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Career Development Plan-Compensation Report


Introduction

Career development refers to the lifelong process of managing progression in learning and work, which significantly determines the nature and quality of individual’s lives, the kind of people they become, their sense of purpose, the overall income at their disposal, social and economic contribution they make to the communities.

High quality information is essential for effective career development and needs to be supplemented by personal support. A career development plan is a way to set future goals for progression in a chosen career. It involves creating a list of goals, along with strategies for achieving those goals and a desired completion date. All the steps necessary to help achieve the final goal should be included in a career development plan.

Compensation

Compensation represents a tangible expression of a person’s perceived value defining lifestyle, position within the community measuring the importance of the individual to the organization. It is one of the human resource systems, which also includes recruitment, performance management, training and development, and employee relation. Compensation combines wages, salaries, and benefits an employee receives in exchange for work.

The employment team showing up for work on a consistent basis should have their salaries reviewed using the following plan. The salary plan should include medical, dental, and cafeteria plan benefits. The inclusion of the above plan enables and allows the employment team to have a consistent life that matches their work schedule.

For the case of the sales team, a different approach should be adopted by including the overall salary and a considerable percentage of commission on every sale, a bonus for exceeding the sales quota or quantity, and the provision of other allowances that will benefit the team’s family members including travel allowances to visit desired places during vacations.

All this promotes employee appreciation by the Interclean team which will in turn motivate the employment team to provide and promote better services.

Overtime tips should be given depending on the calculations on the total hours worked beyond the normal working hours; this will promote hard work and industriousness within the company and increase the general productivity and profitability. This is in addition to the provision of advanced payments to the employment team in case of any emergencies arising from the employee side.

Considering the productive efforts provided by the employment team in running of activities within the company, resources, and the services outsourced, there would be increased profitability and income that will enable the pay system to be implemented profitably.

Components

The rewards package will consist of commissions, overtime payments, raises, bonuses, and incentives. Commissions refer to a form of payment to an agent for services rendered, usually within a given percentage range of the total monetary value of the services. This type of reward promotes employee performance as they target to hit the prescribed threshold and gain their commission, for example in sale of certain goods.

Constant raises, bonuses, and incentives offered to the employment teams are based on performance ranking and ratings. For example, Interclean could decide that an outstanding performance appraisal could result in a given percentage of salary increase. This motivates the team to surpass the predefined threshold and earn the salary raise.

Benefits

The described compensation plan will benefit the individual in the following ways. First, the individual will be able to work under conducive environment knowing that all the factors affecting their lives are catered for i.e. the company appreciates their performance. The living standards of the individuals will rise due to the influence of the various benefits offered by the company.

Moral and individual motivation will be guaranteed because of the better services offered by the company. Paid vacations depending on the length of service with the company, which could be around two weeks. Individual benefits from the disability and illness compensation, for example individuals are allowed paid sick leave, and any unused sick leave is paid in cash.

Professional development of skills through seminars, conferences, and programs helps the individuals to acquire and refresh skills that enable the individual to perform the current job and prepare for greater responsibilities in future.

On the other hand, the company will benefit from the plan due to an increased output of the services provided by the individuals and hence an increase in the profit gains from the outsourced services of the company.

There will be quality services provided by the individuals to the company and hence the reputation of the company will be held high in terms of penetration into the foreign markets. The company will experience an increase in the return on capital invested because of the extra performance of the individuals.

The company will experience improved interpersonal relationships and cooperation between the individuals, management, and the entire company, which will promote the overall productivity within specified and stipulated time lines (Ellig p.223).

Conclusion

Career development is an ongoing life long process. Compensation combines wages, salaries, and benefits an employee receives in exchange for work, which motivates and promotes peak performance of individuals within any given company. Compensation ensures and promotes peak performance of the employees within a given company.

Works Cited

Ellig, Bruce. . New York: McGraw-Hill Professional. 2007. Web.

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IvyPanda. (2020, May 25). Career Development Plan-Compensation. Retrieved from https://ivypanda.com/essays/career-development-plan-compensation-report/

Work Cited

"Career Development Plan-Compensation." IvyPanda, 25 May 2020, ivypanda.com/essays/career-development-plan-compensation-report/.

1. IvyPanda. "Career Development Plan-Compensation." May 25, 2020. https://ivypanda.com/essays/career-development-plan-compensation-report/.


Bibliography


IvyPanda. "Career Development Plan-Compensation." May 25, 2020. https://ivypanda.com/essays/career-development-plan-compensation-report/.

References

IvyPanda. 2020. "Career Development Plan-Compensation." May 25, 2020. https://ivypanda.com/essays/career-development-plan-compensation-report/.

References

IvyPanda. (2020) 'Career Development Plan-Compensation'. 25 May.

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