Compensation and Benefits Plan Executive Summary
Due to shrinking local labor market and increasing turnover within SMC Company, the board members of SMC will propose a comprehensive and progressive compensation and benefits plan to the CEO to increase retention in the Company. Traditionally SMC has paid only minimum wage and mandatory benefits. The following paper will propose the costs of the plan, external and internal equity, and creative methods of compensation and voluntary benefits for SMC.
Cost Of Plan
In order to address the issues of retention at SMC, we must first look at cost…
