Compensation Plan: The Ability of a Company Essay

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Compensation Plan:

The ability of a company to attract and retain the personnel it needs is partly dependent on its ability to provide competitive compensation packages. A company's compensation program is vital for its competitiveness since it's the basis for rewarding employee input. In order to ensure that the workers are effectively compensation, the firm should develop and establish an effective compensation plan. For the Department of Defense, there is need to recruit and retain military personnel that are competent and adequately rewarded for the services. The reward scheme should also consider the training and skills and compensation that match the rigors of military life, especially with the view of wartime deployment.

Working in the Military:

As an individual desiring to work in the Department of Defense, my dream job and desire has always been to work in the military as a civilian. Army civilians work in every imaginable profession within the Department of Defense though they are not active duty military or officers. The Army usually hires both civilians and soldiers since the needs of the military are best served through recruiting skilled civilian professionals to the Army's efforts. In addition to looking for highly competent civilians, the military hires passionate, determined, and creative people to support the defense of the nation. As an army civilian, an individual can work in the intelligence, engineering, medical, administrative, and architecture sectors.

Army civilian jobs are s significant extension of Army life and help in the smooth operation of military functions and business (Susan, 2009). Working as an army civilian enables a person to not only facilitates the security of the country but to also promote success and well-being. There are a variety of army civilian jobs to choose from with each of them coming with extensive benefits and extra bonuses that are immense and unavailable through the traditional means of employment. An Army civilian job is attractive since it provides job satisfaction while making the individual part of team that does something positive for the nation.

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Reward and Compensation Package for Army Civilian:

As part of an analysis by the Congressional Budget Office (CBO), Army civilians are entitled to a rewards and compensation package that has three major components i.e. cash compensation, non-monetary benefits, and deferred benefits (Elmendorf, 2011). Therefore, an effective compensation plan for Army civilians that would attract skilled workers to the Department of Defense while controlling costs would involve …

Cash Compensation:

Cash compensation or monetary items are employee rewards such as cash allowances, salaries or wages, bonuses, and other monetary items. The cash compensation of these employees should include the total salary, cash performance rewards, and overtime pay. Additional elements that should be included in the cash compensation include service members' allowances for food and housing and associated tax advantages. The Department of Defense should also include special and incentive pay that is awarded to Army civilians for hazardous duty or specific skills.

Non-cash and Deferred Benefits:

Non-cash benefits are compensation packages that can be sizeable and impact decisions regarding employment. These benefits are crucial for the Department of Defense with regards to its ability to attract employees since they act as the basis for determining whether to enlist or re-enlist in the military. Individuals use the non-cash and deferred benefits packages to make decisions on whether get on or remain in a civil service career. This is despite of the fact that noncash and deferred benefits are usually challenging to evaluate as compared to cash compensation plans.

An effective non-cash and deferred benefits package should include items whose value is equal to cash compensation. Some of the non-cash benefits include medical care, health insurance, use of recreational facilities, and child care while deferred benefits include veterans' benefits and pensions. The Department of Defense should ensure that the….....

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