...InterClean Compensation Plan InterClean continues to move forward in becoming the leader in cleaning and sanitation industry. This company’s vision is achievable greatly due to the selected and assembled group of employees who are motivated to perform at high-level standards at InterClean. To this end, this group of individual requires consideration of balance and comprehensive compensation package that will account the degree of achievement set and obtain by the individual. The compensation plan should include a combination of both financial and non-financial categories. The compensation for sales team members (non-management) should include a base salary plus bonus incentives. The bonus will be given to employees who reached company establish sales goal. The base salary will range from $38,000 to $50,000 depending on the talent and expertise of the individuals. This range of base salary seems in alignment with the competitor in the same market industry. The bonuses or commissions will be given to those who exceed their monthly sales goal. Specifically, the bonus will be 5% of the individual sales’ earned for the month and the payout will be given two weeks after the sale. This will account for the cancel/void sale, which will not be qualified for bonus, within the allowed two-week cancellation policy. In addition to the financial compensation plan, there will also need to balance the benefit/perks (non-financial) given to employee to attract higher caliber employee...
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...Compensation and Benefit Plans Name: Institution: The strategic goal of any company is to provide the best service to customers while remaining cost effective and decreasing expenses. The company’s decision to hire a Computer Information System (CIS) Programmer is aimed at helping the company close the organization’s current gap and save the organization money in the long run. The incoming CIS programmer is expected to help the company achieve a stress free working environment for the rest of the employees and help the company make more profits from delivering to the company’s expectations. Hiring a new employee calls for implementation of a compensation and benefits plan that meets the needs of both the employee and the hiring organization. Benefits plan are designed to address specific needs and are often not in cash form. There are different approaches that an organization can choose to use while implementing a compensation and benefit plan. One such justifiable approach is one that recommends that the employee get insurance benefits, health and security benefits, vacation pay, stock options, profit sharing, contribution to retirement and pay for time not worked. Benefits are forms of value, apart from payment, that are given to employees in return for their inputs to the organization. There are other forms of intangible benefits that the company can decide to extend to the employee, which includes,...
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...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 into consideration the well been of their employees. In the 80’s a new strategy of pay plan emerged to reflect business trends including a leaner flatter organizational structures, customer focus, quality improvement, and team based work structures. Companies have struggled to develop merit pay programs, where employee evaluations are too subjective and have no relationship in how the company is doing and if those pay programs are aimed to achieve the organization’s financials goals. InterClean will not have a compensation program the will reward employees based only on their individual’s achievements while the company is actually losing market share to the competition or not been as profitable as it was last year. Several new pay plans have been develop to assure the organization employees...
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...Compensation and Benefits Plan Based on the job analysis performed previously by Team B for the program manager position, the success of the new engine program would bring in a big jump in sales for the company. Thus, the program manager position is important to ensure a quality completion of the program. Keys to successful compensation and benefits plan are to provide fair compensation to attract and retain employees and to align with the company’s strategic goals. The proposal for the compensation and benefit plan for the program manager is competitively based on U.S. national averages in aerospace industry, company size, education, and experience. The base salary range is formulated by using the Formal Salary Structures (Culpepper and Associates, 2010). They are consistent with aerospace industry standards. The proposed base salary range is between 25% -75% companies offer in accordance to Salary.com. The plan includes benefits that are consistent with company budgeting plan and strategic plan. The compensation and benefit plan is as followings. Salary: The base salary shall be in the range $126, 396 - $154,343. The salary range shall reflect an employee’s work experience, education, and skills as a mid-level program manager. The range is corresponding to the company’s pay grade PM-9 to PM-12. Annually, management will review the employee’s overall individual performance and job responsibilities to make any salary adjustments as necessary. Benefits: All employees are...
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...Compensation and Benefits Plans In week three, the team openly discussed evaluating pay and incentive systems, as well as, direct and indirect compensation topics in their related fields. Feedback revealed two out of the three members believed compensation to be relatively equitable. Working for a publicly traded organization, one member wondered why stock options were not included in her current compensation package. Understanding effective merit-pay systems and what they entail made her realize that stock options are generally offered as incentives to executive level managers who are responsible for achieving a company’s long-term strategic goals. However, the chapter also illustrates smaller firms do offer employee stock-ownership plans (ESOPs) as an additional benefit. She has decided to investigate the issue further. The team’s reflection on an employee’s general attitude toward benefit packages concluded that employees differ in his or her preference for choosing benefit plans characterized as defined-benefit, defined-contribution, and cash-balance plans. Allowing employees the flexibility to select a plan most compatible to his or her individual need benefits both the employer and employee, resulting in greater job satisfaction, employee retention, and costs control. Additionally, the team discovered employees often misunderstand the benefits package offered and fail to take full advantage of its perks. The members agree that employees should take a proactive...
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...Compensation and Benefits Plan Compensation and benefits curriculum have a considerable amount of influence in a business’ capability to allure and retain workforce. Understanding the company’s goals, attracting experience candidates, and reward the existing employees will expand benefits and compensations to fit the potential position and work environment. By built on a strong working characteristic, respected core benefits package with insurance, and superior compensations Freeley & Driscoll can expand and fill a new position more effectively. In response to Feeley & Driscoll, P.C.’s (the “Company”) operational goal of 10 percent annual revenue growth, a market development and expansion manager position will be created to lead the Company’s expansion into new markets beyond the New England demographic. In order to attract experienced candidates for the position, the compensation and benefits package must include a variety of options to meet the needs of the employee. At the same time, the proposed package should reflect the Company’s expectations for the position, utilizing a combination of fixed and performance-based compensation, and benefits to ensure the candidate is thoroughly invested in the Company’s success. Since its inception, the Company has built its success through the hard work and dedication of its employees. As a result, the Company has rewarded its employees with the highest salaries in its industry and region. The Company believes a mutually beneficial...
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...The Effects of a Well-Designed Compensation and Benefits Plan on Employee Behavior The Effects of a Well-Designed Compensation and Benefits Plan on Employee Behavior Compensation can be defined as “all forms of financial returns and tangible services and benefits employees receive as part of an employment relationship” whether directly (compensation) or indirectly (benefits) (Katz, 2012). A strong and competitive compensation and benefits package is a powerful instrument for attracting and retaining the best talent. The development of a flexible compensation and benefits plan has an impact on employee retention and recruiting activities. The goal is to design the compensation and benefits package to attract qualified and talented applicants, as well as retain the current employees that are important and bring value to the organization. Reducing Turnover with a Compensation Strategy HR Function. HR serves in a consultative capacity to the managers and leaders of the organization and is responsible for the implementation of activities or policies in staffing, recruitment, data analysis, reward and recognition, and advising with regard to federal law compliance (Pophal, 2010). The human resource function “serves to align the wants and needs of the employee with the wants and needs of the employer” (Rothwell, Prescott, and Taylor, 2008). Recruitment and retention should be the main focus of HR and if not effectively managed can prove to be a huge risk to the organization...
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...Running head: Career Development Plan four Career Development Plan four –Compensation By Emery Sutton Human Resources Management 531 Instructor Ken Santiago U of P 8-5 -2010 employment team Memo-compensation pay From Interclean management To sales team employee Goals for organization and employees 1. Building confidence in employee and achieving team progress. 2. Motivating the sales team 3. Making sure top sales employee are compensated for good perfromance The structure for the formation of the compensation plan is based on the needs of Interclean and the sales team. The compensation for employees will be based on base pay + commission. This seems to me to be the best method of obtaining maximum performance from the sales team. Management Jim Martin- experienced and knowledgeable/take care of their customer/meet and exceed sales plan/try new ideas/75,000 YR head manager of sales Tom...
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...Compensation Plan The purpose of this document is to present a proposal for a compensation plan for the newly formed sales team detailing the plan components, incentive packages, benefits, and the reasons the plan will work. Strategic benefit planning helps the company to balance the cost with the value and results obtained. It supports the mission and the employees who are the internal customers of such plan (Rappaport & Barocas, 1993). 1. Business Strategy Alignment InterClean’s new business strategy is about growing and expanding by developing and selling full-service solution packages to existing and new customers in the large institutional and industrial cleaning and sanitation industry. Linking compensation programs to business strategy is about: • Aligning performance objectives to the aggressive growth and transformation strategy. • Measuring the progress and rewarding the achievement of such aggressive goals with aggressive compensation plans that will motivate employees to strive for its achievements. • Compensating for the long-term strategic objectives to ensure the change of the company culture. As previously mentioned, it is key to clearly and frequently communicate the strategy, the objectives, and provide feedback from the measurement results. Key measurements for top compensation: 1- Business growth and increased market share 2- Creation of new customer accounts with new significant business 3- Maintaining and growing existing major customer...
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...This is a proposal for a compensation plan for InterClean as we move toward our new structure. We have merged with EnviroTech and we are evolving into not just a company that offers product but also a service. We have invested in training and will continue to do so to retain our employees and having a solid compensation plan in place will assist us in doing so over the years. This plan will be used by management for a variety of purposes to further the existence of the company. It maybe adjusted according the business needs, goals, and available resources. This proposal for our new compensation plan will used to recruit and retain qualified employees; increase or maintain morale/satisfaction, reward and encourage peak performance, achieve internal and external equity, reduce turnover and encourage company loyalty. Recruitment and retention of qualified employees is a common goal at InterClean. To some extent, the availability and cost of qualified applicants for open positions is usually determined by market factors beyond the control of the employer. While we are setting compensation levels for new hires and advertize those salary ranges, it does so in the context of other employers seeking to hire from the same applicant pool. The morale and job satisfaction can be affected by compensation package. Sometime there is a balance that must be reached between the monetary value we are willing to pay and the sentiments of worth felt be the employee. In an attempt to save money...
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...Compensation Plan When it comes to the compensation plan that the company provides is hopefully a good plan. “It is no exaggeration to say that for most firms, benefits represent substantial annual expenditures” (Cascio. (2005). Chapter 12, p.464). So, it takes time to come up with a good or “decent” compensation plan. For the new team that has been developed in the InterClean, there has to be some good benefits for them to want to stay with the company. There are four laws that the company has to go by and we are going to make sure they are being followed. One is the Social Security Act. Having Social Security when you retire helps all employees in any company. The company will also provide some seminars to make sure that the employees have a better understanding of their Social Security plan. We have a few employees that will be retiring soon. So, they would like to keep an eye on what they will receive from Social Security. The Federal Government takes out money to go toward unemployment. This happens when if you get fired and you can receive a paycheck until it runs out. Workers’ compensation helps because an employee can get hurt on the job. Something that helps an employee to decide to stay with a company is if it has a good retirement plan. Our company wants to make sure that each one of our employees are satisfied with their retirement plan. Our employees will be paid by salary. With each promotion that is an automatic raise. All of...
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...Compensation Plan slide 1 of 5 Brief description of Dream Job My dream job would be as a Human Resources Director earning an annual salary of $142,860. A human resources director is in charge of all human resources activity in a company. That includes creating and implementing company-wide policies, recruitment and retention of employees, insurance, pensions, promotions, the termination of employees and benefits. HR directors also study the industry to devise a compensation system that both attracts talent and takes the employer’s cash flow into consideration. An HR director ensures the morale of existing employees by designing programs and benefits plans that keep employees motivated and working hard. In order to fit personnel activities within the company’s strategy, the human resources director must also ensure that all activities fit within the company’s budget. HR directors generally have around a decade of experience in the human resources field, and many get promoted into the position from an HR manager post. HR Directors also prepares written Affirmative Action Plans; keeps records of hired employee characteristics for governmental reporting purposes. Represents management in negotiating collective bargaining agreements, mediation, and arbitration proceedings. Drafts proposed contract language; assembles negotiated contracts. Assists in resolving labor disputes and grievances. Oversees and directs the development...
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...must possess excellent organization skills, knowledge of cleaning products, services, and enjoy working in a team environment with a diverse group of individuals. Sale representatives are required to have a background in the applications of sales, good communication skills, initiative, and desire to seek additional education and training. The selection of duties pertinent to the new sale positions are research and the ability to attractive new cliental, knowledge of health care products, cleaning solutions, relationship with others, initiative, enthusiasm, and quality of work. Acquiring an understanding the knowledge of these imperatives will create a competitive advantage for InterClean and EnviroTech as a new company. An aggressive plan of action through research will help...
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...has the role of reviewing prices, price changes and sales. The cashier also records prices, subtotal taxable items as well as totals purchases on a register and electronic scanner. Collects cash, check, or charge payment of a customer and gives change for any transactions. A cashier will also redeem food stamps, promotional items and cash checks. I based the cashier’s role on both a job-based and person-based approach. The job-based approach defines the cashier role by estimating the relative value of the cashier role to create a job structure for Kudler Fine Foods. The evaluation is based on job content and the skills needed, and the worth to Kudler, the culture at Kudler and the external market factors. The advantage of a person-based plan is that people can be organized in a way that better matches the flow of work; hence, avoiding bottlenecks as well as idle hands (Milkovich & Newman, 2005, pp 146). The person-based structure has helped define the role of the cashier, connecting pay rate to the experience of skills, abilities, and knowledge of the...
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...Compensation and Benefits Plan Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. They should be designed to meet the candidate’s needs and expectations to ensure acceptance. This paper represents a job proposal created by our team for the position of Senior Reliability Engineer at Medtronic, Inc. Various resources and websites were utilized to create a competitive package consistent with Medtronic’s high standards and company policies. Our team included justification of the chosen strategy and also identified potential obstacles and forms of resistance that could impede implementation of the package being offered. Background and Mission of Medtronic, Inc. Medtronic, Inc. was founded in 1949 as a medical equipment repair shop and has grown into a multinational company that has transformed the way debilitating, chronic diseases are treated (Medtronic, 2012). Its mission is to contribute to the human welfare through application of biomedical engineering in the research, design, manufacture, and sale of instruments or appliances that alleviate pain, restore health, and extend...
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