HRM 530 Part 1 Assignment 5 Employee Compensation and Benefits

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Employee Compensation 1
Running head: EMPLOYEE COMPENSATION
Assignment 5: Employee Compensation and Benefits
HRM530- Strategic Human Resource Mgt.
If we closely evaluate the success of recent startups in the world, it will not be wrong to
say that human resources play a significant role in the organizational success (Gilmore, 2009).
As human resources are considered an absolute critical asset, the organizations must design
Employee Compensation 2
strategies to attract and retain them. The best approach to take when trying to attract and
maintain the best human asset is through the development of a competitive compensation and a
benefit package. This package should be in a specific harmonization with the organizational
objectives and the personal career objectives of the employees. While completely satisfying the
needs of both the parties might be an ideal condition but ensuring a best possible point can be
ensured.
Organization Selected for the Compensation and Benefit Package
The kind of organization for developing the compensation and benefit package for this
project is a non-for-profit organization that works for people with disabilities. This organization
has two major projects including a project which is aimed towards advocacy and the second one
is charged with making workplaces accessible. In total, this organization has 11 active
employees including the Chief Executive Officer, 1 Vice President Operations, 2 Project
Directors, 4 Project Officers, 1 External Engagement Manager, 1 Finance & Administration
Manager, and 1 Office Assistant. After the addition of HR Director and his secretary the total
active members of the organization is now 13 members.
Compensation and Benefit Package
Benefits Package
Many employees want to know what incentives they have to look forward to while
working. This organization will provide a great benefits package. Health insurance, dental
insurance, flexible spending accounts, a 401k retirement savings plan, vacation time, and
additional paid time off will be offered to all full time employees. The additional paid time off
would include funeral leave, maternity leave, family medical leave for the employee or an
immediate family member, sick days, and flex time.