Compensation Plan For Interclean Essay

964 words - 4 pages

Compensation Plan for InterClean Puerto Rico
Victor D. Rodriguez Rivera
HRM -531 PR Human Capital Management
July 22nd, 2013

Compensation Plan for InterClean Puerto Rico
The new compensation package for InterClean Puerto Rico’s branch needs to have the ability to attract and retain quality employees who add to the company’s bottom line and this will basically depend on how attractive the compensation is to get the best possible candidates on the market. The traditional salary plus bonus and seniority based plan are basically obsolete for a company that is looking for the best possible candidates to take the company as a great place to work on that is looking to the future and takes ...view middle of the document...

The compensation plan should be included on the company’s business plan in order to be linked and attached to the reality of the organization’s goals, if those directives or goals change over time so should the plan be updated in response to the new trends.
InterClean compensation plan will include a skill based pay reward according to the competencies they learn and use in the work setting, the higher the skill and multifunction the employees performs the higher the reward. The program will include a team pay strategy where the reward will be directly attached to the performance of the overall group in order to provide motivation all members of a group to motivate each other. The plan will also include a system that will encourage employees and managers to work together to solve problems of cost, quality, safety, or efficiency that lead to monetary gain for the company. Those gains will be share with the employees. One example is the yearly inventory, if the organization had a great inventory the employees will received a bonus for the particular event.
A survey will be instituted to ask current 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 market hits a downturn or the economy just changed. This commission will be based on profitable revenue otherwise the sales person will only focus on sales even if the proposed new business is bad for the company but good for the sales person pocket.
The compensation plan will have competitive basic wages; vast health benefit plan that will include medical, dental, mental health and substance abuse, pharmacy, vision and hearing Aid coverage. ...

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