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 beneﬁts. The Compensation Plan should address the items below.
- How does Motors and More’s employee compensation compare relative to other organizations in the area? Will the organization meet, lead, or lag the local market? Explain your rationale.
- Identify alternative pay methods and discuss the advantages and disadvantages of each.
- What beneﬁts will you offer? Include statutory beneﬁts. What are the costs of those beneﬁts? What is the rationale for offering those beneﬁts?
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.