Scenario #2: Compensation and Benefits Administration You just finished analysing information for the current compensation and benefits program information. You find that some changes should be made, as the majority of employees (you have 120 employees) are unhappy with what is being offered. In fact, the plan had not been revised in over fifteen years, making it dated and definitely ready for some changes. One of the major points of contention is the Paid Time Off (PTO) the organisation offers. Employees feel the current system of sick time and vacation time offers too few options. For example, one employee says, "I often come to work sick, so I can still have my vacation time for my vacation." Another employee says, "I have given nine years to this organisation, but I receive only three days more than someone who has just started." Here is the current PTO offering: 1+ year 7 days 5+years 10 days 10+ years 14 days. Adapted from: University of Minnesota Libraries Publishing (2016) Question 2 Instructions: This assignment should be submitted as an essay and include the following: a. Definition of compensation package. b. What four cost considerations would you take into account when revising the PTO section of your compensation plan? C. What four other considerations you would you take into account when developing a new PTO plan? d. Propose a new plan to the board of directors. The plan should be in the form of a table (spreadsheet), including PTO and other employee benefits.
Scenario #2: Compensation and Benefits Administration You just finished analysing information for the current compensation and benefits program information. You find that some changes should be made, as the majority of employees (you have 120 employees) are unhappy with what is being offered. In fact, the plan had not been revised in over fifteen years, making it dated and definitely ready for some changes. One of the major points of contention is the Paid Time Off (PTO) the organisation offers. Employees feel the current system of sick time and vacation time offers too few options. For example, one employee says, "I often come to work sick, so I can still have my vacation time for my vacation." Another employee says, "I have given nine years to this organisation, but I receive only three days more than someone who has just started." Here is the current PTO offering: 1+ year 7 days 5+years 10 days 10+ years 14 days. Adapted from: University of Minnesota Libraries Publishing (2016) Question 2 Instructions: This assignment should be submitted as an essay and include the following: a. Definition of compensation package. b. What four cost considerations would you take into account when revising the PTO section of your compensation plan? C. What four other considerations you would you take into account when developing a new PTO plan? d. Propose a new plan to the board of directors. The plan should be in the form of a table (spreadsheet), including PTO and other employee benefits.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 21P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Management, Loose-Leaf Version
Management
ISBN:
9781305969308
Author:
Richard L. Daft
Publisher:
South-Western College Pub
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Management, Loose-Leaf Version
Management
ISBN:
9781305969308
Author:
Richard L. Daft
Publisher:
South-Western College Pub