Preview

Career Development Plan Part 4 Paper

Good Essays
Open Document
Open Document
942 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Career Development Plan Part 4 Paper
Career Development Plan Part IV: Compensation
Kenneth Laureano Benitez
University of Phoenix
Human Capital Management in Puerto Rico/HRM-531PR
December 22, 2015
Prof. Christella Navedo-Galindez

Career Development Plan Part IV: Compensation
In this paper we are going to describe the compensation plan for our new team in Puerto Rico. We will explain the reasons of why we think that our payment system will be effective, will offer a description of three components of a total rewards package that would motivate our employees to reach peak performance, and also will describe the benefits of the compensation plan for individuals as well as to the company. Finally, we are going to explain how the compensation plan of Puerto Rico, …show more content…
This second component is usually called working environment. The concept of incentive, is used to designate any amount of money contingent, conditional, received by personnel when certain predefined conditions are met, productivity bonuses awarded for achieving a certain level of productivity, incentives for meeting sales quotas or bonds that some managers receive, when they meet performance levels previously negotiated. Unlike salaries, which reward demonstrated performance, the company can use incentives to stimulate the interest of staff to achieve better results in their personal future and shape certain distinctive features that the company considers desirable in its culture.
To start working with direct financial compensation we will begin using the global labor market guideline adjusted to our market rate. We must work well with the job analysis to identify the structure of employment, to create hierarchies of job value, and to eliminate pay inequities. To realize the job analysis, we will use the method point. Point, allows us to identify and define the compensable factors of our sellers. When proposing a salary for a position in particular, we are going to use pay grades, as it simplifies the pay rates between similar positions within the company (Lister, …show more content…
We also offer other benefits for time not worked as life insurance, 401k plan retirement, vacations and sick leave, healthcare for the family including vision care and retail, stock investment options, disability insurance, and educational assistance. In the third and final form of compensation to complete our total rewards package, we find non-financial compensation. Within these benefits we include: flexibility time, care for children, relocation, training and development ("Benefits and Compensation",
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Part 531 Career Development Plan
    • 747 Words
    • 3 Pages

    Part 531 Career Development Plan

    The compensation plan for InterClean new sales department will include financial and nonfinancial rewards. The salary for the team will be ranked from the Outside Sales Representative to the Vice-President of Sales. The sales department has three outside sales representatives who are salaried plus commission pay. They will have a starting salary of $37,000 plus commission. The Outside Sales Training Representative will have a base salary of $40,000. The Sales Manager will have a base salary of $48,000 and the Vice-President of Sales will have a base salary of $58,000. There will be a team bonus pay system offered quarterly for employees of the sales department. This bonus system will range from an…

    • 747 Words
    • 3 Pages
    Good Essays
    Read More
  • Best Essays

    Rwt1 Research Paper
    • 2313 Words
    • 10 Pages

    Rwt1 Research Paper

    This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.…

    • 2313 Words
    • 10 Pages
    Best Essays
    Read More
  • Good Essays

    Hcs 449 Professional Career Action Plan Paper
    • 1030 Words
    • 5 Pages

    Hcs 449 Professional Career Action Plan Paper

    Producing a qualified career accomplishment, includes an action plan and must obtain goals in which one can reach. Creating a step-by-step plan, from beginning to end, and to achieve the success of the goal oriented-career action plan. My professional action plan and career oriented-goal is becoming a health care administrator in an Alzheimer’s facility. My action plan will show the steps required to reach a career goals and a timeline to complete each one.…

    • 1030 Words
    • 5 Pages
    Good Essays
    Read More
  • Better Essays

    Hcs 449 Professional Career Action Plan Paper
    • 1414 Words
    • 6 Pages

    Hcs 449 Professional Career Action Plan Paper

    My professional goal is to work behind a desk and computer. I have had serveral different ventures on trying to come up with my professional goal but I see myself being extremely good with computer and importing information into a database. This being said, I can see myself being an administrative assistant and or in the coding and billing field. I have that energy to strive in both professional goals and build with a company as they grow. Both professional fields will consist of me working wtih computers. Either importing (filing) patient information, communicating via computer with other medical personnel,…

    • 1414 Words
    • 6 Pages
    Better Essays
    Read More
  • Powerful Essays

    The E-Sonic Compensation System: External Market Competitiveness
    • 6558 Words
    • 27 Pages

    The E-Sonic Compensation System: External Market Competitiveness

    The focus of this section of the analysis is to decide on the allocation of pay methods in order to motivate and retain employees while also achieving external market consistency. The first step was to decide on an allocation mix consisting of base pay, short term incentives, long term incentives, and benefits for each individual job structure. Factors such as importance to strategic goals, need for retention, long term impact, and skill level factored into this decision. The result was…

    • 6558 Words
    • 27 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Strategic Managment Assignment
    • 459 Words
    • 2 Pages

    Strategic Managment Assignment

    Answer: The various incentives that should be included here are gain sharing and profit sharing incentives. The other incentives can be like cash rewards, percentage increase in base pay, and other non-cash prizes.…

    • 459 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Career Exploration Paper
    • 406 Words
    • 2 Pages

    Career Exploration Paper

    One career that I am interested in is an Account Executive in Advertising. Tasks for such a job include: planning ads for businesses, picking the best way to advertise, meeting with artists to plan ads and show plans to customers. Other qualities are figuring out the costs of ads, working with budgets, layouts, computers, and products being presented. To be a successful Account Executive, one must be good at organizing projects and making decisions along with getting along well with others, being creative, dealing with stress, and speaking and writing well. It is recommended that you have a 4-Year Degree. It is recommended that you sell things, speak in public, write for a newspaper, work on a market research project, or play sports leading up to the job. The salary range for such a job is $66,500 to $102,500 per year. There is occasional travel that accompanies the job. Typically, most work is done in an office. It is a medium size category and is on the decline. Another career that I am interested in is a Financial Manager. He is responsible for keeping records of money a business makes and what it spends in taxes, wages, and benefits. He also looks at how much money a business made previously and estimates what it will make in the future along with telling management about new tax laws and insurance changes and making reports to the government. He gives management advice on how to spend their money, and uses computers, government reports, tax forms, insurance policies, audits, calculators, and financial reports. To be a good Financial Manager you have to understand business and finance and look at and understand detailed information. You also have to think creatively and solve problems and manage staff, along with speaking and writing well. You have to be good with computers and working independently. It is required that you have a 4-year degree for this job but it is highly recommended that you have a graduate degree. To prepare for…

    • 406 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Hrm/531 Career Development Plan Part 2 Paper
    • 1403 Words
    • 6 Pages

    Hrm/531 Career Development Plan Part 2 Paper

    The recent merger of InterClean and EnviroTech (ICET) has opened many opportunities for employee promotions. In an effort to stimulate our employees, focus on their strength and talents, and teach them new skills that will assist in our overall success, management has decided to revamp the way training’s been done in the past by implementing a new training performance format. Our new training module will focus on sanitation standards, communication, customer service and satisfaction and networking. The program will consist of 9 steps that will key in on industry knowledge. The training format will consist of new training evaluation and mentoring needs, focus on objectives of training and mentoring, reviewing performance standards, analyze delivery methods, examine contents for training and mentoring, address time frames and evaluation methods, feedback, and lastly explore alternative avenues for further development. Once this program is implemented, we believe our employees will develop an expertise in their respective areas that will have a positive impact in ICET’s organizational competitiveness, performance and productivity.…

    • 1403 Words
    • 6 Pages
    Good Essays
    Read More
  • Better Essays

    Career Exploration Paper
    • 1320 Words
    • 6 Pages

    Career Exploration Paper

    Salary.com. (2012). Cedar Hill Texas- teacher salary for elementary school. Retrieved March 12, 2012, from http://swz.salary.com…

    • 1320 Words
    • 6 Pages
    Better Essays
    Read More
  • Better Essays

    Career Exploration Paper
    • 3370 Words
    • 14 Pages

    Career Exploration Paper

    John Krumboltz once said, “You have control over your own actions and how you think about the events that impact your life. None us can control the outcomes, but your actions can increase the probability that desired outcomes will occur. There are no guarantees in life. The only guarantee is that doing nothing will get you nowhere.” (Krumboltz, 46). In this short exert from his book titled Luck is no Accident, 10 Ways to get More out of Work and Life, Krumbolz discusses the importance of making the most out of opportunities that may seem little or pointless, and that happiness doesn’t depend on any external conditions, but instead, it is governed by our mental attitude. Throughout my life, I have only had a few jobs because I didn’t start working until I was almost 18, but I have always strived to have the best attitude when working. My first job ever was at Coldstone Creamery, and there were many times that I had to deal with people that were rude and inconsiderate. Krumbolz talks about controlling what you can, and letting go of what you can’t, which is exactly what I tried doing when working there and dealing with these kinds of people.…

    • 3370 Words
    • 14 Pages
    Better Essays
    Read More
  • Better Essays

    Career Exploration Research Paper
    • 941 Words
    • 4 Pages

    Career Exploration Research Paper

    Education is the most important part of our lives and choosing our career is an even more important job. Choosing the right career is the most difficult task in the world. Career exploration research paper was all discovering my passion for a particular field. This project not only helped me find out my strengths and weaknesses but also help me choose the best career for me. I want to become a software developer .I am very interested in pursuing a career in this field because it is the field of study I am most fascinated by.Computer Science/Software Engineering is one of the most popular and fastest growing careers today. Today, softwares are used in…

    • 941 Words
    • 4 Pages
    Better Essays
    Read More
  • Better Essays

    Employee Training and Career Development Paper
    • 1367 Words
    • 6 Pages

    Employee Training and Career Development Paper

    Inside any successful organization, there will be strong training and career development programs and systems. To recognize strong training and career development programs, one should know the: definition, methods, successes, HRM involvement, and their own wants and needs. To clarify understanding of these, the following will be described in detail: training and development by definition and how they fit into most organizations; the various methods used to train and promote career development; the direct correlation to organizational growth and success from training and development; the clearly defined role of Human Resource Management (HRM) in career development; and, finally, employees looking toward the future and what they may want and should look for in their career development. As aforementioned, the first step is in understanding training and how it fits into organizations.…

    • 1367 Words
    • 6 Pages
    Better Essays
    Read More
  • Better Essays

    Career Exploration Paper
    • 1520 Words
    • 7 Pages

    Career Exploration Paper

    My first year at UPEI has been an unforgettable journey full of challenges and surprises that affected my personal and academic identity. Looking back, I can finally detect the changes that occurred in my life during this period of time. This year impacted different aspects of my life including my personality, school performance, goals, and career path.…

    • 1520 Words
    • 7 Pages
    Better Essays
    Read More
  • Good Essays

    Career Manager Career Paper
    • 602 Words
    • 3 Pages

    Career Manager Career Paper

    It's important when you think about business ideas that you consider a few facts like whether people will pay for it, and whether it solves a problem. You'll also need to figure out the kind of supplies you need to get started as well as the capital you'll need.…

    • 602 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    Hrm 531 Career Development Plan Paper
    • 1967 Words
    • 8 Pages

    Hrm 531 Career Development Plan Paper

    It is difficult to have a clear understanding of how the work was spread out. So it is management’s task to have a system in place that provides a fair understanding of what is expected from the team. Team appraisal systems require that each individual be responsible for their own contribution. Although, the team is appraised as a whole, individuals should hold it their responsibility to contribute fairly. Another necessity in team would be to allow team members evaluate each other. Each member knows exactly what he/she contributed so therefore they can rate other members of the team depending on their…

    • 1967 Words
    • 8 Pages
    Better Essays
    Read More