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.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text: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.
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