Designing a compensation and benefits package for a pharmaceutical company HR secretary

Compensation and Benefits Package for a Secretary

A pharmaceutical company has recently hired a new director for its human resource department as part of its initiatives to enhance productivity and organizational success. The company is also seeking to hire a new secretary for the HR department and develop an employee compensation and benefits package for this position. This package will be utilized for the position of secretary for the HR department once a suitable candidate is hired. Generally, pharmaceutical companies hire educated and highly talented individuals because of the nature of their operations, which requires high academic qualifications. In essence, the need for high academic qualifications for this industry is fueled by the fact that these professionals deal with patients whose needs are constantly evolving. The development of a suitable compensation and benefits package for a HR secretary in this pharmaceutical company requires examining compensation and benefits packages in the pharmaceutical industry.

Outlook of the Pharmaceutical Industry

One of the most important steps in designing an employee compensation and benefits package for the new position in this pharmaceutical company is conducting an industry outlook with regards to employee compensation and benefits. The pharmaceutical industry basically employs pharmacists whose main role is to dispense prescription medications to patients and provide expertise with regards to use of these prescriptions safely. Moreover, these professionals offer advice on living a healthy lifestyle, provide immunizations, perform health and wellness screenings, and supervise medications provided to patients (Bureau of Labor Statistics, 2014). In addition to working in a pharmaceutical company, pharmacists can also work in retail pharmacies, hospitals, and clinics.

The Bureau Labor of Statistics projects that employment in this industry will grow by 14% by 2022, which is relatively as fast the average for all professions or occupations. This projected growth will be fueled by increased demand for prescription medications that will in turn contribute to increased demand for pharmaceutical services. While employee compensation and benefits in this industry varies depending on the specific kind of job, the median annual wage for pharmacists was approximately $116,670 in May 2012 (Bureau of Labor Statistics, 2014). There are numerous employment opportunities in the pharmaceutical industry including business and financial occupations, management occupations, and office and administrative support occupations.

Salary and Bonuses

The first component in this compensation and benefits package for the position of a secretary for the HR department is salary and bonuses. Generally, a suitable compensation and benefits package or framework ensures that employees are rewarded based on their hard work and input to the organization in the most cost-effective manner for the firm ("Human Resources: Compensation, Benefits & Reward," n.d.). Since this position is an office and administrative support occupation in the pharmaceutical industry, the annual mean wage for the individual will be $63,800 based on employment statistics provided by the Bureau of Labor Statistics. However, the individual will receive bonuses and incentives that will vary depending on his/her input towards improvement of organizational operations. In this case, these bonuses and incentives will be determined based on the impact of the specific improvement on the company's bottom line. Moreover, this professional will be entitled to incentives for any overtime work based on the hourly wage in this sector.

Additional Benefits

Apart from salary and bonuses, the new secretary will also receive additional benefits such as medical insurance, dental plans, life assurance, and health and wellness plans. These additional benefits will be determined based on the performance of the company in this industry relative to existing competition and achievement of established business goals and objectives. The provision of these benefits to the individual is fueled by the fact that employee compensation and benefits in the pharmaceutical industry and human resource profession is not only based on monetary incentives but also incorporates non-monetary rewards. These benefits will help improve the overall health and well-being of the individual, which is a crucial element in determining the level and extent of their input in the company's operations. The provision of these benefits will also help in significantly reducing company's expenditures on health-related issues, probable absenteeism, and employee turnover.

Career Development and Training

The final component in this compensation and benefits package is career development and training, which is a non-monetary incentive that seeks to promote and enhance the individual's professional growth and development. In this case, the company will partner with the individual in promoting his/her professional growth through providing career development programs and relevant training. The new secretary will be entitled to on-the-job and off-the-job career development and training programs depending on his/her area of interest or career path. In this case, programs and activities that promote skill development will be established accompanied by assessment of individual development plan and ensuring supervisors support the individual's development initiatives and efforts (UCSF Human Resources, n.d.).

In conclusion, the process of hiring a new secretary for the HR department in this pharmaceutical company requires the development of a suitable compensation and benefits package. This package incorporates monetary rewards (salary, rewards and bonuses) and non-monetary incentives (career development and training and additional non-financial benefits).