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Compensation and Benefits Plan Executive Summary

To attract and retain skilled talent, companies should explore alternatives for allowing employees to participate in the growth of the enterprise, while introducing incentives that team members can realize in the near term.

Management should take advantage of periods of transition as the optimum time to begin implementing new systems, and ideas into the company. The purpose of this summary is to explore various solutions to the shrinking of local labor market and the increasing turn over within SMC and how to increase retention. As a matter of first priority, SMC should devise compensation strategies that are competitive within its respective industries.

Dessler (000) compares benefits as an important part of just about every employee’s pay; they can be defined as all the indirect financial and non-financial payments an employee receives for continuing his or her employment with the company.

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Our suggestion, for the implementation of comprehensive, progressive compensation, and benefits plan that would drastically, increase the company’s employee retention. Employees of SMC will have the opportunity to make significant, personal contributions to the growth and development of the company. In return, SMC will be dedicated to providing employees with opportunities for career development, exciting and a comprehensive benefits program that is part of a progressive compensation package.

SMC employees will enjoy outstanding total compensation package, including excellent starting salaries based on qualifications and experience, stock options, and benefits. SMC exceptional employee benefits plan includes

• Dental, and vision coverage

• Company paid life insurance and the option to purchase additional insurance at group rates.

• Company paid disability insurance

• Educational assistance Plan

• 401K plan with company match

Eligibility for benefits would begin on the first day of employment, except for the 401K Plan, and educational Assistance Plan.

Dental and Vision Coverage

SMC will offer comprehensive dental and vision insurance coverage to employees and their eligible dependents at a minimum cost to the employee. As employee number increases alone with revenue, SMC will consider providing these insurances to employees at no cost.

Life Insurance

SMC will also offer a comprehensive life insurance coverage at and option to purchase additional coverage for immediate family members.

Disability Insurance

SMC will implement a program for short and long term disability insurance.

Education Assistance

SMC encourages degree seeking education and will provide financial support for employers who want to further their education.

401(K) Plan

As retirement plan, SMC will implement a 401 K plan for employees with the opportunity to accumulate savings on tax deferred basis.

As a creative way to increase employee retention, managers can begin to implement tangible compensation, and intangible compensation. Tangible compensation can include Personal Time Off, Commuting time or Flextime. Intangible compensation managers can take time to give their employees honest and frequent praise. When an employee completes a project, offer timely and constructive feedback and talk about the project.

Involved the employee by asking him or her to suggest ways to better improve the process for future projects. Take time to meet employees as individuals, and find out what assignments they find particularly challenging and make it a point to consider that person for such a job in the future, and ask them what they find distracting or unsatisfying about their work environment.

In conclusion, any changes within the company should benefit first the customer and then the employee, and with the implementation of a better benefit package, both the customer is benefited thru the receipt of equipment on time, but SMC’s leadership need to think about who their employees are and what makes them most satisfied and effective. In the end, SM C will have to make sure that the methods satisfy no only the employee, but the company as well.

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