Assume you have already created a budget for your pay and benefits program. In a 5-6 page paper: • Create a compensation philosophy statement for the organization. • Address the following questions and justify your responses using the job you selected in the Week 4 assignment: o Will this position be full time or part time, and exempt or non-exempt? o What will the pay for this position be? o Will there be incentive pay as well? • Analyze the major laws with which your compensation program must comply. • Describe the legally mandated benefits you will include in your benefits package. Identify the state in which this business operates and identify any specific state-mandated benefits as well. • Describe the discretionary benefits you will include in your benefits package. • Analyze the major laws or acts with which your benefits program must comply. • Analyze the employer cost of benefits as a percentage of the total compensation package. • Analyze the trends that affect the cost of benefits. • Evaluate the effectiveness of your compensation and benefits program to attract and retain talent.
Assume you have already created a budget for your pay and benefits program. In a 5-6 page paper: • Create a compensation philosophy statement for the organization. •…
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