Compensation and Benefits Plan Executive Summary

Executive Summary

SMC Company, in an effort to be agonistical in the local labor market, needs to establish and bring to the forefront an in-your-face pay and benefits package for its current and future employees. It is imperative that SMC be able to cater a wide variety of compensation and benefits to stabilize its work force and provide for long frontier relationships between employer and employee. The benefit of having a comprehensive package provide provide employee loyalty to SMC for years to come, in doing so impart cut down the costs related to marketing employees and the genteelness of new employees.

In the past SMC has paid only minimum pursue and mandatory benefits. If SMC is to move forward in the industry, SMC needs to provide an unparallel benefits package to its staff. In an effort to be competitive within the industry SMC needs to be creative and date at both traditional and non-traditional benefits to fulfill this obligation.

Attracting and Retaining Key Employees

The wellhead-nigh significant challenge facing SMC is finding and containing employees. Weve all comprehend the cliché that our employees are our greatest resource. In the manufacturing industries, this is especially true. There is a limited pool of top talent, and companies are constantly competing, not just to attract that talent, but to hold onto it.



According to the nice business survey, companies are turning to new types of incentives to lure and retain employees. For instance, 62 percent of companies recognize the importance of rewarding exercise through bonuses, commissions, and other incentives. In addition to rewards, companies need to broaden progressive salary and benefit packages, including health, dental, and vacation benefits, as well as defined contribution plans such as a 401 (k) plan.

In early stage service companies, the most common and cherished employee benefit is...

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