Compensation Plan for Interclean
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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 process of developing an attractive compensation plan that will motivate, allow employees to reach peak performance and attract new employees. The new compensation plan will benefit individuals as well the company.
Compensation
In developing a compensation plan HR need to be well informed about trends in recruiting, compensation benefits, and employee satisfaction just to name a few. InterClean wants to encourage employees to be more innovative, productive, and committed to their work. InterClean will provide managers with as attractive incentive program that will not only benefit employees but the company as well.
Three Components of the Total Reward Package
One component is our Paid Time Off Bank. This system combines vacation days, personal days, and sick days into one package. This allows the employee flexibility to take time off with no questions asked, reduces absenteeism, improves morale, and increase productivity for the company. 50% of the employees total premiums for working overtime or unusual hours, and vacations are paid by the company for the month the overage occurred. These employees also have the option of retaining days in their bank and selling them back to the company in mid-October.
The second component is the (ESOP) Employee Stock Ownership Plan. This will enable employees to become partial owners of a company. By allowing the employee to obtain stocks will give them a sense of job security and in return making InterClean a successful company.
The third component is our on-site daycare...
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 process of developing an attractive compensation plan that will motivate, allow employees to reach peak performance and attract new employees. The new compensation plan will benefit individuals as well the company.
Compensation
In developing a compensation plan HR need to be well informed about trends in recruiting, compensation benefits, and employee satisfaction just to name a few. InterClean wants to encourage employees to be more innovative, productive, and committed to their work. InterClean will provide managers with as attractive incentive program that will not only benefit employees but the company as well.
Three Components of the Total Reward Package
One component is our Paid Time Off Bank. This system combines vacation days, personal days, and sick days into one package. This allows the employee flexibility to take time off with no questions asked, reduces absenteeism, improves morale, and increase productivity for the company. 50% of the employees total premiums for working overtime or unusual hours, and vacations are paid by the company for the month the overage occurred. These employees also have the option of retaining days in their bank and selling them back to the company in mid-October.
The second component is the (ESOP) Employee Stock Ownership Plan. This will enable employees to become partial owners of a company. By allowing the employee to obtain stocks will give them a sense of job security and in return making InterClean a successful company.
The third component is our on-site daycare...