Define compensation package b. what four cost considerations would you take into account when revising the PTO section of your compensation plan.
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Compensation and Benefits Administration
You just finish analysing information for the current compensation and benefits program information. You find that some changes should be made, as the majority of employees (you have 120 employees) are unhappy with what is been offered. In fact, the plan had not been revised in over fifteen years, making it dated and definetly ready for some changes.
One of the major points of contention is the Paid Time Off (PTO) the organizationoffers. Employees feel the current system of sick time and vacation time offers too few options. For example, one employee says, "I often come to work sick, so I can still have my vacation time for my vacation. Another, "I have given nine years to this organization, but I recieve only three days more than someone who has just started."
Here is the current PTO offerings.
| 1 + year | 7 days |
| 5 + years | 10 days |
| 10 + years | 14 days |
Adapted from: University of Minnesota Libraries Publishing (2016).
a. Define compensation package
b. what four cost considerations would you take into account when revising the PTO section of your compensation plan.
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