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Career Development Paper

1093 words - 4 pages

Running head: Career Development Plan IV-Compensation PAGE 1 Career Development Plan IV-Compensation PAGE 2
Career Development Plan IV-CompensationHRM531April 07, 2010Dr. Steven YoungCareer Development Plan IV-CompensationNew compensation plan for your employment team. The new compensation plan of InterClean has been designed to motivate and encourage employees to take part in. The plan will fit the cost of the company and benefit the employees' cost of living. Included in the new plan is a competitive salary based on the job function, excellent benefits package, and rewarding incentives based on job performance. Other beneficial employee services will be offered for employees who qualify by the extent of their membership in the organization (Cascio, 2005). InterClean is taking the direction of becoming the leader in the sales market and rewarding its employees for the effort and commitment they put in to the company. InterClean has analyzed and taken into account the aspects of Equity. Equity is defined "as the fairness of pay systems, assessed in terms of the relative worth of jobs to the organization, competitive market rates outside the organization and the pay received by others doing the same job"(Cascio, 2005). InterClean has determined that each employees pay and benefits package are fair based on research of competitors compensation packages. It should be noted that InterClean pays each employee an average of a three percent difference than that of its competitors. Not only is the base pay more than our competitors, InterClean believes that the incentive and rewards package are far more superior to our competitors. InterClean's performance-based bonus plans should increase the company's productivity and reward employees who produce.Pay system will work. According to Cascio (2005), pay systems are designed to attract, retain and motivate employees and to achieve internal, external, and individual equity. InterClean's pay system is based on fairness that takes into account all three aspect of equity within the company. Fairness will provide the employee with the understanding that pay and rewards are given honestly and impartially, without favoritism or prejudice (Cascio, 2005). Pay for employees of InterClean will be salary-based with the opportunity to receive bonuses like commission pay as a result of job performance. For example, if sales employee surpasses or achieves a sales goal a pay bonus will be rewarded to that individual and/or the supervisor. This also will hold true for team projects. Teams will be rewarded for goals achieved and surpassed. This form of monetary pay and rewards should encourage an employee and its management team to become motivated and productive. The monetary value for each job function will determine the employee's base pay rate (Cascio, 2005). InterClean is going to involve a form of competency-based pay system (Cascio, 2005). InterClean will acknowledge the number of jobs an employee is doing and in...

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