Executive Summary
SMC Company, in an effort to be competitive in the local labor market, needs to establish and bring to the forefront an aggressive compensation and benefits package for its current and future employees. It is imperative that SMC be able to provide a wide variety of compensation and benefits to stabilize its work force and provide for long term relationships between employer and employee. The benefit of having a comprehensive package will provide employee loyalty to SMC for years to come, in doing so will cut down the costs related to marketing employees and the training of new employees.
In the past SMC has paid only minimum wage and mandatory benefits. If SMC is to move forward in the industry, SMC needs to provide an unparallel benefits package to its staff. In an effort to be competitive within the industry SMC needs to be creative and look at both traditional and non-traditional benefits to fulfill this obligation.
SMC Pictures 012
Français : Trancheuse SMC 200 R
From Company 'SMC GmbH' under GFDLAttracting and Retaining Key Employees
The most significant challenge facing SMC is finding and retaining employees. We've all heard the cliché that "our employees are our greatest resource." In the manufacturing industries, this is especially true. There is a limited pool of top talent, and companies are constantly competing, not just to attract that talent, but to hold onto it. According to the small business survey, companies are turning to new types of incentives to lure and retain employees. For instance, 62 percent of companies recognize the importance of rewarding performance through bonuses, commissions, and other incentives. In addition to rewards, companies need to offer progressive salary and benefit packages, including health, dental, and vacation benefits, as well as defined contribution plans such as a 401 (k) plan.
In early stage service companies, the most common and valued employee benefit is...