Employee Compensation and Benefits
Introduction
This paper will documentan employee compensation and benefits package for the position of secretary. It will include two main parts. The organization I picked for which I am designing the package and an employee compensation and benefits package for this position. To begin with, the type of organization I chose for which I am creating the package is a corporation, Danaher Corporation, to be specific.
In designing this package, internal and external factors must be considered. Internal are those which are within the company, and thus it can be controlled while external are those outside the company. It has no control over it, for instance, governmental regulations(Galuščák et al., 2010). Another essential factor to consider is the job description.This is regarded as the index of the duties and functions in a particular job. It provides vital reference points during the process of decision making concerning compensation for employees. This being the case, the job description of a corporate secretary includes; synchronizing and taking part in Board meetings and in the process, writing minutes; acting as a link between directors, principal officers, and shareholders; Responsibility of document and records maintenance and certifying that laws and regulations are complied with (The corporate Secretary, 2013 pg.2).
Employee compensation and benefits package
In terms of compensation, a stipulated amount is guaranteed to the secretarial positionin the form of a monthly salary. To arrive at the amount to pay for this position on a monthly or annual basis, we use the amount set as the minimum statutory pay that is set for the state of Washington DC, as stated by the “United States Bureau of Labor and Statistics.” This salary for secretaries, which is also the same as that of Administrative Assistants, stands at $51,010 annually(Bureau of Labor Statistics, 2019).This amount is approximately the same across all economic sectors for this secretarial position.
On the benefits package,these are divided into two parts,mandatory and voluntary benefits.In terms of mandatory benefits, these are the benefits that are advocated by the governments, both state and federal, and the corporation, therefore, has no choice but to comply with it. These include workers’ compensation, whereby the employer issues out compensation insurance to the employee to cover them in the instance of an accident during work hours(Klonoski, 2016). The next benefit is the social security taxeswhereby employers pay these taxes as corresponding to the percentage that employees pay and finally there is the overtime pay whereby the employeesare to be paid overtime wages if, at any point,they are to work for over forty hours a week(Klonoski, 2016).
In the aspect of voluntary benefits, the corporation offers these kinds of benefitssuch as employee reward schemes and paid vacationsto motivate the organization’s employees and therefore put more effort in work increasing productivity(Klonoski, 2016). These voluntary benefits will also be given to the secretary.
In conclusion, the individual who will take this secretarial position will have a significant compensation and benefits package. The compensation will be between the stipulated amount of $51,010 and $56,010. The fixed salary will depend on the negotiations between the corporation and the successful individual for the position. Furthermore, the corporation will issue out both mandatory and voluntary benefits. However, the package would be subjected to various changes according to the conditions that are prevailing. The eventual aim of this package is to make sure that the corporate secretary demonstrates effectiveness in the job and is motivated enough to work for the corporation.
References
Bureau of Labor Statistics. (2019). Occupational Employment and Wages: 43-6014 Secretaries and Administrative Assistants, Except Legal, Medical, and Executive. Bls.gov. (2019). Retrieved 13 June 2020, from https://www.bls.gov/oes/current/oes436014.htm.
Galuščák, K., Keeney, M., Nicolitsas, D., Smets, F., Strzelecki, P., &Vodopivec, M. (2010). The determination of wages of newly hired employees. Ecb.europa.eu. Retrieved 13 June 2020, from https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1153.pdf.
Klonoski, R. (2016). Defining Employee Benefits: A Managerial Perspective. International Journal Of Human Resource Studies, 6(2), 52. https://doi.org/10.5296/ijhrs.v6i2.9314
The Corporate Secretary: An Overview of Duties and Responsibilities. (2013). [Ebook]. Retrieved 13 June 2020, from https://higherlogicdownload.s3.amazonaws.com/GOVERNANCEPROFESSIONALS/a8892c7c-6297-4149-b9fc-378577d0b150/UploadedImages/HomePageDocs/Corp%20Secretary%20-%20Duties%20and%20Responsibilities.pdf.