Compensation and Benefits Essay

1183 WordsDec 16, 20125 Pages
COMPENSATION AND BENEFITS DESIRES Scott HRM 531 AUGUST PROFESSOR LEE E. HOFFMAN COMPENSATION AND BENEFITS ANALYSIS The authors intent for this paper if to explain, discuss, and compare a few of the compensation and benefits available as a retired military service member to the benefits and compensation as a United States Government employee working for the Department of the Navy at the Space and Naval Warfare Center, Pacific (SSC PAC) facility. Discussed will be which of the military retirement benefits the author would like to see provided to the government retirement benefits. The benefits and compensation that will be discussed and compared will be retirement pay compensation and health care benefits. The author is a retired United States Navy veteran and the benefits of that retirement and how they affect the decisions on what type of compensation and benefits to choose from when dealing with the Human Resources Department as a new government employee will be discussed and analysed. Retirement Pay Compensation The author retired from active duty in the United States Navy as a Lieutenant Commander (LCDR; O-4) after serving for 26 years and 11 months. The author will explain some of the benefits available to a retired military member. In comparison, civilian companies must often use profit sharing as a way to provide income for their employees or establish pensions so that employees or their families receive money paid at a regular interval as an incentive to induce employees to make a career with a certain company (Cascio, 2010). Military Retirement Compensation One of the most highly touted benefits that military recruiters use to entice young men and women to join the military is retirement pay. Retirement pay is technically a misnomer; what service members actually receive once they are eligible is "Reduced Compensation for Reduced

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