Sustaining Employee Performance Paper

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Compare possible compensation plans for the two positions

Coca-Cola company has a comprehensive benefit package that includes health and welfare, protection for the unexpected, workplace, lifestyle, and financial (The Coca-Cola Company; 2016). Each employee will have health & welfare included in their comprehensive package, which includes medical, dental, accidental death &dismemberment, group life insurance, dependent life insurance, flexible spending accounts, business travel accident insurance, short-term disability, long-term disability, survivor’s benefits program, and employee assistance program with confidential counseling service (The Coca-Cola Company; 2016). Now for financial, Coca-Cola offers rewards and recognition that includes competitive compensations, annual merit review, equity plans for employees in specified grade levels and red tag program that will help recognize their performance with redeemable points for travel awards or merchandise. Coca-Cola also have a matching gifts program that offers up to $10,000 per participants each calendar year on a 2-for-1 basis (The Coca-Cola Company; 2016). This is what Coca-Cola offers to all employees that works within their company for their compensation plan. The only thing that would make a difference is the pay because of the position that is held on in the company.

Importance of providing employee benefit plans

The importance of providing employee benefit plan is to help attract and retain the best talent to the company. Even if the high wages in the job does attract talented people to the job, they would want a good benefit plan to go along with the pay (Paychex; 2016). When offering employee benefit plans to their employee’s, it does prove that it can be a win-win situation when trying to promote improvement in the workplace. Benefits is one thing that drive employees to engage when providing a sense of security, encouraging workers to stay on the job, even through tough times. The average benefit package should include healthcare plan, vacation time, pay raise, employee benefit, performance bonus, and retirement plan (Paychex; 2016). For the two position that was chosen from the Coca-Cola Company, needs these employee benefit plan because if Coca-Cola wants the best then they need to offer the best to get the best talent for their company.

Employee’s needs to make sure that they get their performance review on a daily basis to know where they stand. Knowing where their employee stands, they can help their employees improve the needed skills for the company. Not only will skills be a good thin within the organization but knowing everything in and out of the job can help you get what you need.

Reference:

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Hr-guide; 2000; HR Guide to the Internet: Job Evaluation: Methods: Ranking: retrieved from: http://www.hr-guide.com/data/G411.htm

Hr-guide; 2000; HR Guide to the Internet: Job Evaluation: Methods: Point Method: retrieved from: http://www.hr-guide.com/data/G414.htm

Paychex: 2016: The Importance of Employee Benefits; retrieved from: http://www.paychex.com/articles/employee-benefits/importance-of-employee-benefits

The Coca-Cola Company; 2016; U.S. Employee Benefits: retrieved from http://www.coca-colacompany.com/careers/us-employee-benefits

The Coca-Cola Company; 2016: Employee Engagement: retrieved from: http://www.coca-colacompany.com/our-company/employee-engagement