Compensation and benefits plan for companies

Compensation and benefits plan for companies

Introduction

A compensation and benefits plan aims at rewarding and elevating the spirits of the key employees. The concept was introduced following the need to urge the employees to try their level best to accomplish their personal performance goals. The goals were developed hand in hand with the organizations’ business targets.  A compensation and benefits plan will motivate every employee to achieve their goals while the organization meets it’s set yearly business targets.

Background of the Organization

The name of the company is Warm Seedling Co-operation. It falls under the agricultural industry and deals with the rearing of cherry tomato and strawberry seeds. The organization is profitably founded two years ago by EmleshPatri and PramilaEgro. It is located in Ontario. Our mission is “to maintain the natural sweetness of the crops produced.” Our vision is “to be the vast producers of cherry tomato and strawberry internationally.”

The crop production is carried out under greenhouses, where the crops are provided with proper growth conditions to support massive and organic growth. The production section is comprised of two parts; the greenhouses that nature seedlings and the ones that ensure the seedlings attain full maturity. The total number of greenhouses are ten with measurements 5m by 12m. All attendants dress appropriately to prevent contamination of the crops.

Employees are found in various parts of the organization. The small divisions include; marketing, production, the technical team, human resource management, IT and finance. Each of the groups has their own separate goals to attain at the end of a financial year. The grown seedlings and the mature fruits are sold both to local customers and customers outside the state. The target customers are companies that tomatoes into final products such as tomatoes and those that make products from strawberry such as chocolate companies.

Compare and Contrast of industry

Warm Seedling Co-operation infiltrated an industry where other organizations already existed. Some aspects of the company go hand in hand with other companies, whereas others are similar. Below is a clear comparison;

Engagement

Engaged workers tend to be the backbone of an organization. At that stage, the workers boost the productivity and profitability of the company. They also have positive customer ratings and less absenteeism. Work incurred accidents also tend to deteriorate; thus, no more incurred health costs. Different workers are, however, engaged differently for them to be pro-active.

Ways to engage workers include; involve them in decision making. Involving the employees in decision making makes them feel like their opinions matter. Once they feel this way, actualizing of the agreed-upon activities becomes easy. Secondly, the management should ensure each employee is situated at the place where they are skilful at. It prevents the employee from feeling frustrated and allows them to do what they do best.

Moreover, the management should ensure every department receives the materials required for production on time. It ensures that every work is performed on the scheduled time, thus does not delay production. Besides the employment of positive supervisors could help engage the workers. The supervisors are the link between the employees and upper-level management. If the supervisors care enough to air their concerns to management, the employees will be motivated to work.

Lastly, the inclusion of compensation and benefits incentives if facilitates engagement by boosting the morale of the employees.

Proposal for Benefits.

Herzberg’s Two-factor Theory of motivation aspired the proposed benefits that got considered. Frederick Herzberg, in his theory, divides the benefits into two. Those that offer employee satisfaction and those that prevent dissatisfaction. The two are described as hygiene factors and motivational factors consecutively.

Hygiene factors employed In Warm Seedling Co-operation

• Reasonable salary for every employee.
• Formulation of non-rigid administrative policies
• The offering of safe and clean working conditions
• Inclusion of health care benefits.
• Offer job security assurance to the employees

Motivational factors employed

• Recognition of the employees’ accomplishments
• Provision of growth opportunities.
• The employer show the employees the meaningfulness of their job
• The employees feel a sense of achievement.

Executing the following measures implies that the managers of Warm Seedling Co-operation would have put a substantial amount of focus in the adequacy of hygiene factors. This will ensure no employee feels like their job puts them on the strain. It will also ensure that the managers adopt a reward system that each employee will do their level best to attain it. The measures will also emphasize on job enrichment which will improve the work quality offered exponentially.

Conclusion

From the research, it is evident that each company should have their own compensation and benefits plan. The company being built-up is Warm Seedlings Co-operation. It is a company that deals in growth and supply of cherry tomato and strawberry seedlings. It works as a tool that facilitates the engagement of the employees. Involvement of the employees serves as the measure to calculate the performance of the company. There are different ways in which an organization can engage their employees rather than offering them benefits.

Different companies offer different salaries to their workers. The divergent wages attract various benefits depending on the employees’ task. The benefits are subdivided into; hygiene factors and motivational factors. Hygiene serves the purpose of offering employee satisfaction, whereas motivational factors serve the purpose of preventing dissatisfaction of the employees. In general overview, a compensation and benefits plan provides more advantages than disadvantages to the company.