Employee Compensation

Many companies consider compensation benefits an important assets to the success of the company. When designing a compensation package ones must have knowledge of federal and state laws governing the compensation and benefits along with what the company offers to employees. A compensation package should be an incentive for employees to fulfill the company’s goals. Essentially the compensation package should be a positive for both the employer and employee. The success of the company may depend upon providing a competitive compensation and benefits plan in exchange for work performed. A compensation package is the combination of benefits that a company offers to the employees. The common elements of compensation packages are base pay, employee benefits, individual incentive and group incentive. “Base pay is a form of compensation that is not at risk and may consist of an hourly wage or an annual salary”.

(Stewart & Brown, 2012, p. 459). A well-developed attractive compensation packages are what attract and retain employees. Jamison Medical facility in Charlotte NC is a physician office that is part on an even larger healthcare system located along the east coast ranging from Maryland to South Carolina, with hundreds of facilities in between. Jamison Medical facility is developing a compensation package for a secretary. The median expected salary for a typical Medical Secretary in the United States is $33,886, according to salary wizard.com. A medical secretary provides secretarial support to clinical staff. Obtains pre-certifications as required by health care insurers or managed care providers. Informs patients of costs for care being provided, and guides them to appropriate resources for further information.

Types routine correspondence and reports from dictation or handwritten copy. Answers telephones, screens callers, relays messages, and greets visitors. Requires a high school diploma or its equivalent and 0-2 years of related experience.

Order custom essay Employee Compensation with free plagiarism report

450+ experts on 30 subjects Starting from 3 hours delivery

Get Essay Help

Has knowledge of commonly-used concepts, practices, and procedures within a particular field. Relies on instructions and pre-established guidelines to perform the functions of the job. Typically reports to a supervisor or manager. The design of the compensation package for the medical secretary will comprise of the base salary or core compensation, which is 33, 886 annually. The Core Compensation is based on averages for this job and does not reflect personal factors used to determine your projected salary range. The next component of the compensation package is the value of benefits additional benefits such as retirement/pension, healthcare, and time off. The value of benefits are what the Jamison Medical facility is expected contribution and paid time off.

When designing a compensation plan the first step is to determine what the company’s vision and how the benefits package can reflect this. The next step is to make sure that the compensation plan fits into the company’s budget. Once the options are research then offer a compensation plan that included a mixture of benefits to appeal to employees. After the plan is implemented have resources available for employees if there are questions. The Jamison Medical Facility make their values clear through the benefits that they offer. Having a well throughout developed compensation plan will attracts employees who share the same values. This can result in having a more cohesive workforce.

THE MEDICAL SECRETARY COMPLENSATION BREAK DOWN

Medical Secretary

Core Compensation
Median
% of Total
Base Salary
$33,886
66.5%

Bonuses
$2,660
5.2%

Value of Benefits

401K
$1,290
2.5%

Disability
$238
0.5%

Healthcare
$6,507
12.8%

Pension
$2,173
4.3%

Time Off
$4,178
8.2%

Total Compensation
$50,932
100%

REFERENCES
Stewart, G. L., & Brown, K. G. (2012). Human Resource Management (2nd ed.). Danvers, Ma: John Wiley & Sons. Hunt, J.G.,Osborn, R.N.,Schermerhorn, J.R., Uhl-Bien, M., (2012) Organization Behavior (12th ed.) John Wiley & Sons, Inc. Hoboken, N.J. http://www.hr.com/en/articles/desiging-an-incetive-compensation-plan_ewoaw31t.html http://swz.salary.com/salarywizard/Medical-Secretary-Salary

Don't let plagiarism ruin your grade

Run a free check or have your essay done for you

Check my essay Hire Writer