Assignment #5: Total Rewards Statement
You are the Vice President for Compensation & Benefits at CompuGlobal Corporation. The CEO and Board of Directors have recently made it a priority to send out Total Reward Statements to their employees.
A Total Rewards Statement provides employees with a personalized document that communicates the overall value of their financial rewards such as base pay, incentives, and benefits. Many times employees do not realize the actual cost the company pays out for benefits and leave.
In order to get this project started, the CEO has tasked you with creating a sample Total Rewards Statement for an employee to be presented to the Board of Directors for review and approval prior to full scale implementation.
Use the below information to create a Total Rewards Statement for Matt Charvat for the period of July 1, 2015 – June 30, 2016. Your Total Rewards Statement should be a one page document that is customized for each employee’s specific information.
Employee Name: Matt Charvat
Current Job: Information Desk Associate
Current Annual Salary: $52,000 ($25.00 per hour)
Bonus: 1% of Annual Salary
Company Paid Benefits
Vacation Days Earned: 15 (120 hours)
Personal Days Earned: 3 (24 hours)
Sick Days Earned: 5 (40 hours)
Life Insurance Premium: Annual Salary times 0.25% (0.0025)
Short Term Disability (STD): Annual Salary times 0.30% (0.0030)
Long Term Disability (LTD): Annual Salary times 0.15% (0.0015)
Retirement: 5% of Annual Salary
Medical Insurance: 35% of Annual Salary
Dental Insurance: 1.7% of Annual Salary
Vision Insurance: 1% of Annual Salary
Employer Paid Social Security: 7.5% of Annual Salary
Upload your draft Total Rewards Statement to Blackboard via the Assignment #5 Submission link below. You may use the attached Total Rewards Template if you wish or you may create your own unique design. Please include a cover page and Executive Summary on the benefits of providing a Total Rewards Statement to employees. As always, this assignment should be addressed to the CEO and Board of Directors of CompuGlobal Corporation for their review and approval.