ESTABLISH THE PAY LEVEL

Establish the Pay Level for a Job

Establish the Pay Level for a Job

Introduction

The new compensation plan is design to be fair, flexible, competitive, and performance based. Key elements of the program include (1) salary, (2) retirement (pension plan/401k), (3) flexible benefits, and (4) performance compensation. The organization (InterClean) will regularly review the plan to ensure that it remains competitive in which to encourage employee productivity of exceptional performance. To strategically define and establish the new compensation plan, the organization must perform the following: a) identify compensation as a key motivation method that can be use by management or high level positioned employees to achieve business objectives with the flexibility or consideration of employee needs, b) the formulation of the strategy should be determined by the essential aspect of the pay system, c) strategically use pay consideration in the process of decision-making, and d) approach the organization's employee performance as the definitive basis of the determining compensation decisions and programs.

I believe the new compensation plan will attract potential employees as well as retain employees in which the organization finds value of increasing productivity. I believe my pay system will work in that both the employee and organization will pitch in which will be of equitable contribution from both sides. When the employee is aware that his or her performance will be a reward by the contribution of the organization will increase performance levels for gain productivity. The employee will recognize and appreciate the rewards he or she will be given that will be determined by performance results as it is aligned to the organizational objectives.

Products

Services

 

 

 

 

100000

10

1500000

10

 

 

 

 

850000

9

1000000

8

 

 

 

 

750000

8

900000

7

 

 

 

 

500000

7

800000

6.5

 

 

 

 

350000

6

700000

6

 

 

 

 

250000

5

600000

5.5

 

 

 

 

200000

4

500000

5

 

 

 

 

175000

3

400000

4.5

 

 

 

 

150000

2

300000

2.5

 

 

 

 

100000

1

250000

2

Components of Total Rewards Package

The three (3) components that will be included in InterClean's total rewards package are composed of a salary, performance compensation. The base salary that will be paid out to employees is determined by his or her education, experience and qualifications in which meet the job requirements and the need for a required position. In addition, like I have mentioned previously, compensation will be based on performance. If an employee demonstrates outstanding performance that increases productivity according to the objectives that have been established by the organization, he, or she may be qualified to move up the salary scale. Other than moving up a salary scale, an eligible employee may receive a lump-sum re-enable payment which will be determined by his or her performance (Colclough 2007, 52)

The last compensation within the total rewards package is the pension plan. The pensive plan will be tied to having the option or flexibility to spend on a 401 (k) savings plan (or retirement) as well. I believe these three components that will make up the total rewards package for my team will increase the motivation to perform at his or her peak.

Compensation Plan's Benefits to Employee and Organization

The compensation plan benefits both the employee and the organization. The total rewards package includes a flexible benefits program in which I believe employees will find rewarding. When an employee is aware that he or she ...