Now that you have considered how to recruit and retain the employees you want in your organization, add the following:
· A business proposal format to create a compensation and benefits package consistent with job satisfaction objectives for the valuable employees in an organization of your design.
· An overview of salaries and benefits packages of comparable organizations in the health care, nonprofit, or government industries.
· What employees working in the 21st century consider to be benefits (see this week’s recommended readings for a start).
· What helps to keep employees engaged in their work (see State of the American Workplace: Employee Engagement for U.S. Business LeadersLinks to an external site. and Surprising, Disturbing Facts From the Mother of all Employee Engagement SurveysLinks to an external site. for some ideas).
Full Answer Section
Problem
Many healthcare organizations struggle to create compensation and benefits packages that are both competitive and affordable. This is due to a number of factors, including the rising cost of healthcare and the competitive nature of the healthcare industry.
Solution
The proposed compensation and benefits package is designed to be both competitive and affordable. It includes a mix of traditional and nontraditional benefits that are tailored to the needs of healthcare employees.
Goals
The goals of the proposed compensation and benefits package are to:
- Recruit and retain valuable employees
- Improve employee job satisfaction and engagement
- Reduce employee turnover
Proposed Compensation and Benefits Package
The proposed compensation and benefits package includes the following:
- Compensation: Salaries will be competitive with those of comparable organizations in the healthcare industry.
- Benefits: The benefits package will include a mix of traditional and nontraditional benefits, such as health insurance, dental insurance, vision insurance, retirement savings plans, paid time off, and tuition reimbursement.
Implementation Plan
The proposed compensation and benefits package will be implemented in phases. The first phase will involve conducting a market analysis to determine the salaries and benefits packages of comparable organizations in the healthcare industry. The second phase will involve developing a plan to phase in the new compensation and benefits package over a period of time.
Evaluation Plan
The proposed compensation and benefits package will be evaluated on an annual basis. The evaluation will include a review of employee satisfaction and engagement surveys, as well as a comparison of the organization's salaries and benefits packages to those of comparable organizations in the healthcare industry.
Overview of Salaries and Benefits Packages of Comparable Organizations in the Healthcare, Nonprofit, or Government Industries
The following table provides an overview of the salaries and benefits packages of comparable organizations in the healthcare, nonprofit, and government industries:
What Employees Working in the 21st Century Consider to be Benefits
Employees working in the 21st century consider a variety of factors to be important in terms of benefits. Some of the most common benefits that employees value include:
- Health insurance
- Dental insurance
- Vision insurance
- Retirement savings plans
- Paid time off
- Tuition reimbursement
- Flexible work arrangements
- Wellness programs
- Professional development opportunities
- Opportunities for advancement
What Helps to Keep Employees Engaged in Their Work
Employees are more likely to be engaged in their work when they feel valued and appreciated. Some of the things that help to keep employees engaged include:
- A positive work environment
- Opportunities to learn and grow
- Meaningful work
- Recognition for their contributions
- Opportunities to make a difference
Conclusion
The proposed compensation and benefits package is designed to be both competitive and affordable. It includes a mix of traditional and nontraditional benefits that are tailored to the needs of healthcare employees. The package is also designed to improve employee job satisfaction and engagement, and to reduce employee turnover.
Sample Answer
Business Proposal Format to Create a Compensation and Benefits Package Consistent with Job Satisfaction Objectives for Valuable Employees in a Healthcare Organization
Executive Summary
This proposal outlines a plan to create a compensation and benefits package that is consistent with job satisfaction objectives for valuable employees in a healthcare organization. The plan is based on research into the salaries and benefits packages of comparable organizations, as well as the factors that employees consider to be important in terms of job satisfaction and engagement.
Background
A competitive compensation and benefits package is essential for recruiting and retaining valuable employees. In the healthcare industry, where there is a high demand for skilled workers, it is especially important to offer a compensation and benefits package that is attractive and competitive.