Career Development Plan- Compensation

Submitted by: Submitted by

Views: 764

Words: 915

Pages: 4

Category: Business and Industry

Date Submitted: 04/11/2010 11:30 AM

Report This Essay

Running head: Compensation

Career Development Plan- Compensation

University of Phoenix

Rosa Brown


While changes at Enviro-clean are based upon the development of a new strategic direction a new compensation plan needs to be developed to suit our team. Several influential factors play a role in the developmental process that must be addressed. The strategic plan must not only satisfy the company but it must satisfy the employee as well. The plan must address organizational rewards systems, fair compensation, employee motivation, and benefits.

“A employee reward system is anything that an employee values and desires that an employer is able and willing to offer in exchange for employee contributions” (McGraw pg 418). The mission at Enviro-clean is to do the best that can be done to compensate the employee in such a way that the end result turns out to satisfy the employee and the company. Competitive wages will be determined by experience, productivity, employee status within the company, and the current market. Most of the members on this team are outside sales representatives therefore; plenty of growth opportunities and advancements will be more appealing and accessible to those employees. First thing one will do as a manager is obtain salary reports in the current market and review the pay rates in similar and competing companies. Obtaining the market rate for salaries in this organization will be the first step in the company’s attempt to provide external equity. The important factor in the first step of this process will benefit the company because that particular action works to reduce the company turnover rates. Secondly the company will set a base salary for each job position as it compares to the market and as it relates to the company goals. Base salary ensures the employees that they have a steady income coming in regardless of the economy or any rough patches that the company may endure. In addition to salary, competitive...