Develop a progressive yet competitive compensation plan that will support recruiting and retention efforts and lower the employee turnover rate. Traditionally, Motors and More has provided employees minimum wage and statutory beneï¬ts. The Compensation Plan should address the items below.
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Â· How does Motors and Moreâ€™s employee compensation compare relative to other organizations in the area? Will the organization meet, lead, or lag the local market? Explain your rationale.
Â· Identify alternative pay methods and discuss the advantages and disadvantages of each.
Â· What beneï¬ts will you offer? Include statutory beneï¬ts. What are the costs of those beneï¬ts? What is the rationale for offering those beneï¬ts?
Develop a communications plan regarding how employees will be informed about the compensation plan. Define the sequence of communications considering the who, what, and when of the message. Below are the previous parts if you need them.