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Career Development Plan Iv: Compensation Essay

1078 words - 4 pages

As InterClean embarks on a new strategic direction, upper management is requesting a new compensation plan be created for the new sales team. The new compensation plan will identify benefits for the sales employees and company and components of a total rewards package that will motivate employees to reach their peak performance. InterClean's new sales force compensation plan will include a direct compensation plan, a total rewards package including security and health benefits, payments for time not worked, and employee services.Compensation PlanInterClean will adopt EnviroTech's compensation plan offering a combination of a base salary plus commission based on attainment of goals. The base salary will provide some stability to incorporate incentives to increase motivation to meet performance goals. Commission will be paid out as a percentage based on both individual and team sales. Individual commissions paid based on a previous month's sales in relation to individual performance goals. Team commission will be paid out quarterly and will be based on attaining quarterly team sales goals which incorporate individual sales figures. This will allow individual sales representatives to work hard for their commission incentive while also encouraging team performance to receive a team commission payout. Offering a fixed salary with commission will benefit employees by providing secured income to help budget their personal finances and the company will benefit by having a fixed payroll expense in their corporate budgets. Silverstein (2007), stated "A rule of thumb: Commissions motivate employees to sell harder, while salaries create loyal employees" (¶ 4).Why pay system will workCascio (2005) identifies the most important objective of a pay system is equity. Three equity dimensions were mentioned as: (1) internal equity, (2) external equity, and (3) individual equity (p. 419). Organizations must determine the value of an individual's job to the company and create a pay scale ranking accordingly. The external market must be analyzed for similar positions to ensure what pay scale is being offered is competitive and will entice employees to work or stay with the company. Finally, pay should be equal to other individuals doing the same job with the same level of experience. Equity is critical in employee motivation and retention and if any unfairness is perceived, employees may react by decreasing their performance or possibly leave the company.The sales team will play an integral role in the success of InterClean's new direction and vision to offer full-service packages to their customers. The sales position is considered to be one of value to the company and, therefore, their compensation will be in a higher pay scale, making their position competitive both internally and externally, and increasing productivity and employee retention for the company.Total rewards packageThree components selected as part of a total rewards package include a benefits...

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1105 words - 4 pages Untitled RUNNING HEAD: CAREER DEVELOPMENT PLAN IV-COMPENSATION PLAN Career Development Plan IV - Compensation Plan University of Phoenix HRM 531 Introduction As InterClean precedes a new direction, upper management is suggesting a new compensation plan for the current sales team. The new compensation plan will identify reasons why the pay system will work, the benefits for the sales employees as well as the company, and

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