HRM 531-Week - Compensation 1 Running head Career...

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Compensation- 1 Running head: Career Development Plan Part IV – Compensation HRM/531 Human Capital Management Jean Raymond Alexandre September 7, 2010 University of Phoenix Dr. Shaniqua M. Smith, DM, PHR
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Compensation- 2 InterClean successfully completed the merger. The management team has selected the best sales staff, created a career development plan as well as an appraisal system for InterClean employees. Management is ready to develop a comprehensive compensation plan that will focus on retention and promotion. This document will illustrate the following points: the basis of the new compensation plan, a detail account of why the system will work, the three components of a total rewards package that would motivate employees to reach peak performance, and the compensation plan benefits to the individual as well as to the company. According to the US Bureau of Labor and Statistics, employee compensation is divided between two components. The first component is wages and salary, which accounts for 70.8% of the employer cost, and the second component, is benefits, which make up the remaining 29.2%. For management to determine a competitive compensation plan, they must first evaluate the job responsibilities and requirements. Data from external and internal sources will be used to compare the job requirements and salaries at InterClean and other companies within the industry. The compensation plan for the sales team consists of three of components. The first component includes a base salary of $40,000 yearly, which will be paid bi-weekly. The second component includes paid bonuses earned from meeting sales goals, which will be paid on the 15 th of the following month. The last part is the multiplier, which is paid for exceeding sale quota. The sales positions at InterClean are no longer solely commissioned based. Introducing a
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