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Developing a Career Development Plan - Compensation

Because InterClean is embarking on a new strategic direction, upper management has asked you to suggest a new compensation plan specifically for your team. Propose your ideas and rationale to the human resource department manager for approval.

Review the Management Behavior assignment, completed Week One; the Career Development Plan Part I-Job Analysis and Selection assignment, completed Week Two; the Career Development Plan Part II-Development of a Training and Mentoring Program assignment, completed Week Three; and the Career Development Plan III-Performance and Career Management, completed Week Four.

Write a proposal that includes the following information:

o Describe a new compensation plan for your employment team.
o Explain why your pay system will work.
o Describe three components of a total rewards package that would motivate employees to reach peak performance.
o Describe your compensation plan's benefits to the individual as well as to the company.

Solution Preview

Describe a new compensation plan for your employment team.

A new compensation plan for my employment team will be a performance based plan that not only provides competitive fixed salary, but also allows employees to earn high bonuses and financial rewards bases on performance. Such type of compensation plan will not only boost the motivation and morale level of employees and improve their productivity as everyone would work hard to earn the performance based bonus, but will also lead to significant decline in employee turnover and enhance loyalty of workers towards the organization.

Apart from the performance based compensation, a suitable rewards and incentives program based on non-monetary incentives will also be put in place to motivate employees working at higher levels in the organization, such as recognition among employees, paid holidays, opportunities for higher learning and education, etc.

o Explain why your pay system will work.

Such a pay system will definitely work because it will keep employees motivated, will boost them to stretch their performance levels to achieve desires goals and targets and will make them feel like ...

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