Compensation_Plan_for_Interclean

Millicent Mcgill 14 January 2010 University of Phoenix Dr. Kimberly Harvell HRM/531  Career Development Plan Week Five Compensation Plan for InterClean Introduction The merger at InterClean has been successfully completed. We have developed a new career development plan which included our process of job analysis, selection methods, training and mentoring program, performance appraisal and career management. Finally, we are in the process of developing an attractive compensation plan that will motivate, allow employees to reach peak performance and attract new employees. The new compensation plan will benefit individuals as well the company. Compensation In developing a compensation plan HR need to be well informed about trends in recruiting, compensation benefits, and employee satisfaction just to name a few. InterClean wants to encourage employees to be more innovative, productive, and committed to their work. InterClean will provide managers with as attractive incentive program that will not only benefit employees but the company as well. Three Components of the Total Reward Package One component is our Paid Time Off Bank. This system combines vacation days, personal days, and sick days into one package. This allows the employee flexibility to take time off with no questions asked, reduces absenteeism, improves morale, and increase productivity for the company. 50% of the employees total premiums for working overtime or unusual hours, and vacations are paid by the company for the month the overage occurred. These employees also have the option of retaining days in their bank and selling them back to the company in mid-October. The second component is the (ESOP) Employee Stock Ownership Plan. This will enable employees to become partial owners of a company. By allowing the employee to obtain stocks will give them a sense of job security and in return making InterClean a successful company. The third component is our on-site daycare program for children as well the adults. This family-friendly daycare program offers the state-of the-art equipment in academics as well as medical. The facility will operate twenty-four hours a day and will house trained professional in areas of care. This program also offers referral services that will find care providers using our dependent care allowances. InterClean will pay $400.00 per month for children and elderly care outside of its established facility. This program will help offset the rising cost of dependent care for the employee and reduce the lost productivity and lower absenteeism for the company. Employee Benefits and Services Insurance (Long-term and short term disability) Credit Union (Barksdale Federal Credit Union) 401K Plan Retirement Benefits Family Benefits (FMLA) Paid time off bank (new) Tuition reimbursement EAP (Employee Assistance Program) On-site Daycare for children and the elderly Unemployment Insurance (law) Dental and Vision ESOP (employee stock ownership plan) One Life to Live (wellness program) Chaplain Services Worker buyout Making it work The new compensation plan will work because it will allow flexibility for employees to choose only the services that are needed. I believe my plan will be successful because it gives the employee the power to chose what plan is best for him and his family it also gives the employee power to chose what he or she wants by saving money and choosing what’s best for team. I believe employees want to be in charge of their own plan that why in my plan the employee is giving this choice putting ownership back in the hand of the employee. One component is our