This website uses cookies to ensure you have the best experience. Learn more

Compensation Plan Essay

728 words - 3 pages

Compensation Plan
When it comes to the compensation plan that the company provides is hopefully a good plan. “It is no exaggeration to say that for most firms, benefits represent substantial annual expenditures” (Cascio. (2005). Chapter 12, p.464). So, it takes time to come up with a good or “decent” compensation plan.
For the new team that has been developed in the InterClean, there has to be some good benefits for them to want to stay with the company. There are four laws that the company has to go by and we are going to make sure they are being followed. One is the Social Security Act. Having Social Security when you retire helps all employees in any company. The company ...view middle of the document...

For them to get unpaid vacation days’ is because they went over the amount of paid vacation days they were given. Our company would like to have a good hospitalization, surgical, and maternity coverage. Women would like to make sure they are taken care of when they become pregnant. So, they get six to eight weeks paid maternity leave. If it has to be longer than that, the doctor has to send a letter stated why. Also, if they just want to stay out a little longer. Then their job will be held for her for up to eight months.
When it comes to motivating the team, our company has to come up with some really good ideas. Since the team is in the sales department there are so many different things you can do. One would be who can get the most sales within the month. If that is too simple, then the manager can add stipulations with it. The reward would be leaving work early or a gift certificate. Another way would be customer satisfaction. Ask the customers if they would talk to the manager about how there experience...

Other Papers Like Compensation Plan

Career Development Plan- Compensation Essay

930 words - 4 pages Running head: Compensation Career Development Plan- Compensation University of Phoenix Rosa Brown 06/27/09 While changes at Enviro-clean are based upon the development of a new strategic direction a new compensation plan needs to be developed to suit our team. Several influential factors play a role in the developmental process that must be addressed. The strategic plan must not only satisfy the company but it must satisfy the

Compensation: a Plan for Plastec Essay

1807 words - 8 pages Compensation A Plan for Plastec Shawn Bhairo, Nikeda Cooks &Tonya Hall HRMG 5000 Webster University Abstract Compensation plays an integral role in attracting and retaining quality employees. Many companies are now moving beyond just providing a base salary for their employees and are now also incorporating various benefit and incentive plans. Mathis & Jackson (2011) states that “more than 80% of organizations are now utilizing

Sales Compensation Plan and Salesforce Training

799 words - 4 pages Sales Compensation Plan No matter which industry you are preforming, “Sales” is the word and also the soul of every business. Sales represent the profit and the level of success of a company, Sales is what every company non stop seeking for. With higher sales, the profit, earn with a company will be higher. So, how to make your sales become higher? There are many things and effort to do to increase your sales. All the departments in a

Hr Compensation

843 words - 4 pages effective compensation practice/policy. Compensation Philosophy All companies with employees must determine how and what to pay their workers and when to offer things like raises, bonuses and other incentives. ( 2009) Compensation is often packaged in many forms. To put it simply, compensation is the plan on how employees will be paid throughout different cycles of their careers. At the beginning of their career when they are being

Role Of Compensation

736 words - 3 pages perfectly achieved via a suitable compensation plan. Further, in order to avoid high attrition levels, compensation plays a key role in retaining the top talent in the organization. To maintain high standards of productivity and service, the organization must motivate employees. A suitable compensation, incentives and rewards program is the key motivator in any organization today. In order to motivate employees and boost their morale to achieve

Legal Issues in Compensation

824 words - 4 pages compensation to motivate, attract and retain employees. FRINGE BENEFITS Fringe Benefits as popular as they are can be extended to employees as non monetary rewards, but they do have some value or the employees. These benefits are not mandatory by law but they are still included in the compensation packages (Martocchio, Joseph J (2009). These Benefits can be given in the form of health insurance, retirement plan, entertainment, leisure packages


917 words - 4 pages Compensation In this assignment the upper management has asked Eric Garcia to suggest a new compensation plan specifically for the Puerto Rican team that include: A description of a compensation package for the new employment team, why the pay system will work, what reward package would motivate the employees to increase performance, compensation plan’s benefits to the individual and the company and how the Puerto Rican compensation plan

Executive Compensation

838 words - 4 pages - and long-term plans ○ Long-term: achieving strategic goals (e.g. financial) ○ Compensation/performance should be benchmarked against peers • Building a compensation plan ○ Peer comparison is the beginning, but should not be the only determinant of CEO compensation ○ Gradual rise of CEO compensation is due to the matching with competitive compensation as soon as one competitor increases compensation • Compensation mix ○ Base salary  Have

Hrm531 Compensation and Benefits Strategies Recommendations

888 words - 4 pages . Compensation will be determined considering the organization’s budget and most importantly the required performance and productivity to achieve organizational goals. Taking an approach like this will align the interests of managers and employees. I believe the development of a compensation plan, which will work together with the benefits plan, is a significant aspect to attract, recruit and retain the most effective and productive employees. In addition

Career Development Iv Compensation

1079 words - 5 pages Career Development IV Compensation Compensation Plan In today’s challenging and unpredictable economic market, companies are trying to redefine sales strategies, incentives, and pay compensation. Labor commands a high level of overhead for a company; therefore, pay policies, benefits, and compensations are critically important to be evaluated closely because it affects the livelihood and lifestyle of all workers. Ideally, an effective and

Role Of Compensation In Human Resources Management

773 words - 4 pages COMPENSATION AND BENEFITS. A well designed compensation and benefits plan helps to attract, motivate and retain talent in your firm (which is myWear). A well designed compensation & benefits plan will benefit your boutique in the following ways. 1. Job satisfaction: Your employees would be happy with their jobs and would love to work for you if they get fair rewards in exchange of their services. 2. Motivation: We all have different kinds of needs

Related Essays

Compensation Plan Essay

1056 words - 5 pages Akinlua Oludolapo Morayo University of Phoenix Week 5 Individual Assignment Career Development PlanIV (Compensation) HRM531 Instructor: Deborah Jones April 30, 2010. Compensation Plan Compensation entails paying employees and enticing him/ her to continue working for your company. It is a critical facet of any manager's job and goes beyond straight salary. It includes

Compensation Plan Essay

843 words - 4 pages Compensation Plan The Compensation Plan is the method by which Distributors are compensated for their retail sales and personal purchases of the Product, as well as the retail sales and personal purchases of the Product by their Downline Organizations. It also compensates them for the support and training they provide the Distributors in their Downline Organizations. The Compensation Plan is part of the Contract between the Company and its

Compensation Plan Essay

1090 words - 5 pages €œIncreasing competition, narrowed talent markets, aging workforces and a shift toward knowledge-based work are forcing organizations to set a higher priority on improving workforce productivity” (Winkler, 2013, p.1). Create a rewards and compensation package for this position that would attract skilled workers, yet control costs at the same time. I feel that providing a rewards and compensation package that is stale and behind the times

Compensation Plan For Interclean Essay

592 words - 3 pages Millicent Mcgill 14 January 2010 University of Phoenix Dr. Kimberly Harvell HRM/531  Career Development Plan Week Five Compensation Plan for InterClean Introduction The merger at InterClean has been successfully completed. We have developed a new career development plan which included our process of job analysis, selection methods, training and mentoring program, performance appraisal and career management. Finally, we are in the