BUS FPX 4043 Assessment 6 A Competitive Pay and Benefits Plan
Phillip February 27, 2024 No Comments

BUS FPX 4043 Assessment 6 A Competitive Pay and Benefits Plan

BUS FPX 4043 Assessment 6 A Competitive Pay and Benefits Plan

Name

Capella university

BUS-FPX4043 Compensation and Benefits Management

Prof. Name

Date

Compensation Philosophy

Folly Faces LLC’s compensation program aims to attract, retain, and motivate potential employees. The program prioritizes fairness and transparency to ensure all employees understand the compensation process. By integrating effective communication with compensation strategies, we align our values and business objectives to foster operational and financial growth in the long term. We are dedicated to upholding equality for all Folly Faces LLC employees, as reflected in our compensation policies and practices.

Compensation and Benefits Effectiveness

The ability to attract and retain talent hinges significantly on the adequacy of the compensation and benefits package offered. Compensation encompasses various elements such as wages, salaries, bonuses, and commissions. Equally important are the benefits, which can serve as incentives for employees and contribute to their overall satisfaction. Moreover, a well-structured compensation plan can mitigate the costly repercussions of employee turnover, directly impacting the company’s revenue (Stahm, 2022).

Compensation: A Competitive Pay and Benefits Plan

In establishing a competitive pay and benefits plan, Folly Faces LLC offers a full-time, exempt position for a face painter with a starting annual salary of $32,000, inclusive of incentive pay. Base pay, the foundational component of compensation, represents the minimum remuneration for labor or services rendered, excluding taxes and additional benefits. Legal protections against compensation discrimination are enshrined in federal laws such as the Equal Pay Act of 1963 and Title VII of the Civil Rights Act of 1964 (Facts About Equal Pay and Compensation Discrimination, 1997).

Base Benefit Plans

Employee benefit plans encompass health and wellness, financial and retirement, time-off and leave, and work-life balance initiatives. These include provisions for health insurance, retirement savings plans, paid time off, and flexible work arrangements, among others (Haan, 2023). In Ohio, mandated benefits such as workers’ compensation and unemployment insurance are obligatory for employers (Haan, 2023).

Discretionary Benefits

Discretionary benefits, though not legally mandated, play a crucial role in enhancing employee satisfaction and well-being. Folly Faces LLC extends discretionary benefits such as student loan assistance, tuition reimbursement, and discounts for family party bookings. These offerings aim to bolster morale, facilitate skill advancement, and alleviate financial burdens for employees (Admin, 2022).

Major Laws

Adherence to federal, state, and local laws governing compensation and benefits is paramount. Folly Faces LLC commits to compliance with all relevant regulations to ensure fairness and equity in its compensation practices (Summary of the Major Laws of the Department of Labor, n.d.).

Trends

In response to evolving workforce dynamics, companies are embracing innovative approaches to employee benefits. Key trends influencing benefit strategies include rising healthcare costs, concerns about mental health, and regulatory considerations associated with remote work arrangements (6 Key Trends Influence Employee Benefits in 2023 | BenefitsPRO, 2023).

Conclusion

Folly Faces LLC endeavors to establish itself as a successful and esteemed entity in its industry. By offering a competitive compensation and benefits package supplemented with discretionary perks, we aim to cultivate a loyal and motivated workforce poised for sustained growth.

References

Admin, C. (2022). Discretionary employee benefits 101. Higginbotham.

Connecteam. (2023, June 8). What is Base Pay?

Facts about equal pay and compensation Discrimination. (1997, January 15). US EEOC.

Haan, K. (2023, August 2). Employee Benefits In 2023: The Ultimate Guide. Forbes Advisor.

Stahm, H. (2022). How compensation impacts your business. Payscale.

Summary of the major laws of the Department of Labor. (n.d.). DOL.

6 key trends influence employee benefits in 2023 | BenefitsPRO. (2023, January 27). BenefitsPRO.

BUS FPX 4043 Assessment 6 A Competitive Pay and Benefits Plan

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