Employee Staffing and Compensation Plan for a Small Size Public Traded Company

Introduction

Staffing and compensation entail finding the right person for the right job, it will also ensure that this person is put in the right place and is doing the right job. Compensation, on the other hand, looks at all work-related payments like wages, insurance, time off, and commissions. Salaries and wages are the most obvious areas when it comes to the compensation of employees. This will also be based on job groups and other factors that affect employee compensation, related to the values of the job to the organization. The following is an employee staffing and compensation plan for a small size public traded company (Clady, 2014). The plan will look at the thought process used when staffing and compensating the company employees using the following deliverables:

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Components of the hiring/ succession Plan ( manager’s role)

  • Candidate evaluation – the manager will use this process in finding the right person for the right job. This will involve taking the selected candidates through an interview to determine the person fit for the job. Candidate evaluation should also look at work experience and other skills that the candidate has related to the Job.
  • Training – training of newly, employed staff will be very vital for the job. This will ensure that they are aware of what is needed from them. Training will also be done for new staff as a way of empowering them so that they can qualify for promotions within the company (Silverman, 2005). The manager should ensure that training needs go in line with the company policy.

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  • Key Positions- The key positions in the company will include marketing managers, public relations officers, and strategic planner. This is because the company has a weakness when it comes to the marketing of its services and products.
  • Access to records- This will entail the track of the movement or records in the organization. At this, the manager will provide employees with information on resource requirements like staffing, facilities and other business plans that ensure the internal relationship is maintained and the objective of the company is met.  Obsolete records will also be re-evaluated to ensure that only those, which add value to the company, are retained.

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  • Interest Assessment – this will be helpful to understand the staff position in relation to their career plan. It will ensure that the right person is selected for the position and that they have the interest of the company at heart.  As it is with careers, each employee will have own interest some of which nothing to do with abilities or skills. In most cases, people are usually attracted to activities that they are interested in or enjoy doing. This will afford them the opportunity to develop their abilities and skills (Weldon, 2012). For a manager, choosing the right staff also means getting an individual that finds the job interesting to do and not just about the salary that it attracts.

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Components of the Recruitment Plan

  • Needs Assessment – During needs assessment the manager will first analyses all the departments in the organization to find where positions are missing. There will also need to look at departments that are understaffed and the budget that the company can provide for the staffing and compensation process. The needs assessment is vital to the staffing process, as it will ensure that the right person is hired for the right position. In addition, the organization will be able to fill positions that are empty that there is no overstaffing in the organization. For this company after conducting the needs assessment, the marketing department needs to add more staff to increase the marketing strength of the organization (Clady, 2014).
  • General and Specific recruitment-  during the general recruitment, the manager will be looking for people who can fill up volunteer jobs. However, since this is not permanent, they will be hired depending on the needs of the time. For example, during the marketing plan, the company may need marketing research assistants to help in filling questionnaires, at this general recruitment will be done. During the specific recruitment, the manager will look for a candidate that will take on a permanent position in the company (Silverman, 2005). This individual will go through the interview process, training, and recruitment to ensure that they understand the company and can be productive. They will also be registered in the company monthly payroll.

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  • Goals, Strategy, Action steps – The goal of recruitment plan will be to find the right people to fill the right positions of the company. The company will also be looking for productive candidates that are interested in meeting the objectives of the company. The strategy will be to recruit able employees that will work for the company on a one-year renewable contract. This is important, as it will ensure these candidates are evaluated on a yearly basis (Silverman, 2005). The steps will entail advertising for the job, formulating the interview questions and panel, evaluation each candidate through a score sheet and finally selecting the right candidate for the position. 
  • Methods of recruitment – Two method of recruitment will serve the purpose of this organization. First, there will be an internal recruitment, which will consider people working with the company for the open job positions. Internal recruitment will be most appropriate, as it will ensure the recruitment budget is not stretch and less expensive. Internal recruitment will also be appropriate when employees are considered for promotion positions (Weldon, 2012). External recruitment will be considered when the company is outsourcing for new talent in the selected departments. Also due to the needs basis, the company will consider the type of recruitment.

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  • Budget- The main items in the recruitment budget will be

             Advertising-$ 500

            Interview – $200

            Training $1000

            TOTAL  = $1700

  • Resources- Recruitment resources will include interview schedules, score sheet templates, and affiliated companies.
  • Employee orientation and training – Orientation and training will be done when the right candidate is found. The new candidate will be introduced to each department of the organization and familiarized with other staff. Training will then be done on the company’s mission, vision, objectives, and strategic plan (Weldon, 2012).

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Compensation Plan: Salary Study and Incentive

  • Compensation Philosophy – The compensation philosophy for this company will be percentile based. This means that the rate at which the employee is able to perform to the required level will determine how much he or she will be compensated.
  • Pay Policy on hiring, promotion, and merit- Pay policy for the company will depend on the job position and not the education level of the employee. This is important to ensure that equality is observed. However, upon promotion, the employee payment will also rise. The company will not look at merit but at the productivity of the individual (Clady, 2014).

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  • Pay range alignment – the pay range will also depend on job position and the company policy. Previous places of work will be considered when negotiating pay range.
  • Communication of pay policy- Communication of pay policy to employees will be done during selection. As the employee signs the contract, he will be introduced to pay policy and asked to agree to the terms or decline (Silverman, 2005).
  • Consistency – the consistency of payment for the employee will be maintained under the written contract. The employee will be compensated so long as they are productive under the contract.

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Diversity Management Policy

  • Recognition and respect for individual differences- The Company has a policy against any forms of discrimination and sexual harassment where any employee found to exercise this will be suspended and if continued fired.
  • Positive workplace environment- Employee relations is paramount in the organisations. Retreats and other bonding activities are incorporated in employment terms as a way of establishing a safe work environment.

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