Career Developement Plan: Compensation

Career Development Plan Part Five

Compensation

University of Phoenix

HRM/531 Human Capital Management

May 5, 2010

Career Development Plan Part Five

Human capital is defined as “the set of skills which an employee acquires on the job, through training and experience, and which increases that employee’s value in the marketplace” (InvestorWords.com, 2007). As part of their human capital strategy, employers claim to be committed to helping their employees meet both their professional and personal goals. InterClean will not only make this claim, the company will also follow through with the claim as well. The purpose of this paper is to describe a new compensation plan for my employment team and explain why my pay system will work. This paper will also describe three components of a total rewards package that would motivate employees to reach peak performance. Finally this paper will describe my compensation plan’s benefits to the individual as well as to the company.

Healthcare is a forever change industry and can be quite expensive. The premiums requested by insurance companies are too much for a family to pay alone. Most employees remain with an organization because of this fact. They simply cannot afford to pay such high prices however healthcare is a need that must be met. Interclean recognizes this need and offers the following benefits to its employees.

• Medical Benefits – With choices of HMO, PPO or High Deductible Health Plan coverage

• Dental Benefits – With the choice of two dental coverage options-HMO or PPO

• Vision Benefits

• An Online health information and resource tool

Healthcare is not the only benefit offered to present and potential employees. To ensure that the employees’ future needs are met, InterClean will offer its employees several life and retirement benefits. These benefits will be automatic and require employees to meet certain criteria. The life and retirement benefits are listed below:...