Career Development Plan Part 4 Essay Example | Topics and Well Written Essays - 1000 words

Career Development Plan crack 4 - Essay ExampleThis paper analyses the new compensation plan at InterClean Corporation.A puff up structure compensation plan reduces employee turnover and increases corporate winningss since it provides adequate incentive for an employee to increase their wareivity. The octogenarian InterClean had a sales staff that got awarded a sales commission for the sales an employee obtained. This system force the employee to remember about undivided results, since the salesperson pay would increment based on his/hers achievements. Since the company reared simple product this was a viable strategy. This no longer applies to the new business model the company is implementing. Team release is now more(prenominal) important than ever and long term satisfaction of the customer is a strategic focus that must be pursed in order to achieve customer retention. In the solution based business come about up contracts with the clients generated a lot of income for the enterprise.There are two types of rewards systems that cam be used by a company. These two types of rewards are intrinsic rewards and extrinsic rewards. Intrinsic rewards are positively valued work outcomes that the individual receives as a result of work outcomes, while extrinsic rewards are positively valued work outcomes that are given to an individual or group by some other person or source in the setting (Schermerhorn & Hunt & Osborn, 2003). The total compensation plan the company ordain offer has to satisfy the needs of both the employee and the firm. The firm does non want to establish a plan that does not encourage professional development and teamwork.The new compensation plan the company will offer to its salespeople will be profit sharing plan with a group merit pay element as well as other individual incentives. In a profit sharing plan a company contributes a portion of its pre-tax profits to a pool that will be distributed among the eligible employees (Hr-guide, 2008). The profit sharing at InterClean will be calculated