Create a 3-4 page paper developing a compensation and benefits plan for potential new hires.
Introduction
In this assessment, you will develop a compensation and benefits plan for potential new hires.
Your challenge is to review pay and benefits issues as they relate to the law and why it is necessary for hiring managers to understand these policies. You will review the issues of pay and benefits and how they can be some of the most prevalent issues in human resources today.
Pay and Benefits
Fair compensation for a fair day’s work seems a relatively straightforward concept, but it only takes one glance at a newspaper to see that the stories of inflated chief executive pay, lost pensions, and deferred benefits have become serious concerns.
This assessment examines how these policies are administered and the decision-making process behind them. While many may have been embroiled in the topic of how much CEOs are paid, you will be more concerned with how the payment structure was set up, who decided it, and whether it was within the policies of the organization and the laws protecting every employee in their employee agreement.
Employment Law Violations
It seems that one of the most widely publicized employment law violations relates to companies who fail to properly pay overtime to their employees. We see commercials on television related to this topic, and well-known companies are often in the news for violating this law.
Most employers are required to pay overtime according to federal and state law. Overtime is 50 percent of the employee’s hourly wage, which means the employee is paid “time and a half” for each hour of overtime worked. There are many exceptions to overtime laws, but generally speaking, employees eligible for overtime are “nonexempt” employees, and those not eligible for overtime are “exempt” employees.
Most state and federal laws set a weekly overtime standard. This means that non-exempt employees who work more than 40 hours per week are to be paid overtime for all time worked above 40 hours. Some states (such as California) have daily overtime standards in addition to the weekly standards. This means that non-exempt employees are paid overtime for all time worked above eight hours per day, even if they do not work 40 hours in a week.
It is essential for HR practitioners, and all members of management, to understand how to properly classify employees and accurately record their time to avoid these types of violations. The laws are complex and can be somewhat confusing because of the number of exceptions to the rules.
In addition, HR practitioners are involved in ensuring appropriate compensation for employees. Understanding the employees’ job duties, the knowledge and skills needed to perform those duties, and their market value is essential knowledge for HR practitioners.
For this assessment, as the new owner of the “Aqua Irrigation Force” or your selected organization, you will need to develop the compensation and benefits plan for your potential new hires. As a franchise, you have just opened your company in a residential area and need to hire new workers. You will need to consider the location and the size of the company to complete this task.
In a 3–4 page paper:
- Select a position and determine the roles and responsibilities that are required.
- Explain the law that regulates paying minimum wage and overtime pay, considering that determining an employee’s salary is a significant factor for any position. Explain the law that regulates paying minimum wage and overtime pay. Address the following in your analysis:
- What is the minimum wage in your community where the Aqua Irrigation Force, or your selected company, is located?
- What is the requirement for the employer regarding pay when employees need to work more than 40 hours in a week?
- Describe the benefits that a company has to provide to an employee.
- Explain the duties of a fiduciary and the role this plays in your company.
- Discuss the requirements for companies that offer pension plans.
- Describe wellness plans. What should they offer and what benefits do they provide to both companies and employees?
Additional Requirements
Your paper should also meet the following requirements:
- Written communication: Ensure written communication is free of errors that detract from the overall message.
- Standard formatting: Include one-inch margins, appropriate headers, and a title page.
- APA formatting: Resources and citations are formatted according to current APA style and formatting. Review the Evidence and APA section of the Writing Center for guidance.
- Length: 3–4 typed, double-spaced pages, excluding title page and reference page.
- Font and font size: Times New Roman, 12 point.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:
- Competency 1: Examine the effect of the employment process on current work environments.
- Select a position and determine the roles and responsibilities that are required.
- Describe the benefits that a company has to provide to an employee.
- Explain the law that regulates paying minimum wage and overtime pay. Discuss the minimum wage or requirements for pay over 40 hours a week.
- Communicate in a manner that is scholarly, professional, and consistent with expectations for members of the human resources profession.
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