Human Resource Management: Compensation
Career Development Plan IV
Compensation
InterClean is entering a new strategic target and upper management has asked for a proposed compensation plan purposely for the new sales team. Recommendations for the new compensation plan will be submitted to the human resource department manager for endorsement. The foundation of the new compensation plan was developed after reviewing the job analysis, training program, and performance management plan. The plan includes a description of the prepared proposal and the explanation of an effective pay system. The three parts of a total rewards package to encourage employees to achieve highest performance is implemented in this strategic plan. The compensation plan also illustrates the designed benefits and incentive programs for the mutual advantage to the employee and employer.
Pay Structure
Compensation is the benefits from the employer to the employees for achieving the company’s objectives. According to the author of Managing Human Resources, compensation includes direct cash payments, indirect payments in the form of employee benefits, and incentives to motivate employees to strive for higher levels of productivity (Cascio, 2005). This compensation plan consists of a pay structure, benefits, and incentive programs. The pay system and benefits can be modified as the job requirements change. New incentive programs can be developed and implemented to motivate high performance. Prominent compensation and benefits systems attract and retain high performance staff.
An effective pay and incentive system is developed with four main factors such as updated job descriptions, job evaluation method, pay surveys, and pay structure (Cascio, 2005). Assigning a dollar value to jobs can be established by using the point method that develops the pay grades from the least amount to the greatest amount. The point method connects the job with the pay structure. After identifying and surveying the average pay in the labor markets and
Compensation
InterClean is entering a new strategic target and upper management has asked for a proposed compensation plan purposely for the new sales team. Recommendations for the new compensation plan will be submitted to the human resource department manager for endorsement. The foundation of the new compensation plan was developed after reviewing the job analysis, training program, and performance management plan. The plan includes a description of the prepared proposal and the explanation of an effective pay system. The three parts of a total rewards package to encourage employees to achieve highest performance is implemented in this strategic plan. The compensation plan also illustrates the designed benefits and incentive programs for the mutual advantage to the employee and employer.
Pay Structure
Compensation is the benefits from the employer to the employees for achieving the company’s objectives. According to the author of Managing Human Resources, compensation includes direct cash payments, indirect payments in the form of employee benefits, and incentives to motivate employees to strive for higher levels of productivity (Cascio, 2005). This compensation plan consists of a pay structure, benefits, and incentive programs. The pay system and benefits can be modified as the job requirements change. New incentive programs can be developed and implemented to motivate high performance. Prominent compensation and benefits systems attract and retain high performance staff.
An effective pay and incentive system is developed with four main factors such as updated job descriptions, job evaluation method, pay surveys, and pay structure (Cascio, 2005). Assigning a dollar value to jobs can be established by using the point method that develops the pay grades from the least amount to the greatest amount. The point method connects the job with the pay structure. After identifying and surveying the average pay in the labor markets and
References: Able Recruiters. (2009). Retail salespersons and sales clerks. Retrieved June 16, 2009 from: http://www.able-recruiters.com/jobs/retail-salespersons.htm Cascio, W. (2006). Managing human resources: Productivity, quality of work life, profits (7th ed.). Charter 11. New York: McGraw-Hill. Retrieved June 15, 2009 from: https://ecampus.phoenix.edu/content/eBookLibrary2/content/ereader.aspx?assetmetaid=6dd1de0b-dd7d-4182-b336-8cfad1141f8e&assetdataid=aac1240b-9bce-46e0-80cc-3e21e516b67e Cascio, W. (2006). Managing human resources: Productivity, quality of work life, profits (7th ed.). Charter 12. New York: McGraw-Hill. Retrieved June 15, 2009 from: https://ecampus.phoenix.edu/content/eBookLibrary2/content/ereader.aspx?assetmetaid=6dd1de0b-dd7d-4182-b336-8cfad1141f8e&assetdataid=2d47dad5-9d1f-48ba-a032-8f938a287d8b Cascio, W. (2006). Managing human resources: Productivity, quality of work life, profits (7th ed.). Charter 16. New York: McGraw-Hill. Retrieved June 15, 2009 from: https://ecampus.phoenix.edu/content/eBookLibrary2/content/ereader.aspx?assetmetaid=6dd1de0b-dd7d-4182-b336-8cfad1141f8e&assetdataid=31eef184-a82b-4572-8b87-f60688b5999b Healthfield, Susan. (2009). Develop a pay structure that reflects your company values. Microsoft Corporation. Retrieved June 15, 2009 from: http://office.microsoft.com/en-us/help/HA011879641033.aspx Salary.com. (2009). Retail Manager. Salary.com Inc. Retrieved June 16, 2009 from: http://swz.salary.com/salarywizard/layoutscripts/swzl_salaryresults.asp?hdSearchByOption=0%2C+0&hdLocationOption=&hdKeyword=Department+Retail+Sales+Manager&hdJobCategory=SM05&hdNarrowDesc=Retail%2FWholesale&hdZipCode=&hdStateMetro=&hdGeoLocation=U.S.+National+Averages&hdCurrentPage=&hdViewAllRecords=&hdJobCode=SM15000295&hdJobTitle=Retail+Store+Manager&hdCurrentTab=1&hdZipCodePosted=&hdPaycheckCalc=&hdpageName=&hdOmniJobTitle=Department+Retail+Sales+Manager&hdOmniNarrowDesc=Retail%2FWholesale&op=salswz_psr&pagefrom=salaryresults&hdOmniState=&hdOmniGeoLocation=U.S.+National+Averages&d50th=33289.4461&jobcounter=&countertype=&totaljoblistnum=&wsrcode=SW1&geo=U.S.+National+Averages&metrocode=&geometrocode=&zipcode=&jobcode=SM15000239&narrowcode=SM05&state=&statecode=&r=salswz_salresnxt_psr&educationcode1=&cmbEducation=&joblevelcode=&jobfamilycode=10&rdbLocationOption=0&txtZipCode= Texas Workforce. (2008). Compensation summary. Texas Workforce Commission. Retrieved June 16, 2009 from: http://www.texasindustryprofiles.com/apps/win/eds.php?geocode=4801000048&indclass=1&indcode=000000&occcode=41-2031&compare=2 Towards. (2002). Retaining staff through a period of merger or acquisition. Business Insights Limited. Retrieved June 16, 2009 from: http://www.bi-interactive.com.ezproxy.apollolibrary.com/index.aspx?Lang=en&MainPage=renderContent&StoryID=121397&ReportID=171&Highlight=Benefits%20of%20compensation%20plans#top