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Career Development Plan Iv—Compensation Essay

1251 words - 6 pages

Compensation is form to encourage an employee to meet a goal based on company needs and can be adjusted based on available resources and business needs and goals (HR Guide, 1998, 1999, 2000). The compensation plan will include salary, employee benefits, and an incentive pay to encourage top performance.
The compensation package will be set up with fairness, or equity. According to Wayne F. Cisco equity can be assessed on three dimensions (Cisco, 2005):
• Internal equity. In terms of the relative worth of individual jobs to an organization, are pay rates fair?
• External equity. Are the wages paid by an organization “fair” in terms of competitive market rates outside the organization?
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On the employees 2 year mark they will receive an additional week of vacation and from then on will receive an additional 2 days every two years. Employees will be given two weeks paid sick time every year, this will be prorated their first year of employment based on time they start. Vacation and sick time will be paid at their base hourly pay and not include any commission pay. Each sales employee will start at the minimum wage salary based on a 40 hour work week.
We are looking to make this company successful and to do this and push our sales team to their full potential we are offering incentives. The incentive pay is based on results rather than traditional cost of living, seniority or hours worked (Davis, 2010). Bonuses will be used to motivate the employees to reach the business goals and when needed to boost morale. Commission will be based off of sales. For the first three months sales will receive 10% commissions, their manager will receive 2% of their team’s total sales if goals are not met and 5% if the business goal is met. After three months the commissions will go to 12%, the managers will raise 1%. At the end of the first year for those who met all goals their commissions will go to 15% and for those who did not meet the goals will go to 13%. We do not want to discourage our sales team so we will still give them an increase as we do appreciate what they are doing and want the momentum to continue. If at the end of the second year they meet goals that entire year they can be raised to the 15% commissions. At the end of each year if we have met each and every goal and have a profit each employee will get a 3% bonus of their annual base salary. This will be paid out every January on the last check.
While we will have employees stationed in other countries to broaden our customer base these employees may not want to relocate on a permanent bases. For these employees we will have a expatriate package. This package will include the base salary, a Foreign Service premium, hardship allowance, housing assistance, and relocation allowance and if needed schooling to better relate to the laws and requirements for the services we provide in the country stationed (Reward Management Associates, 2001). There sometimes can also be other expenses with an assignment that is relocating an employee out of the country so those expenses will be evaluated as needed.
Within this pay system, an employee’s entire pay check is not based on making the sale. While we want are sales teams to bring in new business we want them to be of free will not by bulling the customers. We want to create a long term customer not just a quick sale. By the
sales representative getting a base salary...

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