An individual in a Compensation & Performance Management class after reading Chapter $7$ of the Textbook: Compensation by Barry Gerhar $14$th edition became interested in the concept of pay mixes and how a company's total compensation package of Base Salary, Stock Options, Benefits, and Bonuses contribute to their external competitiveness. It also got me thinking on how different pay mixes effect a company's recruitment and retention strategy.

The article found in the Forbes website is about what to consider when developing the perfect mix of benefits and compensation in a role $$How to Determine the Right Mix of Benefits and Compensation for your Staff$$ by Robert Cerone $($Nov$.2019).$ The article talks about that as you start your year$-$end budget review for FY $2020,$ consider the importance of employee compensation. A "total compensation" approach to benefits and compensation includes monetary compensation, benefits, work$-$life effectiveness, performance management, talent development, recognition, equity and profit$-$sharing, and employer$-$paid taxes. The right total compensation package depends on your organization's values, goals, and strategy for growth. To determine what employees, need and want, survey them and evaluate their usage. Consider benefits like Employee Assistance Programs $($EAP$),$ wellness stipends, financial planning workshops, and retirement savings plans. Assess your offerings' competitiveness by using databases and benchmarking tools. Create a communications plan to help employees make the most of their benefits, such as newsletters or channels in Slack. Raising awareness year$-$round is crucial for communication around benefits and compensation. Evaluating the impact and success of your organization's compensation and benefits package is an ongoing process that can change as your goals and strategy evolve.

Please answer the following questions thoroughly and to the point and provide some examples to justify the individual$$s way of thinking.

$*$p$.$s$.$ the individual works as a medical administrator at a small private practice.

$1)$ If you were in charge of developing a total compensation package for a team at your company $($current or past$),$ how would you divide the components to compete with a similar company? What would you change $($if anything$)$ to retain your staff if someone has a counteroffer?

$2)$ These are the four different Pay$-$Mix Alternatives. Pick two $(2)$ and describe possible advantages and disadvantages of each policy.