Interclean's_Compensation_Plan

InterClean Compensation Plan Lao Vang HRM 531 December 15, 2010 Tania Say InterClean Compensation Plan Many employees love to work for an employer who offers a strong compensation plans. Every employer must understand the main key to succeed in the business industry is to have an effective well-designed compensation package. As the head manager of InterClean’s new sales team, it is my duty to develop a unique and effective compensation proposal to the human resources department manager for an approval. It is to my understanding that employers need a compensation plan that can motivate employees to strive above normal expectations. The use of a compensation plan can balance the cost and equity among every individual. Employers’ main strategy is to attract the best candidate for the company and retain a strong relationship with the candidate. I will conduct my strategy based on marketing research, intensive data collection, and to be my knowledge to improvise a compensation plan. My objective for this proposal is to explain the effectiveness of my pay system, indicate three components of a total reward package, and the benefits for both the employee and employer. I was start off by creating a new compensation plan for InterClean’s new sales team based on a job analysis of every job position, an evaluation on each job, and establish a salary pricing range. All three of these categories will help me determine the importance of each sales position in accordance with the job pricing. The pay system can eliminate any conflicts between the employer and the employee relating to work performance. The salary of each job position held by the individual employee will be range from a minimum base salary to a midpoint salary and to a maximum salary. The pay grade level of each job position will scale on the importance of duties the job is to the employer. The number of responsibilities held by the individual can determine every salary range. Each individual team member’s skills and experience can change the salary pay of the job position. Another factor to determine the pay system to be effective is to determine how important the work conditions are for each job position. I will conduct surveys and collect marketing data on various employers’ salary pay system to help me cut off the desire salary level. Once the job analysis is evaluate carefully and the process is complete, then each pay grade level will determine the proper salary range. The new team of InterClean will surely maximize his or her full potential effort for InterClean if total reward package is effective. The three components of a total rewards package in this compensation plan will include work flexibility, educational benefits, and compensation benefits. InterClean will continually motivate the new sales team and could retain each employee with a flexible work environment. A compensation plan that offers flexibility will attract employees and allow an employer to retain employees from searching other employers. InterClean must understand that giving an employee a flexible work schedule can allow an employee to become productive at work and at home. An employee will be less stressful at work knowing he or she will have a flexible schedule to spend with family and personal errands. A strong reward package must include some educational benefit for an employee to focus and motivated to reach his or her peak performance. Most employees viewed education as an important factor in his or her career. Employers, who offers several educational programs as a way of attracting college graduates can highly benefit the employer. Educational programs such as college tuition assistance and leadership training courses can improve an employer’s workforce. Employees will be able to improve his or her skills by fulfilling an education. An employee with increase skills can benefit the company in the future. InterClean will be successful in recruiting the best applicants in the sales industry by providing a strong compensation in a total reward package. The majority of students near the end of his or her education career will seek an employer with a strong compensation package. Other candidates skilled and experienced in the workforce will seek a well-balanced compensation. The majority of individuals who search for a job will likely look for a sense of financial security to safe hold his or her future. An employer such as InterClean will succeed in attracting, retaining, focusing, and motivating all the employees with an effective reward package that improves an employee’s life term goal. Finalizing a compensation plan can be time-consuming for a new manager of InterClean’s new sales team, but it is a cost effective tools to use. Not only will this compensation plan benefit an employer but also the compensation plan will have satisfied the needs of all the employees working at InterClean. The compensation proposal clearly states all the objectives needed for InterClean’s new sales team and give an idea for the human resources department apply it to other use. All compensation plans must clearly state its purpose and mission to the employee to maximize full productivity and reliability. InterClean will spend less time recruiting and retaining employees if an effective compensation plan is put into place. InterClean will lead a successful business by implementing a compensation plan that will motivate every employee to return the favor back. References Advameg, Inc.. (2010). Employee Compensation. Retrieved from http://www.referenceforbusiness.com/management/Em-Exp/Employee-Compensation.html Business and Legal Resources. (2010). How to Create a Compensation Plan that Motivates Employees. Retrieved from http://www.blr.com/compensationtips/compensation-plan Neelman, D., & Dorf, P. R. (2008, July 2). Compensation in the Context of Total Rewards. Retrieved from http://www.compensationresources.com/press-room/compensation-in-the-context-of-total-rewards.php