Career Developement Plan Essay

965 words - 4 pages

Career Development Plan IV- Compensation InterClean IncWe have selected the very best sales staff members to join our new sales team, provided them with ample training and have created an effective method to evaluate performance. Considering our new corporate direction with regards to offering total sanitation solutions, we should reevaluate how compensation is provided to our sales team. InterClean Inc. will require a competitive compensation and benefits plan for staff members, which encourages and rewards productivity and performance. This plan should provide adequate compensation to the team members without compromising InterClean's ability to generate profits. The sales department is a perfect place to use an incentives based compensation plan. Productivity is easily measured based off monthly or quarterly sales data, along with customer satisfaction surveys and loyalty.Our sales staff is our "lifeblood," without them InterClean Inc. could not survive as an organization. The team members are required to find our clients, establish relationships and maintain those relationships. The services they provide are absolutely crucial to the rest of the company as a whole. Because of this, our sales staff will need to be compensated in a way that illustrates their value to the company and encourages the very best out of them. The compensation plan will require 3 basic components, a small base pay, a variable (commission) pay for sales earned and a periodic performance bonus.The small base pay allows for staff members to receive a wage when sales are slow. The company acknowledges that the sales staff members have families and obligations that must be looked after and that a strictly incentives based salary structure is not feasible. The variable and performance bonus is where the bulk of the staff members pay will be received. The variable based pay will be linked to new sales generated by a staff member. The commission paid will be determined by the experience of an employee and the total amount of the sale. A second component of the commission paid to sales staff members should be a retainer for continued customer loyalty on renewal of contracts or purchases of new services. The final stage of the employee compensation plan should come from performance bonuses paid quarterly to employees. Performance bonuses should be based on company profits with a highest achievable margin of 75/25% company/employee split. Employee performance during a quarter should be taken into consideration as well. The highest performing employee would receive the full 25% while lowest performing employee receives a 10% share. All other employees would fall in the 15% to 20% range.To add motivation a team bonus should be given out yearly for exceeding sales estimates. This bonus should be paid equally to all sales members. Also, to increase competition an extra individual bonus should be provided to the highest performing team member for the fiscal year. The individual and...

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