Answer

Compensation, Incentive Plan and Benefits Packages

This paper explains how the competitive offer for Shannon Albright, a competent and qualified CPA holder will be prepared. Shannon Albright has degree in accounting from an online certified college and assumed an entry- level job in Atlanta Georgia immediately she graduated. For the last five years, Shannon has been an employee for the same firm. However, she recently submitted his application and went through a vigorous interview for a position at BASF that is situated in Boston Ma. As the human resource representative, I was accorded the chance to be amongst the panelist and I believe this applicant would be the most appropriate to take over the financial accounting position in our organization. Having interviewed many applicants, I am well convinced that Shannon Albright is the best qualified and suitable candidate for this position and therefore, I can design an appropriate and competitive offer that will attract this applicant and retain her services for a couple of years. Therefore, these subsequent sections prepare an offer with a competitive compensation package, benefit package, as well as, incentive plan that will attract Shannon and remain within the company’s proposed budget.

Cover Letter to the Supervisor

The Company Supervisor

XYZ Company

Boston, MA

Subject: Compensation, Benefits and Incentive Package for Shannon Albright

21^st March, 2021

Dear Manager

            The following is the benefit, compensation, and incentive package proposal that I have designed to present to the successful candidate, Shannon Albright. She is a qualified and competent CPA with degree in accounting from a certified online university. The applicant has held the entry level position for five years and I thus has the required experience. She is the most suitable candidate and qualified to be the financial accountant for our company. As such, kindly check the compensation, benefits and incentive package I have designed for her.

            I propose that we offer the candidate a salary of $ 68,500 since the average salary for the position of financial accounting is $64,000. Similarly, I propose that we provide this applicant with health insurance, short and long disability insurance, a company car, as well as, a twenty one paid holidays. It is also important to include in the package a yearly bonus that is commensurate to her salary based on her performance evaluation.

            Presently, there are few financial accountants in Boston and thus there is need for our company to attract and retain competent financial accounts available in the market so that it can remain success and gain competitive advantage over its rivals.  By the end of yesterday, there are two vacant financial accountant positions that should be filled. However, Shannon Albright has successfully passed the interview and declared suitable for the above position. For a fact, she has provided outstanding references and it is apparent that she has an exceptional attitude towards her profession and work, which makes us conclude that she can be a vital asset to the company. In case we want attract Miss Albright to come to Boston and be one of our employees, there is need for us to offer her a competitive and attractive compensation package. As such, it is my sincere believe that the proposal I have described herein is reasonable enough and will attract her to the company and Boston as well. I look forward to hearing from you soon. Thank you for your understanding.

Yours sincerely,

(Insert your name)

The Company Supervisor

XYZ Company

Boston, MA

21^st March, 2021

Dear Manager

Compensation Package

In the present job market, it is challenging to find a competent financial accountant (Osibanjo, Adeniji, Falola, & Heirsmac, 2014). In fact, there is still competition in the modern job market and this makes most financial professionals to receive several job offers and few potential candidates for employers to recruit (Osibanjo, Adeniji, Falola, & Heirsmac, 2014). To establish upper accounting skills and competencies can be difficult and designing a compensation package to attract that talent to your organization requires much skills and understanding how to effectively manage that compensation package takes skills and research.

Having carried out the typical compensation package for a financial accountant in the country based on the experience of the candidate, I can confidently ascertain that the average salary for a financial account is $64,000 while in Boston, the average salary for the same position ranges from $66,000 to $70, 000 based on the working experience that one has (Gentry, 2011). Ms. Albright has a five years’ experience as a CPA and therefore needs an additional compensation that the least amount of payment. Therefore, to attract Shannon Albright, I suggest that the company to offer to her a salary of $ 68, 500 (Gentry, 2011). Offering a higher salary to Shannon Albright is to make our company more attractive as compared to our rivals. Moreover, although Ms. Albright lacks sufficient experience to demand higher pay, offering her a relatively better pay will motivate her and make her work hard towards improving her pay. Besides the better salary, I would also recommend that we include various things in our compensation package.  First, there is need for paid health insurance that entails both vision and dental, life insurance, as well as, short and long term disability insurance.  The compensation package of Ms. Albright should include a comparable 401k plan, twenty one paid holidays, a competitive retirement plan, relocating and a company car allowance. The company should offer the stated compensation package to retain Ms. Albright services for numerous years and retain high quality workers (Osibanjo, Adeniji, Falola, & Heirsmac, 2014)

Incentive Plan

            Intuitively, various packages may attract various applicants. Reportedly, employee incentive plans are essential to the company since they are effective at fostering trust, loyalty, pride, commitment, and good and honest work (Dessler, 2007). As such, you should understand that a well-designed plan will improve a specific worker’s perspective and the business as well. Nonetheless, Osibanjo, Adeniji, Falola and Heirsmac (2014) posited that motivation plans or incentive plans can equally fail when the firm has a broad of a target and insufficient focus on the individual teams or workers. Therefore, we should design a competitive incentive plan to enable us hire competent and qualified candidates.

            I propose that the company should give Shannon Albright an employee bonus, which is based on her yearly performance assessment.  This bonus should be 20% of her salary in case her performance rating is above five including stock options. In addition, we should include accumulated vacation. For instance, in a year, an employee should get at least 8 hours of vocation plus extra forty hours having worked with the company at least ten years. More importantly, we should include a company matched 401K up to 10% of her weekly compensation. The company should equally provide a chance for growth in the organization to all workers.

Benefits Package

            Some of the benefits package that Shannon Albright should receive entails a complete health care package that every worker should be entitled to. Principally, this package will cater for all the health care needs of Ms. Albright for every stage of her life. As posited by Gentry (2011), BASF should offer a comprehensive health care package to ensure that their workers are healthy and fit. Essentially, the company should offer twenty one holidays to foster family and work life balance. These holidays might be used at the decision of the employee. Secondly, the company should offer 401K plan to provide the workers with some control over their retirement contribution amount, as well as, the manner in which it is invested.  The company should also offer the life, short and long term disability insurance to provide workers with a sense of security that their needs will be fulfilled. I recommend that the benefit package should encompass flextime, job sharing, elder and child care, telecommuting, as well as, company paid for fitness programs (Gentry, 2011). This recommendation should also include a company car that should be used for the company business.

            Similarly, we should include a retirement pension plan that is wholly financed by the company. This will plan benefit the workers based on the duration they have worked with the company.

Conclusion

           After critical conducting the research, it can be concluded that when an organization is developing a proposal for a potential employee, there is need for them to offer clear and detailed explanation of the incentives, compensation, as well as, benefits that the firm seeks to offer to the workers. As a fact, the more details that the applicant has, the better knowledgeable they will be and they will be able make critical decisions regarding the job offers presented to them. With this respect to this paper, this proposal offers Shannon comprehensive information regarding the incentive, compensation, as well as, benefit package that the organization has developed for her. Ms. Albright will find it easy to decide on when to accept various offers that the company presents to her. With the entire proposition listed above, it is without any doubt that the packaging of benefits will attract the most competent and qualified candidate. Based on the interview process already conducted together with the credentials listed, it is not anything to doubt that Ms. Albright is the most suitable applicant and one that the company will be glad to retain for several years to come.

REFERENCES

• Antón, M., Ederer, F., Giné, M., & Schmalz, M. C. (2020). Common ownership, competition, and top management incentives. Ross School of Business Paper, (1328).

  Dessler, G. (2007). Human resource management. (11^th Ed.) Pearson Prentice-Hall: Upper Saddle River, NJ.

  Gentry, C. R. (2011). Corporate Finance Salary Outlook. Journal of Accountancy, 211(3), 38.

  Osibanjo, A. O., Adeniji, A. A., Falola, H. O., & Heirsmac, P. T. (2014). Compensation packages: a strategic tool for employees’ performance and retention. Leonardo Journal of Sciences, (25), 65-84.

   

  http://www.indeed.com/salary?q1=Financial+Accountant&l1=Boston+

   

  Westervelt, R., & Valk, V. (2010). Executive Compensation. (Cover story). Chemical Week, 172(19), 17-21. Retrieved from Academic Search Premier database.