case study

Question 1

compensation programs

Answer 1

-base salary
-variable pay: Bonuses, commissions

Question 2

Benefit components

Answer 2

Paid time off
health insurance
flexible work arrangements

Question 3

non-voluntary benefits

Answer 3

-disability insurance
-health insurance

Question 4

voluntary benefits

Answer 4

-flexible work arrangements
-wellness programs
-retirement savings plan

Question 5

Determining pay for new hires

Answer 5

-job evaluation: Skills, knowledge
-Performance-based pay: Rewards high performers
-Flexibility and negotiation

Question 6

if you suggest any non-voluntary benefits, how are you going to “sell” the company on offering these benefits (because they tend to be fairly costly)?

Answer 6

-Reduce turnover cost
-employee appreciation and loyalty: Tangible expression for the company, when employees feel valued/supported they are likely to demonstrate loyalty and go beyond their roles.