Hrm531 Career Development Plan Paper

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Career Development Plan IV - Compensation HRM531 March 21, 2011 Gary Craig Career Development Plan IV - Compensation Now that the job analysis and selection, training and mentoring program, and performance and career plan are in place, the next stage of this development plan is the compensation plan. This memo will detail all components of the plan including pay and benefits for the sales team. Included in this memo I will describe three components of the total rewards package that will ensure our team remains motivated and reach peak performance. Compensation is a way the company entices an individual to work for them. The term compensation is often thought of as the salary one will receive upon offering and accepting a position. As Cascio (2006) states, “The broad objective of the design of compensation programs (i.e., direct as well as indirect compensation) is to integrate salary and benefits…show more content…
It involves the deliberate integration of five key elements that effectively attract, motivate and retain the talent required to achieve desired business results (What is Total Rewards, 2006).Three components of the total rewards package are compensation, benefits, development and career opportunities which motivate the sales team to reach peak performance Compensation already explained is a fixed pay which does not vary with performance, but has been determined to be competitive according to the national market value. This pay is in alignment with the organizational strategy in that these salaries are budgeted into the expenditures. Benefits are the programs the employer will use as a supplement in addition to the salary received. This compensation package offered is fairly comprehensive and lucrative for motivation purposes. Benefits are as follows * Medical insurance - Choice of HMO or

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