Running head: CAREER DEVELOPMENT PLAN PART IV
Career Development Plan Part IV
Bethany M Baiocco
University of Phoenix
HRM 531
November 24, 2008
Career Development Plan Part IV
So far we have explained the importance to our 3 first level managers on the importance of the type of behavior managers should exhibit; conducted a job analysis; outlined a workforce planning system; and selected new members for our team. Next, we development an in-depth training and mentoring program for the new team as well as create a career management plan for our employees to grow. Now, we will examine what is near and dear to many, compensation. I will describe my new compensation plan, explain why the pay system will work, identify a few components of a total rewards package to keep the team motivate and strive to reach peak performance, and last, explain the compensation plan’s benefits to the team and company. Let’s first examine my new plan for the team.
New Compensation Plan
The new compensation plan I will use will be salaried and performance based. Each member of the team will start with an annual salary commensurate with the industry standard based on their particular position with the company. The initial annual salary selected for each member will also depend strongly on level of education (academic and technical), as well as career experience. The members will be evaluated every 6 months based on a performance matrix. This matrix will be created using the criteria developed on our company appraisal form created previously. The matrix will have many facets to measure but the main areas will be how well the employee meets sales projections, requirements for professional development, professional qualities, and last, development of growth for the team and organization. The average performer will get a 0-5 percent increase in pay every 6 months. Good performance will be rewarded with a 6-10 percent pay increase. Our cream of the crop...