Question
hannon Albright has an accounting degree from a U.S. accredited university. She also became certified as a CPA (certified public accountant). Upon graduation, she was offered and accepted an entry-level accounting position at a firm in Atlanta, GA. She has been gainfully employed with this firm for the last 5 years. Recently she interviewed with your firm, which is located in Boston, MA. You, working for the human resources department, want to hire Shannon for your organization’s financial accountant position.
You know Shannon is a strong candidate, and you want to develop a competitive offer that will attract Shannon yet still fit within the company’s budget and compensation structure (i.e., considering both internal and external equity).
With this in mind, you are asked to prepare the offer for Shannon. The following will be included in this package and should be specific to Shannon and this situation:
Compensation package: What pay rate will you offer (using salary survey research as support)? What else may be included in the compensation package?
Incentive plan: What performance-based incentives does this offer include?
Benefits plan: What specific benefit plans does this offer include?
It is important to provide the necessary supporting details to explain the incentives and benefits being offered. The more details you provide, the better educated Shannon will be to make her decision to accept.
Along with these packages, you will include a 1-page cover letter addressed to your supervisor that outlines what you propose to offer.
This cover letter should explain and justify the compensation package, incentive plan, and benefits plan.
Make sure to discuss job location and experience level
Your detailed plans will then follow that cover page.
Using the Internet and library, locate all necessary information for constructing these 3 packages. This is a research assignment so be sure to include and cite your research within the paper using APA style.
Please refer to the following multimedia course materials:
Unit 4: Compensation and Human Theory
Unit 4: Employee Services
Unit 4: Compensation
Unit 4: Enhancing Employee Satisfaction
Answer
A LETTER OF JOB OFFER
Dear Hannon Albright:
We are very pleased to formally offer you a job of the financial accountant for our esteemed company, Jimmy Holdings. Your experience, knowledge, and skills in the field accounting will be an asset to our department and the company in general. Your employment will commence as first of next month.
Job role
As the financial accountant, your primary task will be the provision of financial analysis support to the company through the preparation of the income statement and balance sheet. Moreover, you also have a duty to properly advise the management of the company and other departments who have financial accountability concerning financial decision like investments and source of finance. Other minor duties include:
- Keeping up and computation of taxes owed as well as preparation and filing of tax returns.
- Analyzing all enterprise operations trend costs revenues and financial commitments
- Creating, developing and maintaining budgets
- Provide internal and external auditing services for the enterprise.
- Survey and analyzing of business operations to ascertain any accounting needs.
Compensation package
The company has workers compensation plan in effect in accordance with the requirements of the state and federal laws. Considering the nature and type of tasks and duties performed by financial accountants, the company is prepared to offer you a basic salary of $ 45,850. Moreover, as an accountant, you are entitled to housing allowances, transport allowance, bonus, paid days off and insurance. Thus, your net payment will look as follows:
Basic salary $ 45,850
Paid days off $ 2,500
Insurance $ 2,600
House allowance $ 6,000
Transport allowance $ 1,500
Total $ 61,450
However, your are also entitled to bonuses and profit sharing depending on the amount of the profit that the company will make in the course of the month as well as the course of the year.
Incentive plans
Your good work will not go unnoticed, and the company is prepared to offer incentives based on the Emerson efficiency plan. Both the standard work and wage will remain constant, but you are likely to enjoy bonuses based on the efficiency of your work. The human resource manager with the help of the senior management of the company will have the power, ability and the authority to change the bonus rate depending on the accuracy and efficiency of the work completed. In addition, you work performance will be reviewed after every three years for promotional purposes as well as salary increment.
Benefits plan
Working with us will yield further benefits to you in person and for your family. The company will provide an extra insurance that will cover for your spouse and children against risks and accidents and thus all of them will have life insurance. Besides, the company will also provide a cover for their medical and dental expenses. You will be eligible and qualified to enjoy these benefits as from, your hire date and the benefits enrollment package will be provided as well. The company will also cater any fees and additional cash needed for further training if it ever gets to the point that you will be needed to attend training or enroll for a refresher course. Besides, through the employees’ welfare, the company also proves parties and gift packages to all employees on national holidays and well as charismas and New Year holidays. As a send-off gift, the company will also provide a retirement plan that has to be agreed between the company and you before the commencement of the work where both parties will contribute to the plan.
Resume
Dear Sir,
This letter is to introduce Hannon Albright the new financial accountant the company is about to hire, and she is exciting in becoming part of our esteemed company as we are excited to have him as part of our team. Given his qualification Mrs. Albright is the right candidate for the position and his expertise and creativeness will be the essentials to our company.
Hannon Albright has a degree in accounting and after graduation; she became certified as a certified public accountant. Besides, she has been working as an accountant at a firm in Atlanta, GA for the last five years and I can assure you that she will successfully fulfill all her obligations in the enterprise. As a result of this, I feel the proposed compensation package is the least the company can do to obtain as well as maintain her services. Her previous employer confirmed that she has always performed her assignments with a degree of skills and professionalism winning employee of the year for three consecutive years.
On the other hand, to motivate her and to ensure that she gives the best to the company, the company is set to offer her bonuses and promotion for good work done. As a result, Emerson efficiency plan will be implemented to keep her on her toes and increase her loyalty to the company. Finally, she enjoys extra benefits such as insurance for herself and her family to minimize cost incurred for treatment and checkups. In addition, the company will cater for her training and refresher courses to make sure that she familiarizes herself with any technology and policy change in the accounting sector.
