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Running Head: COMPENSATION PLAN
Compensation Plan Project
Name of Student
Name of Professor
This project is based on improving compensation as well as profits and packages for
the business. Compensation and benefits are important aspects in present business life. This
has a direct relation to employee motivation as well as achievement. The inspiration of
employees results in outstanding performance as well as a commitment to the employment.
The association in which I am supervising the project is an IT project based on international
For an HR manager to construct a project, I have to come up with preparation to
revamp compensation and benefits package. Being an HR director, I have to implement what
is termed to be the best for the employee. In this case, I’ll have ensured that there is no any
form of miscommunication concerning what is required. Mainly, compensation plan must be
drafted on a paper for the corporations to offer their managers with a critical equipment in
order to obtain the essential resources. Secondly, the plan need to comprise of different
shapes of compensation which are highly achievable such: dividends, salary, wages, merit
enhances as well as overtime accompanied by other income sharing plans.
Moreover, we must have a policy concerning the number of working hours.
Dividends, compensatory time as well as paid time off like holidays, sick leaves, or
individual days. Finally, the base wage grades or lowest amount should be involved during
job designation. Both job explanations and skills need to be encouraged in order to come up
with appropriate employee wages. Generally, compensation package involves variety of
factors which aim at motivating long-term employees. This gives guidelines on how workers
should be compensated without any form of struggle which may result to creation of a sense
of prerogative. Being an HR administrator, I involved presenting this compensation package
to shareholders as well as higher management in order to get support for the project.
Moreover, we are aiming at explaining where dollars spend by corporations go through
following tax dollars through coming up with a value which firms should be giving as a tax
Among keys factors for successive compen...
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