HRMG4405-total compensation strategy

Read Chapter 9 Employee Benefits and complete the CASE Lightning Industries. You must compete your costing models in Excel or Google Sheets and submit the file for grading.

1. First, calculate the amount needed to increase wages by 3% while reducing total compensation by 3%. This is your cost savings target. Next, calculate the two option packages for cutting benefit costs. (7 points)

2. Which of the packages would you recommend to Jacobs? Why?  (2 point)

3. Which of the packages/strategies would require less input from employees in terms of their reaction to the benefit changes? (1 point)

You may include your written answers in your Excel file or you can include a separate Work file.