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Running head: COMPENSATION AND BENEFITS1Compensation and BenefitsClarice RiversBUS 3040Capella University
COMPENSATION AND BENEFITS2Compensation and BenefitsAs the new HR manager at Java Corp, I am pleased to announce that our company will beopening and operating a new office in London England. We are very excited about this new venture, as the company will be expanding its business operations on an international level. The executive management team and myself have decided to fill one executive-level position to handle new operations in our new London Office. The term of the initial assignment is two years in which we are currently working on designing a compensation package for this position.Pay or Salary London is known to be an expensive place to live, more so in the financial district of London. As recent statistics show, London has ranked 55 out of 492 Cities in the world having a cost of living index of 77.07. This is not merely as bad as bad as people think as living away from the city decreases costs significantly. Cost of living expenses will be taken into consideration as we are currently designing the right compensation package for the individual that will be hired on to work in our new London England location. Compensation packages may consist of all or part of the following components: the base salary, the annual bonus, stocks and stock options, insurance, pension benefits, and severance pay (Goergen, M., & Renneboog, L. (2011). When designing the compensation package there will be several different components that will be included into the employee compensation plan.