Running Head: CAREER DEVELOPMENT PLAN IV-COMPENSATION
HRM 531
Instructor: Phil Norris
March 1, 2010
When an employee here’s the word “Compensation” they are trying to figure out what kind of compensation they will be receiving, due to there dedication and work. “Compensation, which includes direct cash payments, indirect payments in the form of employee benefits, and incentives to motivate employees to strive for higher levels of productivity” (Cascio, 2006).
In order for InterClean to be able to put in a compensation plan, they have to figure out what the pay system is going to be. They need to make sure that there pay system is fair and competitive. In order for them to come up with a new pay system InterClean has to put a monetary value to each job.
We have designed, for your review, the following compensation plan for the sales team at InterClean. We believe that this plan is attractive, addresses the needs of our employees and will allow InterClean to remain competitive. Should you have any further questions, please feel free to contact me for discussion.
BENEFIT / COMPENSATION SUMMARY
Benefits refer to products, services, and/or entitlements made available to benefits-eligible employees at InterClean. Benefits are provided according to employment type and include retirement plans, health/life/long-term disability insurance, flexible benefits, annual and sick leave, etc.
Benefits comprise a generous portion of the salary package for eligible employees and are provided by InterClean and the State. Benefits are available to “full-time employees” which is defined as working a minimum of nine months of a twelve-month period or at least 1,040 hours (.53 Full-Time Equivalent [FTE]) per year on a continuing basis.
Incentives will be available to the employees as commissions, bonuses, gifts, profit sharing and awards. Commissions will be based on sales or gross profit based on the performance of an... [continues]
HRM 531
Instructor: Phil Norris
March 1, 2010
When an employee here’s the word “Compensation” they are trying to figure out what kind of compensation they will be receiving, due to there dedication and work. “Compensation, which includes direct cash payments, indirect payments in the form of employee benefits, and incentives to motivate employees to strive for higher levels of productivity” (Cascio, 2006).
In order for InterClean to be able to put in a compensation plan, they have to figure out what the pay system is going to be. They need to make sure that there pay system is fair and competitive. In order for them to come up with a new pay system InterClean has to put a monetary value to each job.
We have designed, for your review, the following compensation plan for the sales team at InterClean. We believe that this plan is attractive, addresses the needs of our employees and will allow InterClean to remain competitive. Should you have any further questions, please feel free to contact me for discussion.
BENEFIT / COMPENSATION SUMMARY
Benefits refer to products, services, and/or entitlements made available to benefits-eligible employees at InterClean. Benefits are provided according to employment type and include retirement plans, health/life/long-term disability insurance, flexible benefits, annual and sick leave, etc.
Benefits comprise a generous portion of the salary package for eligible employees and are provided by InterClean and the State. Benefits are available to “full-time employees” which is defined as working a minimum of nine months of a twelve-month period or at least 1,040 hours (.53 Full-Time Equivalent [FTE]) per year on a continuing basis.
Incentives will be available to the employees as commissions, bonuses, gifts, profit sharing and awards. Commissions will be based on sales or gross profit based on the performance of an... [continues]
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