Staffing and compensation plan – Boeing
Description of the employee benefits offered.
The compensation plan for electrical engineers engaged by Boeing would include salaries and benefits. The salaries would rely on the electrical engineers’ salary scales annually published by the U.S. Office of Personnel Management. The scales take into account the individual’s functional expertise, job competency, qualifications, credentials, length of professional experience, and education background. Any negotiations for an increase in salary would be based on the latest published copy of the same scales. In addition to the salaries, the employees will enjoy four other benefits. First, the retirement benefit presented as an employer-sponsored 401k plan. This is a defined contribution plan that allows the employees to save for retirement by contributing 5% of their salaries while Boeing matches half of their contribution with 2.5%. The collected amount is then invested with the specific benefits amount tied to the returns on investment (Ozbiglin, Groutsis & Harvey, 2014). Secondly, medical insurance for the employee and dependents, which covers the prescription medication, hospital rooms, and surgeon and physician fees. The insurance would also include optical and dental care as part of the overall benefits coverage. Boeing will pay for 60% of the medical insurance premium with the employee paying 40% as a percentage of the monthly cost. Thirdly, disability insurance to replace part or all of the income personnel lose when unable to complete job tasks owing to injury or illness. Fourthly, life insurance that offers protection to the family in case an employee dies. The family act as beneficiaries who receive benefits as indicated by the policy. Fifthly, paid time off that cover vacation leave, sick leave and holidays. Finally, fringe benefits that are presented as non-cash payments intended to attract and retain talented personnel to include non-production bonuses, child-care, flexible medical and tuition assistance (Crawley, Swailes & Walsh, 2013).
References
Crawley, E., Swailes, S. & Walsh, D. (2013).
Introduction to international human resource management
. Oxford: Oxford University Press.
Ozbiglin, M., Groutsis, D. & Harvey, W. (2014).
International human resource management
. New York, NY: Cambridge University Press.
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