Imagine that you have just been hired by a new company as the director of the HR department. You have been tasked to hire a new secretary for the department and to develop an employee compensation and...

Running Head: HUMAN RESOURCE MANAGEMENT    1
HUMAN RESOURCE MANAGEMENT         18
HUMAN RESOURCE MANAGEMENT: FORMULATING COMPENSATION AND BENEFIT PACKAGE FOR THE POST OF SECRETARY
Student’s Name:
Professor’s Name:
Section 1: Na
ative
Type of Organization for which the Compensation and Benefit Package is Designed
    Types of organization depend on the organizational structure, nature of services and organizational objectives. In the cu
ent section, the healthcare sector in USA is chosen. As stated by Chowdhury et al. (2018), the healthcare sector of any country is a significant contributor in the citizens. The healthcare sectors are terms that are used in a
oad sense of the term as for there are several ways, in which healthcare services benefit the citizens. The healthcare sectors commonly hint at a range of services that are related to the wellbeing of mental and physical health through preventive and remedial services. The healthcare sector not only provides care services to the people who are injured or sick, it also provides services to elderly persons and physically-mentally challenged vulnerable, improves the standards of living through medication, vaccination and care and lastly, promotes healthy practices for better society with higher health standards.
Employee Compensation and Benefit Package for Secretary in Healthcare Organization
    In the following section, the employee compensation and benefits plan is designed for the post of Secretary of a general medical and surgical hospital.
Hourly Wages
    The total pay of a month is divided by the number of days (which some organizations consider 30 as fixed number of days) to get the salary of a single day. As stated by Viswanathan and Narasimhan (2018), in case employees are required to work for longer duty hours or take leave from work before the daily 8 hours’ time, the wages are calculated, based on hourly wages, which again is determined by dividing the regular pay of a day with 8 hours. Considering the role of the secretary and the quality of the duty hours served, an hourly wages of $16.76 will be paid, which considering total of 8 hours a full working day accounts to $134.08 per day (Bureau of Labor Statistics, 2017).
Annual Wages
    In simple terms, annual wages are the total amount paid to an employee after a full service year, which again is based on the hourly wages. As identified by Campion, Campion and Campion (2018), the annual salary of a person is calculated through the number of months or days and even weeks to determine the daily payment and from daily payments, hourly wages are decided. The process can be reversed where the hourly wages gradually accumulate to annual wages. However, it is seen that annual salaries are only the collective form of regular salaries, and is devoid of all sorts of bonuses and incentives. Alternatively, the cu
ent post offered for the secretary an annual wage of $34,860 will be provided, excluding the extra duty incentives and yearly bonus.
Retirement Provision
    Keeping in alignment with all the standards of retirement provisions provided to employees, the cu
ent company has set up a system that will deduct 5% of the gross annual salary of the secretary, which as per calculation is $1743 per year. In order to benefit the employees, the organization will also pay the same amount of money to the fund where the deducted amount of the salary is stored. At the time of retirement, the employee will get double the amount saved from the deducted salary percentage. Every year the person holding the post of the secretary will save $3486 every year and the rate of saving will increase with each raise given to the employee.
Incentive, Bonus and Raise Provision
Considering the nature of the job, the growth proportion of the organization and the annual wages, employees are given raise in their salaries. As mentioned by Rose, Brink and Norman (2018), with the help of providing proper raise in salaries, employees are expected to be loyal to the company, match the price hike in market commodities and act as a compensatory action for the effort the employees have provided. It is seen that outstanding performing employees can get nearly 5% raise in their salaries and there are basic raise rates that companies follow. In case of the secretary a raise of 3% over the previous annual wages will be provided on fixed terms.
Additional Benefits
    Taking note of the various degrees of needs, an employee feels over the passing of time organizations offer health benefits, insurances, travelling provisions and employee loans. It is also found that provisions for casual leaves, medical leaves and holiday leaves are highlighted, in addition payment for short-term medical leave, including maternity leave are also provided. In case of the cu
ent organization, the secretary will be provided with two casual leaves in a month, which can be ca
y forwarded, but used before the closure of the annual year ending. The person on the post of secretary will also get 12 medical leaves in a year. In case of medical emergencies and short-term leaves, the basic salary will be provided, given that the short-term leave is less than 60 days. In addition, health insurance for the secretary and his family will also be provided.
Section 2: Presentation
Introduction
    Offering the right compensation and benefit package requires a proper understanding of the targeted employee’s needs as well as the priorities of the company in the long-term scenario of its business. A compensation package must include a fixed wages, terms of for earning incentives, scope of increment along with retirement and additional benefits such as health cover for self and family, travelling allowances and holidays. Considering the important role a secretary plays in healthcare organization proper packages must be offered.
Overview of the Package of Compensation and Benefits for the Post of Secretary
· Annual wages (Excluding Incentive and Bonus) is $34,860
· Company will provide additional 5% for the employee’s pension plan
· Health insurance for self and family
· 24 casual leaves
· 12 medical leaves
· 60 days medical leave payment (including accidents and maternity leaves)
Employee compensation and benefit plans are detailed and predetermined set of offers that an organization provides to its employees. As opined by Bryson and Freeman (2018), based on the offers and norms enlisted in employee compensation and benefit plan the employees are attracted towards the organization and it often acts as the deciding factor for an employee in case the posts and liabilities remain same. The cu
ent package offered to potential candidates seeking the post of company secretary will offer an annual rate of $34,860. The package also offer retirement offerings where the employee gross salary’s 5% would be deducted and stored and the company will provide the same mount, which will be given to the employee after the tenure of his service is over. The secretary will also be provided healthcare insurance for him or her along with her family. In addition, there are 24 casual leaves and 12 medical leaves, which can be ca
y forwarded within a financial year. Lastly, the package also has provisions for allowing medical leave for 60 days with full payment.
Wages in the Package
· Annual wages (Excluding Incentive and Bonus) is $34,860
· Hourly wages $16.76
· Daily wages $134.08
· $3486 accounts in secretary’s retirement fund
The wages provided for the secretary of the healthcare organization is aligned with the government allocated rates in Florida, USA. The annual wages totals up to $34, 860, an hourly wages rate of $16.76 and per day wages of to $134.08. All the wages will be paid as per the contract of employment. The wages mentioned in the contract are only the basic wages and the incentives as well as bonus are not included. As for the retirement plans the secretary will be able to accumulate a saving of $3486, among which half will be paid by the company and the other half will be deducted from the base salary of the employee. As mentioned by Ba
and Diamond (2018), organizations pay the 50% of an employee’s pension amount because of government regulation, which helps in making the person a superannuated man in future.
Retirement Provisions
· Deduction of 5% of the base annual wages of the secretary per yea
· The company will contribute 5% more on the deducted money
· Deducted and contributed money accumulated for pension
· The pension is deduction increases with annual base wages raise
The base annual wages of $34,860 will be considered as the base for deducting $1743 per year and the company will pay the same amount making it a total of $3486 per year. After a raise is given to the base salary, the deducted amount will increase, as...