Human Resource, Development of Employment Packages Essay

Human Resource, Development of Employment Packages - Essay ExampleAt this take aim of annual income, he pull up stakes be able to get his cost of living in Texas.This recompense will be complemented with a benefit envision comprised of employee assistance program basic life, long bound disability, and personal accident insurance medical and dental care plans time-offs and a retirement plan. He will also be disposed(p) company sponsored trainings and programs to further his skills and competencies. The incentive plan will make him legal for year-end bonuses, profit sharing, and salary increases.In this business organization, employees wee always been considered as strategic partners who abet it achieve all its corporate objectives and goals. In line with the companys goal of motivating its employees to excel in their given positions, it is very important to create a compensation package, incentive plan, and benefits plan which looks at the needs and mouthful of the human r esource. However, the company also needs to balance with its goals of profitability. Higher salary, incentive, and benefits for employees mean allocating a huge portion of the companys revenue to cover its costs.The aforementioned considerations have been the major foundation of the compensation package, incentive plan, and benefit plan drafted for pack Richard. ... It should be remark James graduated from an accredited university in the United States and had accepted an entry-level applied science job in a manufacturing firm in San Antonio Texas and stayed there for five years. His interview with us shows his naughty level of knowledge and skills to take onher with his commitment and responsibility in his previous job. Thus, the company we would like to ask him as we see his great potential and his productivity.The compensation package will be based on the average compensation of electrical engineers in the United States, the difference between the cost of living in San Anton io, Texas and here in Illinois, and the perceived value of James Richard for the company.According to the Bureau of Labor Statistics (2005), electrical engineers have an average hourly rate of $36.57 and an average annual salary of $76, 060. The lowest paid electrical engineers get $22.96 per hour while the highest paid ones get as high as $53.16 per hour. On the other hand, the annual wage ranges from $47,750 to $110,570. It should also be noted that according to the survey, Texas is one of the top five states which pays the highest to its employees. Electrical engineers in Texas are paid $40.47 hourly wage and have an annual mean wage of $84,180. It is assumed that James Richard is earning the average wage which is $84, 180.Furthermore, the cost of living in Chicago, Illinois is 16.5% higher than in San Antonio, Texas (Salary.com 2007). In order to maintain his current cost of living, he will need to find a job which pays $98,091. However, it should be noted that employers in Illi nois typically 13.2% more than in Texas which means that if