Human Resource: Compensation Plan

HUMAN RESOURCE: COMPENSATION PLAN
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(02 November 2010)
Human Resource: Compensation Plan
Incentive compensation plans are always designed to motivate service professionals to attain goals and strive for excellence. This easy shares how to structure the incentives basic compensation team, and also states whether these elements are for the whole team, individuals, includes outside contributors if results are short term or long term. Lastly it includes proposal justification.
There are many ways of designing incentive compensation plans, though there are universal design features to consider. Incentives may be paid inform of cash, property or benefits. Cash is always the best but depends on the culture of the company. It is mostly short term and may involve both whole team and individuals. Incentives inform of benefits might produce results that are better. The payout need not to be too high than employees base salary, as this will make it difficult for supervisors to manage employees through other methods like performance review they are long term and involve eithe...