This website uses cookies to ensure you have the best experience. Learn more

Career Development Plan Part Vi—Compensation Essay

904 words - 4 pages

Career Development Plan Part VI—Compensation

HRM/531 Human Capital Management
December 20, 2010
University of Phoenix

1

Career Development IV: Compensation

Compensation Plan

In the challenging and unpredictable economic market, companies are trying to redefine sales strategies, incentives, and pay compensation. Labor commands a high level of overhead for a company; therefore, pay policies, benefits, and compensations are critically important to be evaluated closely because it impacts the way of life for all employees. Developing a workable compensation plan enables both workers and employers to achieve mutual goals. When employers reach set goals, rewards and incentives set ...view middle of the document...

Continuing education and training will be provided for growth development.

Tuition reimbursement for continuing education

• Company’s benefits:

Medical insurance

401K, profit sharing

Two weeks paid time off annually

Disability and life insurance

Pension plan.

Pay System

The success of this plan is dependent upon 100% employee participation. The benefits portion of this plan will provide motivation for employee For this plan to be successful the design of the plan increases motivation with the use of positive feedback and tangible rewards, which will stimulate performance. Employers are implementing creativity with compensation plans to save money while still remaining attractive to current and future employees. Merit~pay incentive plans reward those employees who produce and are the effective within the organization.

Three components of a Total Reward Package

Solid organizational compensation packages encompass the employee’s desires, needs, and values and will match an employer’s capability to rewards such needs. InterClean's total rewards package has three facets to fuel employee motivation for top achievement:

Internal equity

Benefits

Work-life balance

To recruit and retain experienced and professional employees, benefits are the second of the three components to the compensation plan. According to Casico (2005), people are more attracted and committed to organizations that are more family friendly with benefits packages, (ch 12, p 489). By providing the option to choose benefits that fit the needs of the individual employee, InterClean can control costs while satisfying the needs of the employee. InterClean is a family oriented culture, and under the compensation plan, the employee services umbrella provides tuition reimbursement, child care, and fitness and wellness opportunities.

The work/life balance aspect of the plan competes the plan as the third component. This is comprised of:

flexible scheduling

child care

tuition reimbursement

Offering the total rewards package reflects a companies values and demonstrates to employees the level...

Other assignments on Career Development Plan Part Vi—Compensation

Hrm 598 Week 8 Final Exam Devry

986 words - 4 pages HRM 598 Week 8 Final Exam Devry  (TCO A) You are the compensation director for the New York Fruit Pies Company, which has 100 employees and is located in a small city of 50,000 in a rural agricultural part of New York State. You have just joined the company and have identified the need to create a revised compensation system.   You are familiar with the four strategic pay policies that are typically found in pay models. Discuss each of the

Pursuing A Career In Hr Essay

965 words - 4 pages specialty areas within the field, such as Employee Relations, Organizational and Employee Development will be explored and answered. Also the differences in responsibilities of an HR generalist and an HR specialist will be explained and recommended criteria will be discussed with college students to help them decide if human resources will be the right profession for them. Making HR a Career Entering the field of human resources management

Training And Development

5824 words - 24 pages employee’s career interests. ➢ Give rewards for time, productivity, talent, and so on. ➢ Create a most effective employee’s pay plan, lucrative benefits, easy promotional framework and ample opportunity to the employee so that the employee can easily run on his or career development as well as shape his bright future. ➢ The superiority of BBL with good values, fairness, potential for success, scope to development a board interesting career

Compensation And Benrfits

885 words - 4 pages blunders, and a great deal should be done keeping in mind the end goal to right and clean methodologies. However, plans are being made. Being transparent, conveying to all employees their part and how they fit into the greater plan of the organization's priorities is the initial step to settling all the issues identified with compensation. Synthesis Loads of time and energy goes into ensuring those apart of the organization are dealt with and paid

Finance

3553 words - 15 pages . So their first and foremost expectation from the organization is to earn money or appropriate compensation. Compensation is the most important part or tool of any organization. Because, human body works for earning something. And this earning policy is combinedly known as compensation package. Typically the human resource department performs this policy. It is the most critical function of human resource management. Because the human resource

Report Of Management

288 words - 2 pages ; Training Promote training and professional development… make sure employees have the tools to do their job today, as well as training opportunities to enhance their career growth and potential. 4.  Company Brand Develop a positive, well-known company brand… build a clear vision of how you want your company to be perceived in the marketplace and make sure your management team and employees share that vision. 5.  Company Culture & Environment

Paper

988 words - 4 pages relate to organizational objectives. Readings Read Ch. 11–13 of Fundamentals of Human Resource Management. Read this week’s Electronic Reserve Readings. Participation Participate in class discussion. 7/15/11 20 Multiple Choice Quiz Inclass Quiz 7/15/11 20 Individual Five-Year Career Development Plan Using the assigned readings, Electronic Reserve Readings, Internet, or additional resources, prepare a 900- to 1,250-word paper in which you

Human Resource Officer

4477 words - 18 pages that category. As part of the firm’s performance model, employees are measured in terms of achievements as well as competencies. Also, every Parmalat employee has an action plan that outlines future development and training initiatives for the employee. To prepare successors, the company also assesses nominees in several areas: • • • • Mobility Risk to leave Impact of loss Immediate and future potential rating Clearly, Parmalat is giving

Hrm Homework

6586 words - 27 pages corporate policy that specifies how training, performance management and reward systems might integrate career-planning considerations.  What steps can a company take to align its compensation system with its general business strategy? Today's compensation approaches, like the rest of the business world, are changing rapidly. As a result, the bridge that connects compensation strategy to the overall business strategy may have been weakened

Compensation Plan For Interclean

964 words - 4 pages employees for input on the compensation plan, this may be an awkward proposition, but asking current employees how they would like to be paid can discover a vast wave of surprisingly creative and feasible solutions. Sales person should always have part of the payment be attached to the growth of their sales. The based salary should be enough to cover the basic needs and maintain a level of competencies that will keep the turnover to a minimum if the

Salary Trend And Corporate Culture

532 words - 3 pages in 2013, 57% of them responded that they plan to provide new career development opportunities, 25% plan to increase base pay and 23% plan to offer larger incentives. Source: - Business Management Daily - MNI - Deutsche Boerse Group - MERCER - Market Watch – The Wall Street Journal - Business Insider

Similar Documents

Career Development Plan Part 2 Essay

1514 words - 7 pages Career Development Plan Part II- Development of a Training and Mentoring Progr HRM/531 March 14, 2011 Julie Gedro Career Development Plan Part II- Development of a Training and Mentoring Program With the recent merger of InterClean and EnviroTech, IntrClean has taken a giant step in achieving domestic market dominance in the sanitation industry. With the newly selected sales team in place, it is imperative that InterClean provide its

Career Development Plan Essay

1753 words - 8 pages Career Development Plan Summary This following proposal was design to document a career development policy for new and existing employees to help minimize employee turnover. The proposal is established to offer employees more opportunities for professional development from within Kudler Fine Foods. Active engagement from the management team will be required for the proposal to be effective. Job Descriptions and Qualifications To become

Hr434 Exam 2 Essay

940 words - 4 pages abilities. Monetary bonuses for performance and completion of organizational goals can motivate employees to perform at higher rates, and help the organization retain vital employees. Organizations can also implement non-monetary incentives that will help improve job satisfaction, retention, and recruitment rates. Organizations can offer work-life initiatives, flexible work hours, and career development programs. 3. (12 points) Define the

Hrm 533 Assignmnet 1 Essay

1800 words - 8 pages . With this way of thinking Geico was able to cut out the middle man “agents” saving money the company money. So they were able to pass these saving onto the customers, employees, and advertising. Geico total rewards program aligns with the basic total rewards program that is Compensation, Benefits, Work-Life, Performance & Recognition, and Development & Career Opportunities. This set up was designed and implemented to mirror how the