Compansation
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- Date Submitted: 11/15/2010 03:29 AM
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Carrier development Plan Part IV
Compensation
HRM/531
Introduction
With the development of a new service-based product was necessary to completed few steps before like: a job description, a performance appraisal system, and the development of a new individual career development plan. This paper will now intend to develop a compensation plan that will encourage the individuals and the team by analyzing the following factors:
* The compensation plan and its components.
* The benefits results from this plan to the organization and individuals as well.
* Compensation Plan
* Benefits package
Diversity plays an important role on the team especially in terms of age, which means they are in different stages of life, while some of them may have young children at home, others are currently planning a possible retirement in the near future. A flexible benefits package will be implemented to ensure the company is taking care of the each member’s need. The company offers four benefits fully paid, and among of that, employees will be able also to choose two noncontributory benefits like: Health insurance, life insurance, disability insurance, auto insurance. Every employee can choose all four above benefits, and just two will be noncontributory.
An employee can choose all four of the above benefits, but only two will be noncontributory the others will incur a cost shared by the company. In addition to the noncontributory benefits, employees can also choose among services that will be available on a contributory basis including: Auto insurance, legal services, counseling, child care, stock options, and fitness plans.
Enrollment in any of the programs can be update or change annually during the month of august.
* Base Salary
Each...
Compensation
HRM/531
Introduction
With the development of a new service-based product was necessary to completed few steps before like: a job description, a performance appraisal system, and the development of a new individual career development plan. This paper will now intend to develop a compensation plan that will encourage the individuals and the team by analyzing the following factors:
* The compensation plan and its components.
* The benefits results from this plan to the organization and individuals as well.
* Compensation Plan
* Benefits package
Diversity plays an important role on the team especially in terms of age, which means they are in different stages of life, while some of them may have young children at home, others are currently planning a possible retirement in the near future. A flexible benefits package will be implemented to ensure the company is taking care of the each member’s need. The company offers four benefits fully paid, and among of that, employees will be able also to choose two noncontributory benefits like: Health insurance, life insurance, disability insurance, auto insurance. Every employee can choose all four above benefits, and just two will be noncontributory.
An employee can choose all four of the above benefits, but only two will be noncontributory the others will incur a cost shared by the company. In addition to the noncontributory benefits, employees can also choose among services that will be available on a contributory basis including: Auto insurance, legal services, counseling, child care, stock options, and fitness plans.
Enrollment in any of the programs can be update or change annually during the month of august.
* Base Salary
Each...