Compensation Package, Fixed Salary Package, Incentive Plan, and Benefits Plan

2021-07-15 05:25:01
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Essay
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Shannon's Compensation Package

This is a comprehensive compensation package for the accountant position at the company. The package will entail the compensation that will be offered, incentives based on the performance, and specific benefits plans and other allowances that come with the position. Being an accountant with five years of experience, the company is offering you a fair compensation package that will take into account the skills and expertise you have gained from your previous accomplishments.

Fixed Salary Package

The company has a specific range of salary for the financial accountant position. The firm offers a salary range of $45,000-$50,000 annually, but it varies depending on other factors. In your case, you have a five year of experience in the financial field and additional knowledge of public accounts thus the company will give you a fixed salary of $ 50,000. This fixed package is set according to the companys budget as well as considering your level of experience in the field. Besides, the salary conforms with your level of education as an accountant graduate from a credited institution. Other than the degree, you are a certified public accountant. This means that you have acquired management and leadership skills, public speaking, auditing, system abilities and tax knowledge which will be crucial knowledge for the upcoming job. Therefore, the firm considered these skills when offering the salary package.

Moreover, the company reached at this salary amount after a close look at your performance as an entry-level accounting position at your previous company. In fact, your exceptional performance enabled us to give you salary at the higher end of the range. Your talent will be a great resource to the company because of skills and expertise in the financial sector. Furthermore, this package was set based on the organizations reputation. Being a well-recognized company globally, the firm has identified you to best fit the position thus you will be accorded with maximum salary and promise of future increase based on your job performance.

Incentive Plan

Other than the fixed salary, the company will provide incentives based on your performance. The incentives given in the offer is based on areas where you will control as an accountant such as timeliness and accuracy of financial reports. Regarding presenting accurate reports in time, the company will offer you additional $400 for several numbers of reports completed. This is aimed at motivating you to perform your job according to stated procedures. Secondly, the offer gives you incentives geared towards your efforts in mastering our accounting skills like efficiently reconciling accounts and conducting regular monthly inventories. In these incentives, the firm offers an additional monthly wage of $200 if done correctly. Moreover, your reports will be compared to findings from an independent auditor to determine its precision. If it conforms without any errors, we will offer your extra bonuses.

Furthermore, the company pay-for-performance clause that takes into account the performance of our workers. Ideally, we offer additional competitive pay for highly valued positions such as a financial accountant. Also, the offer includes compensation above market for exceptional performance especially when you meet the companys objectives. Another excellent performance plan arises from the distribution of a portion of accounting results realized. If the company achieves extra profits based on your efforts as an accountant, the firm will offer you additional pay as an appreciation for your performance. Lastly, the firm will use performance measurement system to determine the price to pay you based on a percentage of companys equity realized due to your performance.

Benefits Plan

Other than fixed salary and incentive plan, the company will offer you additional benefits plans that are usually provided to a financial accountant. Firstly, you will be accorded with pensions where you will be compensated after retiring from work or in case you become unable to continue with work or being fired. Secondly, a financial accountant will be given a comprehensive medical cover that not only covers your own medical but for the entire family. Besides the medical cover, the job guarantees you a paid holiday and also time off. When not in the job, the company will still give you cash to carry on with your leisure activities and the period of a holiday will cover between 20-25 days a year. The position also attracts a life insurance and personal accident insurance that enables you to spend no penny in in case of an accident.

Additionally, the company will offer you maternity leave, health checks, food allowance, childcare vouchers and travel insurance. As a full certified public accountant, you deserve additional bonuses in appreciate for the achieved skills that come with that level of achievement. Likewise, the firm will ensure a flexible work arrangement which will give freedom of doing other personal activities such as pursuing further education or part-time working in other areas such as your business. In the case of education, the firm will provide education assistance where necessary. Lastly, the organization offers income protection in situations where you are unable to work due to long-term illness, and also you will enjoy proceeds of shares if the company performs well financially.

Cover Letter

Your Name

Your Address

Your City, State, Zip Code

Your Email

Supervisor Name

Company Name

Address

City, State, Zip Code

Dear supervisor,

RE: COMPENSATION PACKAGE, INCENTIVE PLAN AND BENEFITS PLAN

I am writing to inform you about the reasons why the applicant for financial accountant position deserves this compensation package, incentives, and benefits.

This letter concerns the compensation for the position of financial accountant in our office at Boston, MA. Having conducted a successful interview of several applicants, I have made consideration of hiring Ms. Shannon Albright who emerged to be a stronger candidate. The applicant is a graduate with an accounting degree from accredited higher learning institution, and she is also a certified public accountant.

Moreover, Shannon had been working as an entry-level accountant at a company in Atlanta, GA for the last five years. This work experience accorded her with all necessary skills and expertise that is required for the position advertised. With this in mind, I want to explain the compensation package, incentive plan, and benefits she deserves.

Firstly, the level of experience she has achieved enables her to be given with maximum fixed salary of $50,000 per year. The amount was also reached after analyzing her education level which is augmented by being a CPA holder. Secondly, the applicant deserves several performance-based incentives that are listed for the position of financial accountant. These incentives include bonuses from maintaining accuracy in her work and timely reports.

Furthermore, we intend to offer her various benefits that include multiple allowances, insurance covers, income protection, vacations, and pensions. These packages are designed to make a competitive bid that will enable us to acquire her service.

I look forward to hearing from you. Thank you.

Yours sincerely,

Signature

NAME

YOUR POSITION

 

References

Adams, N. E., & Salisbury, D. L. (2014). Employee Benefits: Today, Tomorrow, and Yesterday.

Azasu, S. (2004). Using pay and benefits in real estate firms: an initial look at the Swedish experience (Doctoral dissertation).

Karia, A. O. K. O. Importance of Compensation and Benefits on Performance of Public Water Utilities in Tanzania.

Libby, T., & Thorne, L. (2009). The influence of incentive structure on group performance in assembly lines and teams. Behavioral Research in Accounting, 21(2), 57-72.

Oni-Ojo, E. E., Salau, O. P., Dirisu, J. I., & Waribo, Y. J. (2015). Incentives and Job Satisfaction: Its Implications for Competitive Positioning and Organizational Survival in Nigerian Manufacturing Industries. American Journal of Management, 15(2), 74.

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.

Perun, P. (2010). FAQs about Employees and Employee Benefits.

Young Shin, H., & Lee, W. (2013). How Can We Introduce the Most Effective Incentive Plan for Non-Exempt Employees?

 

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