Compensation Plan Proposal - 2118 Words

Building a Lasting Compensation Plan Building a Lasting Compensation Plan Compensation plans are as varied as the companies that implement them. They reflect a company’s culture, financial strategy, organizational structure and goals. Compensation plans serve as the catalyst for employees to join a company and remain, which in turn enables the organization to fulfill its obligation to provide goods and services. Developing an effective compensation plan requires thorough preparation through several steps. These steps include: determining job value, determining overall pay, determining individual/Team pay, pay delivery, and managing pay (Milkovich, 2011). Also important is the order in which these steps are completed as†¦show more content†¦This is typically accomplished using both internal and external benchmarking criteria. For Ben’s Bakery, an external benchmark of like jobs will be conducted using other local food production plants as a measuring tool. The resulting benchmark data provides Ben’s Bakery a range of pay f or each of their five benchmark positions. For the internal evaluation, a paired comparison ranking method (Milkovich, 2011) will be the simplest approach and can be accomplished with fairly accurate results because there are a small number of jobs and each of the jobs has been thoroughly assessed. |Table 1 | | | | | | |S/R/P |Driver |Baker |Mechanic | |Quality Control |Q |Q |Q |M | | |S/R/P |S/R/P |S/R/P |M | | | |Driver |B |M | | | | |Baker |M | The ranking results in Table 1 tell us that our five benchmarkShow MoreRelatedEssay on Proposal on a Compensation and Benefits Plan770 Words   |  4 PagesProposal on a Compensation and Benefits Plan Sonia Miranda Sandra Gonzalez HRM/531 Management July 11, 2011 Devin Daugherty Proposal on a Compensation and Benefits Plan Globalization and economy downturn are forcing companies’ to structure their benefit programs differently. 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