Career Development Plan
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Career Development Plan – Part IV
HRM 531/ Toya Pruitt
University of Phoenix
October 12, 2009
Career Development Plan – Part IV
Many employees look at the compensation when it comes to accepting or declining a job. Compensation plans can also determine if an employee stays somewhere or begins looking for a new job. A compensation plan is what you pay someone to entice them to continue to do work for your company. Many people are more likely to hold a job longer if they are offered a good compensation plan and rewards. There are not many people who want to work for nothing.
At InterClean Inc, it is going to be crucial for the employees to have a good compensation plan in order to keep them now that the merger has taken place and many changes are occurring. The compensation plan for the employees will consist of a salary and commission for the sales team. They will get a base salary and then make commission off of their sales. The employees will also get quarterly bonuses and have the option for health coverage along with dental, paid holidays, and paid time off. Employees will also receive a 401K plan option for retirement.
The pay system will work because by using a base salary the employees will be guaranteed a weekly pay to take home and pay bills and then they will get the chance to take home more by how many sales and the amount of sales they make. The commission is an incentive to encourage them to sale more so they make more money. By giving the employees the options for health and retirement plans it gives them a little flexibility. They do not have to take it if they would prefer the higher salary but yet they can if they need the coverage. It will not be a must have benefit because each individual has different needs. The paid holidays and days off allows them time with their family on special occasions and times needed.
A total rewards package to help the employees reach peak performance in our group at InterClean, Inc. will consist of...
HRM 531/ Toya Pruitt
University of Phoenix
October 12, 2009
Career Development Plan – Part IV
Many employees look at the compensation when it comes to accepting or declining a job. Compensation plans can also determine if an employee stays somewhere or begins looking for a new job. A compensation plan is what you pay someone to entice them to continue to do work for your company. Many people are more likely to hold a job longer if they are offered a good compensation plan and rewards. There are not many people who want to work for nothing.
At InterClean Inc, it is going to be crucial for the employees to have a good compensation plan in order to keep them now that the merger has taken place and many changes are occurring. The compensation plan for the employees will consist of a salary and commission for the sales team. They will get a base salary and then make commission off of their sales. The employees will also get quarterly bonuses and have the option for health coverage along with dental, paid holidays, and paid time off. Employees will also receive a 401K plan option for retirement.
The pay system will work because by using a base salary the employees will be guaranteed a weekly pay to take home and pay bills and then they will get the chance to take home more by how many sales and the amount of sales they make. The commission is an incentive to encourage them to sale more so they make more money. By giving the employees the options for health and retirement plans it gives them a little flexibility. They do not have to take it if they would prefer the higher salary but yet they can if they need the coverage. It will not be a must have benefit because each individual has different needs. The paid holidays and days off allows them time with their family on special occasions and times needed.
A total rewards package to help the employees reach peak performance in our group at InterClean, Inc. will consist of...