Benefits

Compensation and Benefits Plan Executive Summary
To attract and retain skilled talent, companies should explore alternatives for allowing employees to participate in the growth of the enterprise, while introducing incentives that team members can realize in the near term.
Management should take advantage of periods of transition as the optimum time to begin implementing new systems, and ideas into the company. The purpose of this summary is to explore various solutions to the shrinking of local labor market and the increasing turn over within SMC and how to increase retention. As a matter of first priority, SMC should devise compensation strategies that are competitive within its respective industries.
Dessler (2000) compares benefits as an important part of just about every employee’s pay; they can be defined as all the indirect financial and non-financial payments an employee receives for continuing his or her employment with the company.
Our suggestion, for the implementati...