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How Do I Get Paid?

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How Do I Get Paid?
HRM 531
May 2, 2011
Brian Frank

How Do I Get Paid?
The employment team I have been given responsibility of, consists of five employees. Their job titles and duties range from one spectrum to the other. Their job functions are purchasing, billing, two customer service representatives, and a graphics designer. With some being more administration work and some being sales, I had to devise a compensation plan that would fit everyone. This new compensation plan will take into account their evaluation score and their level of pay when compared to other employees with the same job title in the industry or compa ratio.
The new plan will be set to a graph. The x axis will be the compa ratio and the y axis will be their yearly evaluation score. Where the two points meet will determine the percent of pay the employee will receive. If by chance an employee is at the top of their compa ratio, a one-time payment will be calculated. This calculated amount will be given as a onetime check instead of the hourly pay increase for the year. This system is designed to bring up the newer employees who have a low compa ratio and don’t have to work for the company twenty years to get a significant salary. Some employees may ask how this will work.
The individual evaluations are based partially on department or company goals and then the remaining percent is based on direct goals for that employee. In order to get a higher percent pay raise, the employee will need to score high on their evaluation. This will give the employee motivation to succeed at their given goals. According to Cascio, 2006, “Pay-for-performance is the new mantra. Managers are asking “What have you done for me lately?” Employers want to see the results they are paying for in an employee. This system will change fixed salaries and help turn each job into an opportunity to gain a raise. When the employees see actual pay results in relation to their work efforts, morale and productivity will both rise. Here are some motivational components to help the employees get excited about this new compensation plan.
There are some different rewards that can be given to excite the employees. The three that will be involved with this compensation plan is direct payments, employee involvement, and effective supervision. The direct payments component is considered the most important reward. By doing well through the evaluation time, the employees score will reflect the positives and in turn their salary will go up. But payments are not the only important component to an employee. The next piece is the employee’s involvement. By letting the employee be more involved in the decision making in regards to their goals, will help them feel like a part of the team. They won’t feel like everything is coming down on them. If they struggle, they can blame themselves and know what to do for goal setting next time. And the last component is effective supervision. By using this component, the supervisor will be more involved with the goal timeline. If the employee begins to stray away from the goal or isn’t nearing completion in a timely manner, the supervisor will be aware of the situation. By stepping in before it is too late, the goal may still be met and the employee can feel relieved his/her supervisor cared enough to help. Besides these three components, there are other benefits to both the employee and the employer.
There are several benefits to this new compensation plan. A new employee will not have to work at the company for numerous years before seeing a significant pay raise. Based on the old system, seniority ruled and was the driving force behind raises and promotions. Using the compa ratio and evaluation score, the employee will get bigger raises and their pay will fall more in line with the industry. This system is now more rewards based and reflects solely on the employee’s job performance, giving the employee some motivation to do an on time job. But not all the benefits are for the employee.
Several benefits will come out of this new system for the employer. By having happy, motivated employees, output production will increase. Also, having a competitive salary system, potential employees make take a longer look at the company for a job. Taking care of the employees will also pay dividends in the public relations department. Word will get out they care about their employees.
As you can see, this new system has several benefits for the employee and employer. The use of the evaluation will help keep the employees held accountable and at the same time motivated.

References

Cascio, W.F. (2006). Managing human resources; Productivity, quality of work life, profits (7th ed.). : McGraw-Hill.

Career Development Plan Part IV—Compensation

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