Human Resource Management
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Career Development Plan IV - Compensation.
Now that you have created an appraisal system for employees on your new team and a career development plan for each member, it is time to develop a compensation plan. 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.
? Write a 700 word proposal
o Describing a new compensation plan for your new employment team
o Explaining why your pay system will work
o Describing three components of a total rewards package that would motivate employees to reach peak performance
o Describing your compensation plan's benefits to the individual as well to the company
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Solution Summary
The response addresses the queries posted in 1163 words with references.
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The response addresses the queries posted in 1163 words with references.
//The Compensation Plan helps the organization to maintain compatibility between the organization and the employees. As we start this paper; we will discuss the compensation plan and its benefits. It should also include planning the compensation plan and involving all the necessary elements to make it feasible and successful, as well. //
The Performance appraisal system helps in evaluating the performance of the employees working in the company. It also assists in measuring the performance on the individual basis in the organization. The competence of the human resources can be easily judged and various measures can be adopted for developing the career plan and the compensation plan. All this requires preparing a compensation plan that will assist the firm in framing better opportunities for the employee's future endeavors.
Compensation plan is the plan that works as a motivator for the employees that entices them to continue working within the organization. The compensation can be provided either in the form of salary, bonus, stock options, etc. This all depends, as well as, varies on the basis of individual performance. The new compensation plan proposed to the company is the merit-based pay system. According to this system, the pay scale of the employees is determined on the basis of the various grades and the performance. The pay-scale grade varies from top to the lower level. The whole system is checked at regular intervals so that the employee performance can be matched on the basis of the system designed. In addition to this system the employees can get the incentives when they attain the targets. This system will lead to providing the incentives to the employees at the time when they are able to achieve the targets provided to them.
The compensation planning strategy proposed or suggested contains the plan designed on the ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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