Career Development Plan Iv- Compensation

When running a small or large corporation or business we must have things in place in order to secure employees and also to ensure that we are competitive in what we provide to our employees as far as compensation and benefits. As we all know we work for a living meaning, we work to provide for our families and in order to pay for things that are essential to our survival. Some people love what they do for a living and others hate what they do. Contrary to what some people think, so people love what they do and they do want to see their hard work pay off for the company which they are working for. This paper will explain the different benefits and compensation that will be provided to the chosen employees.
What is compensation? Compensation includes both financial and nonfinancial rewards. What does this mean? This means that an employee can be compensated with monetary bonuses or they can be compensated with things such as insurance plans. Another way to compensate is through non financial rewards which are things that are provided by the company such as work environment (Cascio, 2005).
The team of managers that I have hired will all start out together on the same day. We are striving to make the company better and with starting out with a great compensation and benefits package will help facilitate this action. I hired Jim Martin, Tom Gonzalez, Susan Burnt, Eric Borden, Ving Hsu, and Terry Garcia. Each of them were chosen for various reasons and will bring something different to the company. They all have experience and good backgrounds from their previous jobs. They will be great assets to the company. Jim Martin was hired as the lead sales manager and will be in charge of all the sales representatives and all sales planning. Tom Gonzalez was hired to lead the development team. All products will be created under his leadership and will be approved by him before being implemented. Susan Burnt was hired as lead customer service sale representative. She will...