Explain and justify the compensation package, incentive plan, and benefits plan.
Shannon Albright has an accounting degree from a U.S. accredited university. She also became certified as a CPA (certified public accountant). Upon graduation, she was offered and accepted an entry-level accounting position at a firm in Atlanta, GA. She has been gainfully employed with this firm for the last 5 years. Recently she interviewed with your firm, which is located in Boston, MA. You, working for the human resources department, want to hire Shannon for your organization’s financial accountant position.
You know Shannon is a strong candidate, and you want to develop a competitive offer that will attract Shannon yet still fit within the company’s budget and compensation structure (i.e., considering both internal and external equity).
With this in mind, you are asked to prepare the offer for Shannon. The following will be included in this package and should be specific to Shannon and this situation:
- Compensation package: What pay rate will you offer (using salary survey research as support)? What else may be included in the compensation package?
- Incentive plan: What performance-based incentives does this offer include?
- Benefits plan: What specific benefit plans does this offer include?
It is important to provide the necessary supporting details to explain the incentives and benefits being offered. The more details you provide, the better educated Shannon will be to make her decision to accept.
Along with these packages, you will include a 1-page cover letter addressed to your supervisor that outlines what you propose to offer.
- This cover letter should explain and justify the compensation package, incentive plan, and benefits plan.
- Make sure to discuss job location and experience level
- Your detailed plans will then follow that cover page.
Using the Internet and library, locate all necessary information for constructing these 3 packages. This is a research assignment so be sure to include and cite your research within the paper using APA style.