Compensation
- Submitted by: balsri
- Views: 1361
- Category: Other
- Date Submitted: 03/11/2010 03:20 PM
- Pages: 5
- Report this Essay
Career Development Plan Part IV — Compensation
K. Srini
MGT HRM/531: Human Capital Management
William Young
March Eighth 2010
The broad meaning of Compensation is something (like money) given or received as payment or reparation (as for a service or loss or injury). Compensation has a lot of different components and it is important that the InterClean management is able to prepare a compensation plan which will be totally satisfying and motivating to the employees, meet their immediate needs, factor in future needs, and will be aligned with the company’s goals and strategies.
To succeed in an increasingly competitive environment companies must have a well-designed compensation plan that motivates employees, controls compensation costs, and ensures equity. The best compensation plans mirror the culture of the organization and is linked with the strategic goals of the business, as depicted in the figure 1.1.
Fig 1.1 – Total Rewards
[pic]
At InterClean the compensation plan will help motivate sales staff at daily behaviors such as new business generation, maximum account penetration, team selling, and cross-selling.
The new sales compensation plan focuses on three areas:
1. Takes into account the profitability of InterCleans various products and services,
2. The team composition, their skill sets and job descriptions.
3. Motivate desired sales behaviors
Compensation Plan
A good compensation plan will be one that will:-
• Take into consideration the strategy , goals and efforts of the individuals and the company
• Motivate the sales staff to perform better, and help the company to retain and recruit the best talent
• Makes sure that the sales and professional goals of the sales team are aligned with that of the company.
• Focus on the diversity and culture of InterClean to ensure growth and profitability
• Make sure that there is a proper mix of fixed and...
K. Srini
MGT HRM/531: Human Capital Management
William Young
March Eighth 2010
The broad meaning of Compensation is something (like money) given or received as payment or reparation (as for a service or loss or injury). Compensation has a lot of different components and it is important that the InterClean management is able to prepare a compensation plan which will be totally satisfying and motivating to the employees, meet their immediate needs, factor in future needs, and will be aligned with the company’s goals and strategies.
To succeed in an increasingly competitive environment companies must have a well-designed compensation plan that motivates employees, controls compensation costs, and ensures equity. The best compensation plans mirror the culture of the organization and is linked with the strategic goals of the business, as depicted in the figure 1.1.
Fig 1.1 – Total Rewards
[pic]
At InterClean the compensation plan will help motivate sales staff at daily behaviors such as new business generation, maximum account penetration, team selling, and cross-selling.
The new sales compensation plan focuses on three areas:
1. Takes into account the profitability of InterCleans various products and services,
2. The team composition, their skill sets and job descriptions.
3. Motivate desired sales behaviors
Compensation Plan
A good compensation plan will be one that will:-
• Take into consideration the strategy , goals and efforts of the individuals and the company
• Motivate the sales staff to perform better, and help the company to retain and recruit the best talent
• Makes sure that the sales and professional goals of the sales team are aligned with that of the company.
• Focus on the diversity and culture of InterClean to ensure growth and profitability
• Make sure that there is a proper mix of fixed and...