, the company needs to send employees from our main location to spearhead this endeavor in order for it to be a success. In order to attract the best and most qualified employees to work in the plants. One of the primary motivators for most employees is receiving some type of compensation. This memorandum contains information on the newly developed international compensation program that will provide a lucrative and competitive package for the attracting the employees. Within the memorandum, we will use external and internal data to provide an attractive compensation package that is aligned with the company’s values and mission.

The compensation package that I am recommending will be able to entice and attract members to move to Mexico to make it a successful venture. The compensation package will be affordable to the company and will be a mixture of the based salary, bonus options, and exceptional benefits. More importantly it will mainly consist of performance based incentives. According to BLC, “A growing number of employers are incorporating performance-based compensation plans to boost productivity and maximize their return on investment in compensation.” (BLR 2013) This type of program will help reward the employees that produce, and demonstrate to the company how valuable the employees are to the company.Each of the ten expatriate positions will have an equal based salary of $80,000. This based salary is based on the company’s competitors, while also including a quarterly bonus program, what is set up with each individual worker meeting their goals. These goals will be reviewed on their quarterly performance reviews by the main office. The compensation program will include a cost of living adjustment that are based on the difference in the current and new locations, the size of the family, housing costs, and the cost of salary spend on goods and services. (DeZube, 2013) The package will include a housing allowance based on family size and position within the company, along with tax assistance that will pay for tax-return preparation and other fees.

The benefits package that each employee will received will consist of paid for by the company, dental, medical, and vision that is all covered by the company. The health insurance package will include basic and emergency healthcare for employees and their family members. The package will also set up spousal assistant for those spouses that are wanting to find work. Paid vacation (2 weeks), which includes paid holidays, sick days, personal days, and bereavement. In case of injury or sickness, the packages will provide short term and long termdisability insurance where the employ will receive a percentage of income on a short term basis. (Heathfield, 2012) The package will include life insurance policy, matching 401K plans that will pay 3% or negotiable. According to Heathfield (2012), “companies that emphasize better employee benefits packages and use them to attract and retain high caliber staff add 7.3% in additional profit to their bottom line.” (Heathfield, 2012) In order to promote more wellness and family, child care services will be covered along with gym memberships at the local gym, and continued training for employees. The international compensation package will be the base pay along with monetary bonuses, and the potential for advancement within the company. This international compensation will attract the tip candidates in order to motivate, and be competitive plan that can be negotiable and customizable based on the employee needs. This package will help keep the employees and their families satisfied, and keep them healthy, and keep the secure that they will have the coverage there when needed. The great benefits, bonuses, and performance-based pay will keep the company competitive and make employees more inclined to stay and be successful.

References

BLR. (2013). “Compensation Plan. How to Create a Compensation Plan that Motivates Employees.” BLR. Retrieved from http://www.blr.com/compensationtips/compensation-plan

DeZube, Dona. (2013). “What’s Inside an International Compensation Package?” Monster. Retrieved from http://career-advice.monster.com/salary-benefits/salary-information/international-compensation/article.aspx

Heathfield, Susan. (2012). “What’s In a Comprehensive Employee Benefits Package?

Offer These Components to Attract and Retain the Best Employee.” About.com. Retrieved from http://humanresources.about.com/od/compensation-structure/tp/employee-benefits-package.htm

WorldAtWork (2007). The WorldatWork Handbook of Compensation, Benefits & Total Rewards: A Comprehensive Guide for HR Professionals. John Wiley & Sons. New Jersey.

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