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Recommendation of a new Compensation Program I am the new Vise president of benefits for R J Mortgage Company I am recommending a compensation program that will hopefully retain our employees and offer those benefits that are better then other companies It is my responsibility as compensation and benefit specialist to conduct market pay studies these studies determine what jobs that our company should pay what benefits and incentives are appropriate I start with a clearly define job description insure comparable market information base pay salary compensation salary trend and total compensation Then I will study salary survey data make a few phone calls to external sources and send out comprehensive questionnaires to companies and agencies to collect data relating to these job descriptions The description will have title of job department who the employee reports to a job summary and the summary of the essential functions of the job I then will compile my findings on a salary analysis form Position title base pay benefits such as medical dental vision life stock options retirement benefits and other incentives Appendix A B This will make it easy to compare and analyze information in various salary categories With well defined job description and great tools to help organize the information I can conduct a market pay study to help our company stay competitive httpofficemicrosoftcomen-usFX011879991033aspx The job evaluation is a tool used to evaluate the worth of each job in our organization and in the market With a successful job evaluation system I can make our organizations pay system equitable understandable legally defensible approachable and externally competitive I will use the job evaluations to Clarify job descriptions so that employees understand the expectations of their roles and the relationship of their roles to other jobs within the organization Attract desirable job candidates Retain high-potential employees The market comparison job will compare compensation for our organizations jobs to the market rate for
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