A Brief Note On Compensation And Benefits Plan - 2021 Words

GC3 Compensation and Benefits Plan Pay Philosophy As GC3 pushes for a stronger and revitalized company, Tri-State Consulting, LLC recognizes the mission, vision and business strategy should be the basis for the company’s Compensation Strategy. â€Å"Turning compensation into a driver of business success is part of knowing your business (Miller, 2011).† Alignment with the business strategy is shown through industry match of compensation in the 50 percentile, which is part of differentiating services from rivals. Out of the 2,700 staff members, there are eight benchmark roles. These roles hold the following job titles Barista, HR Manager, HR Assistant/Store Manager, Store Manager, Recruiting Specialist, Training Development Coordinator, Chief†¦show more content†¦It is recommended that GC3 use a Total Rewards Program to help supplement their pay structure and allow employees to be rewarded by more than pay. This strategy is simplistic, yet gives structure to compensation and it allows for flexibi lity, if GC3 has an out-performing employee. Compensation Strategy Job Evaluation and Market Comparisons GC3 will endeavor to pay all of its employees total annual cash compensation at the median (50th Percentile, or middle) of appropriate national and/or local market rates of pay for similar jobs in similar companies, see comparison chart from industry survey to GC3 alignment below. If location or individual performance exceeds expectations and industry standards, higher levels of total annual cash compensation will be awarded, as well as bonus programs for determined out-performing locations. However, salaries may be adjusted versus industry levels based upon experience, competency and sustained performance. Total compensation plans and/or a total rewards program define an organization s strategy to attract, motivate, retain and engage employees. Compensation and benefits have paved the way for total rewards that encompass not only compensation and allowances, but also personal and professional growth opportunities and a motivating work environment (Heneman, 2007).† Pay Structure GC3 will use two platforms, or pay structures, for compensation of employees: First, market pay with bands and,