Compensation Plan: The Ability Of A Company Essay

PAGES
4
WORDS
1265
Cite

Compensation Plan: The ability of a company to attract and retain the personnel it needs is partly dependent on its ability to provide competitive compensation packages. A company's compensation program is vital for its competitiveness since it's the basis for rewarding employee input. In order to ensure that the workers are effectively compensation, the firm should develop and establish an effective compensation plan. For the Department of Defense, there is need to recruit and retain military personnel that are competent and adequately rewarded for the services. The reward scheme should also consider the training and skills and compensation that match the rigors of military life, especially with the view of wartime deployment.

Working in the Military:

As an individual desiring to work in the Department of Defense, my dream job and desire has always been to work in the military as a civilian. Army civilians work in every imaginable profession within the Department of Defense though they are not active duty military or officers. The Army usually hires both civilians and soldiers since the needs of the military are best served through recruiting skilled civilian professionals to the Army's efforts. In addition to looking for highly competent civilians, the military hires passionate, determined, and creative people to support the defense of the nation. As an army civilian, an individual can work in the intelligence, engineering, medical, administrative, and architecture sectors.

Army civilian jobs are s significant extension of Army life and help in the smooth operation of military functions and business (Susan, 2009). Working as an army civilian enables a person to not only facilitates the security of the country but to also promote success and well-being. There are a variety of army civilian jobs to choose from with each of them coming with extensive benefits and extra bonuses that are immense and unavailable through the traditional means of employment. An Army civilian job is attractive since it provides job satisfaction while making the individual part of team that does something positive for the nation.

...

cash compensation, non-monetary benefits, and deferred benefits (Elmendorf, 2011). Therefore, an effective compensation plan for Army civilians that would attract skilled workers to the Department of Defense while controlling costs would involve & #8230;
Cash Compensation:

Cash compensation or monetary items are employee rewards such as cash allowances, salaries or wages, bonuses, and other monetary items. The cash compensation of these employees should include the total salary, cash performance rewards, and overtime pay. Additional elements that should be included in the cash compensation include service members' allowances for food and housing and associated tax advantages. The Department of Defense should also include special and incentive pay that is awarded to Army civilians for hazardous duty or specific skills.

Non-cash and Deferred Benefits:

Non-cash benefits are compensation packages that can be sizeable and impact decisions regarding employment. These benefits are crucial for the Department of Defense with regards to its ability to attract employees since they act as the basis for determining whether to enlist or re-enlist in the military. Individuals use the non-cash and deferred benefits packages to make decisions on whether get on or remain in a civil service career. This is despite of the fact that noncash and deferred benefits are usually challenging to evaluate as compared to cash compensation plans.

An effective non-cash and deferred benefits package should include items whose value is equal to cash compensation. Some of the non-cash benefits include medical care, health insurance, use of recreational facilities, and child care while deferred benefits include veterans' benefits and pensions. The Department of Defense should ensure that the noncash and deferred benefits are significantly considered because they encourage the…

Sources Used in Documents:

References:

"Army Civilian Benefits." (2009, December 8). Military Tuition Assistance and Scholarships.

Retrieved August 22, 2012, from http://www.militarytuitionassistance.org/service-member/army/army-civilian-benefits.html

"Army Civilian Corps." (n.d.). New Employee Handbook. Retrieved from United States of America -- Department of the Army website: http://chra-fe.korea.army.mil/chra/forms/ArmyCivilianCorpsNewEmployeeHandbook.pdf

Elmendorf, D.W. (2011, January 20). Analysis of Federal Civilian and Military Compensation.
Retrieved from Congressional Budget Office website: http://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/120xx/doc12042/01-20-compensation.pdf
Murray, C.T. (2010, April 28). Evaluating Military Compensation. Retrieved from Congressional Budget Office website: http://www.armed-services.senate.gov/statemnt/2010/04%20April/Murray%2004-28-10.pdf
2012, from http://www.everyjob.com/what-benefits-do-i-get-with-army-civilian-jobs/


Cite this Document:

"Compensation Plan The Ability Of A Company" (2012, August 22) Retrieved April 26, 2024, from
https://www.paperdue.com/essay/compensation-plan-the-ability-of-a-company-81709

"Compensation Plan The Ability Of A Company" 22 August 2012. Web.26 April. 2024. <
https://www.paperdue.com/essay/compensation-plan-the-ability-of-a-company-81709>

"Compensation Plan The Ability Of A Company", 22 August 2012, Accessed.26 April. 2024,
https://www.paperdue.com/essay/compensation-plan-the-ability-of-a-company-81709

Related Documents

organization's ability to recruit and retain talented employees requires ensuring employees are rewarded proportionately for their contribution towards achieving organizational goals and profitability. To achieve this, a benefits and compensation policy is developed and implemented for all workers. This company has established a compensation policy that offers a full range of conventional benefits, dental, vision and medical benefits in addition to a rewards program that offers incentives based on

Human Resources Pay Package Employee Compensation Plan Target Job: Registered Nurse (RN) in a Hospital Hillcrest Hospital is a 496 bed hospital located in Mayfield Heights, a Cleveland Ohio Suburb. Hillcrest is ranked in the nation's top 100 in cardiac care. It is part of the Cleveland Clinic system. The mission of the hospital is to provide nationally ranked healthcare to the surrounding community. It holds clinical excellence, safety, ethics, integrity, individual responsibility,

By bringing more locals into the overseas operation, the use of expats can be reduced. In addition, the cost of expats should be factored into the decision to enter a market. Major markets will still be profitable even with the presence of expats, but there are many marginal markets that may not be viable once expat costs are included (for example, where Malaysia may be profitable, adjacent Brunei may

The statement regulating accounting for stock-based compensations defines a fair value-based method of accounting for an employee stock option or similar equity instrument and encourages all entities to adopt that method of accounting for all of their employee stock compensation plans. However, it also allows an entity to continue to measure compensation cost for those plans using the intrinsic value-based method of accounting prescribed by APB Opinion No. 25, Accounting

Q12. Describe the impact of legislation on the field of compensation management. Minimum wage and overtime laws restrict the minimum amount employers can offer to workers; anti-discrimination legislation mandates that employees are compensated without regards to their racial, ethnic, gender, or disabled status. Q13. Identify the impact of incentives such as bonuses to a compensation program. For some professions, such as sales and investment banking, bonuses derive the bulk of the individual's expected

Crafting a Compensation and Benefits Plan Description Fishers is a mid-sized manufacturing company out to maintain market leadership through the development and implementation of a compensation plan that meets the needs of the owners, clients, as well as employees. Compensation programs are critical to the effectiveness of the organization as they play a fundamental role in employee motivation, satisfaction, and productivity. The company seeks to achieve two crucial objectives from the implementation