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Total Compensation Plan Paper

739 Words3 Pages

Total Compensation Plan The general objective of this report is to explain a total compensation plan for a company whose main competitors are: Amazon, Home Depot, Starbucks, FedEx Corporation, or Bristol-Myers Squibb. This paper will describe important components, which will support company objectives, current and future trends, internal and external equity, benefits and identify the factors that impact job satisfaction of employees. The competitiveness and current world in which we live brings new challenges to the company regarding management and administration of personnel. Market aggression and talent turnover have made compensation systems increasingly attractive, making companies focus on achieving results. Key Objectives Companies create their strategies based on the objectives they wish to achieve (mission, vision). To achieve their objectives, they must have and retain the right people and keep them motivated so that they can achieve and overcome the established challenges. Evaluations …show more content…

These programs and policies propose to motivate high performance and desired behaviors. When we mention compensation, we refer to salaries, per diem, benefits (health care, pension plans) and incentives (prizes, recognitions). To this we add the variable compensation system. Heathfield (2017), “Variable pay is employee compensation that changes as compared to the salary which is paid in equal proportions throughout the year. Variable pay is used generally to recognize and reward employee contribution toward company productivity, profitability, teamwork, safety, quality, or some other metric deemed important by senior

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