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Career Development Plan Part 4 Paper

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Career Development Plan Part 4 Paper
Career Development Plan Part IV: Compensation
Kenneth Laureano Benitez
University of Phoenix
Human Capital Management in Puerto Rico/HRM-531PR
December 22, 2015
Prof. Christella Navedo-Galindez

Career Development Plan Part IV: Compensation
In this paper we are going to describe the compensation plan for our new team in Puerto Rico. We will explain the reasons of why we think that our payment system will be effective, will offer a description of three components of a total rewards package that would motivate our employees to reach peak performance, and also will describe the benefits of the compensation plan for individuals as well as to the company. Finally, we are going to explain how the compensation plan of Puerto Rico, …show more content…
This second component is usually called working environment. The concept of incentive, is used to designate any amount of money contingent, conditional, received by personnel when certain predefined conditions are met, productivity bonuses awarded for achieving a certain level of productivity, incentives for meeting sales quotas or bonds that some managers receive, when they meet performance levels previously negotiated. Unlike salaries, which reward demonstrated performance, the company can use incentives to stimulate the interest of staff to achieve better results in their personal future and shape certain distinctive features that the company considers desirable in its culture.
To start working with direct financial compensation we will begin using the global labor market guideline adjusted to our market rate. We must work well with the job analysis to identify the structure of employment, to create hierarchies of job value, and to eliminate pay inequities. To realize the job analysis, we will use the method point. Point, allows us to identify and define the compensable factors of our sellers. When proposing a salary for a position in particular, we are going to use pay grades, as it simplifies the pay rates between similar positions within the company (Lister, …show more content…
We also offer other benefits for time not worked as life insurance, 401k plan retirement, vacations and sick leave, healthcare for the family including vision care and retail, stock investment options, disability insurance, and educational assistance. In the third and final form of compensation to complete our total rewards package, we find non-financial compensation. Within these benefits we include: flexibility time, care for children, relocation, training and development ("Benefits and Compensation",
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