Sample Essay Paper on Incentive Strategy and Base Benefits

Incentive Strategy and Base Benefits

Incentives

All employees will be tasked with the incentive of additional advertising. Being a big company, Great cups will require a bigger and better marketing strategy. Employees will be given a particular target to increase the sales through advertising and adding to the number of customers. This means online advertising using different social media platforms such as Facebook, Instagram, and twitter. Also, the company would benefit from updating the website and making it more interesting to include all that they offer. All their products such as ice cream, coffee, and roasted coffee beans should be featured.  Employees will be expected to reach a certain goal depending on their rank and a bonus of 2% cut from each sale done from an online platform will be awarded to the person responsible.

Store managers incentives will depend on the sales created by the employees they supervise. They should also be eligible for a bonus if their teams exceed their expectations (Biswas, 2014). Based on the performance in sales from the previous year, the store manager will receive a 5% bonus for encouraging better sales in the current year.  Everyone involved in increasing sales will receive a bonus based on their payments and the monthly income from the online sales.

Benefits

Medical benefits are one of the most important parts of a benefit program by any company. Employees depend on this because it helps in supporting their health and that of their family members. Without medical cover, some employs would not be able to afford simple healthcare hence the need for employees to provide a health work environment through medical benefits. Great Cups should strive to provide medical cover inclusive of dental, vision, and prescription coverage. Employees will be allowed to choose their coverage depending on the amount they will be required to pay.  Employers who work at least 30 hours a week should be accorded the benefits of medical cover. We recommend that the cover be managed by one insurance company for all employees.

Family Leave

Family leave should be available for employees to allow them to take care of family members in case of illness or of a new family. It includes maternity leave, adoption leave, and paternity leave. As per the Family and Medical Leave Act, workers should be given the time off to care for family (Biswas, 2014). All employees who have worked with the company for more than 12 months with an input of at least 1250 hours in a year will be eligible for unpaid leave. The leave will be reinforced with a guarantee of job repossession or a posting to a similar job category or promotion. 

Holiday pay Benefit

The company should also offer employees extra pay for working on holidays and extra time. However, the company should limit the paid holidays to a maximum of ten days in a year. Full time employees should also be allowed extra day holidays in case a holiday falls on a weekend.

Severance pay

A severance pay will help employees manage their finances in case of termination. This will only be applicable to employees who have stayed with the company for more than 3 years. We recommend that Great Cups offers a week’s pay for every year they worked with the company. The terms of payment should be included in a contract signed by both parties.

With these suggestions we hope to have started off Great Cups Company on what their compensation and benefits plan should entail. With time, the relevant teams can make changes where necessary to fit their needs. Incentives and benefits help in encouraging employees hence a happy workforce and higher sales. Part time employees could also be offered benefits but terms and conditions must be drawn to ensure productivity. Standards such as performance should be monitored when coming up with benefit plans for part time employees.

References

Biswas, B. D. (2014). Employee Benefits Design and Compensation (Collection). FT Press.