Creating Your Dream Job Essay Example | Topics and Well Written Essays - 1750 words

Creating Your Dream Job - Essay Example I would be provided with the opportunity of developing the portfolio of my responsibilities and aligning it with the needs and requirements of the business from the long term perspectives. Primary objectives to be fulfilled are as follows: Developing and executing financial strategies that would enable the organization to establish a foothold in the finance sector. Developing and executing strategies for business development. Establishing a strategic approach for the organization. Compensation and Benefits plan for the desired job Current Basic Pay $ 36500 Incentive Compensation $ 4000 Advance benefit dollars for the year 2013 $ 5500 Annual contribution for various other benefits $ 5500 Total Compensation and Benefits for 2013 $ 51500 This is the compensation and benefit structure of the desired job designation in the organization. Various other benefits are RISP (i.e. Retirement Incentive Savings Plan), STD (i.e. Short Term Disability), State Disability Insurance (SDI), Unemployment Insurance & Workers Compensation and Educational Reimbursement. The compensation package is the sum total of both direct and indirect benefits which the employees receive from an organization. The example of benefits generally includes salary, bonus, allowance, insurance, commission and pension plans. The compensation package provides ideas to the employees related to the entire payment structure (Rao, 2007). It does not deal with only hourly wages or salaries. The compensation and benefits plan presented to the employees include the basic salary, an idea about the bonus structure and various other benefits that an organization would provide to the employees. A thorough research has been done before preparing the compensation and benefits plan. The structure has been followed on the industry basis. Rationale behind choosing the Compensation and Benefits Package The employers offer comprehensive employee benefit package for attracting and retaining the employees. Every organization offers wide compensation and benefits package to the employees. Within the functioning of human resource, determination of whether the compensation and benefits strategy is aligned with the objectives, goals and strategies of the organization is an important factor (Leonard, 1994). The efficiency in these types of programs is always assessed by the effect it has on organizational performance as well as the limit till which it supports the potential talent strategy. Along with high efficiency, the compensation and benefit programs should have always increased the perceived value for all the employees of the organization. It enhances the individual performance which automatically increases the performance level of the organization. Thus, compensation and benefits package motivate the employees in a number of ways. The aforementioned compensation and benefits package includes incentives and a number of added benefits in order to provide a high perceived value to all the employees. Perf ormance Appraisal Plan One of the best methods of performance evaluation and performance appraisal is 360 degree feedback. It is also termed as the multi-source feedback, multi-rater feedback or the multi-source assessment. It is actually the feedback that is obtained from the immediate working circle of the employees. 360 degree feedback generally includes collecting direct feedback from the subordinates, supervisors and peers of the employees along with self