Running head: CAREER DEVELOPMENT PLAN Career Development Plan – Part IV Antonette James University of Phoenix HRM 531 Human Capital Management Dr. Arnie Witchel January 28, 2009 Workshop 5 Career Development Plan Part IV – Compensation Career Development Plan – Part IV The purpose of this paper is to describe a new compensation plan for the new employment team. This paper will give a description of three components of a total reward package that would motivate employees to reach peak performance. This paper will also explain why this pay system will work. This paper will then give a description of the compensation plan’s benefits to the individual as well as the company. Description Components of Total Reward Package Description to Company Compensation policies and procedures may have to change because job requirements will change, and new incentive systems will have to be developed. Over time the team will be offered new training programs to satisfy the needs of the company as products and services change. The company is starting with new products, so new procedures and future adjustments’ will have to be developed for our teams compensation plan as the company grows and our team expands and takes on new projects. All team members will have clear communication on the future plans as they are developed. Training and learning about new products, equipment and procedures will be beneficial in gaining better job performance and team goals. In conclusion the compensation plan for the team will motivate them and push for developmental success but it also helps the company by offering nonfinancial incentives. These incentives is what I feel employees can benefit from, they are setting goals of where they want their sales to be and also providing the best customer service for good reviews on the customer surveys. The company knows that there will be emergencies so I want to provide the best relationship amongst all members of our team for those types of...