Compensation Plan Ã¯Â¿Â½ PAGE \* Arabic Ã¯Â¿Â½5Ã¯Â¿Â½
Running Head: Compensation Plan
University of Phoenix
HRM 531 Human Capital Management
Instructor: Kristine Pak
May 6, 2010
Workshop 5, Assignment 5
As part of the merger, business strategy for growth and strategic positioning we have restructured our sales team and organization staffing to accommodate the required changes for growth. To accomplish the organizational goals Interclean/EnviroTech has focused and identified the training and mentoring requirements, completed the selection process, developed training and mentoring program objectives, established performance standards, job analysis are up-to-date, and career management plans for advancement are available. As a team we will now develop a new compensation plan and submit to the management group for approval. This plan will include a new compensation plan for the sales team, explain the reasons the plan will work, explain the three components of total rewards package, and describe the benefits of both the team and organization.
New Sales Compensation Plan
The new compensation plan will be tied to the new organizational objectives and will reflect how Interclean/EnviroTech values the workforce by offering a competitive and lucrative benefit and compensation plan with both financial and none financial rewards. The compensation plan must retain, attract and motivate our workforce to perform and achieve the new organization strategy and goals. In developing this compensation plan we have the obligation to propose a pay scale that Interclean/EnviroTech will be able to afford and sustain long term and follow the three elements of equity.
The three elements of equity deal with the internal equity of the job and worth of that job to the organization that will pay for the services. External equity dealing with the organization paying competitive wages based on how the labor market pays for that job and...