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A compensation plan is the detailed plan of an employee’s wages, salaries, benefits and the terms of payment. The plan also includes information about bonuses, incentives, and commission plan that are to be paid to an employee. the organization prepares this plan to detail the information related to money and employee.
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18+ Compensation Plan Templates in Google Docs | MS Word | Pages | PDF
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seattle.govHow to Prepare a Compensation Plan?
Step 1: Starting From the Scratch
Think about the number of employees that your business needs. Getting an estimated amount will help you to create the plan easily as you will be aware of the roles they will have, the position that will be there are accordingly you can prepare the job description.
Step 2: Creating the Job Description
The next thing that you need to do is to create a job description that is essential. With the help of the job descriptions, you will be able to understand the responsibilities that the employees will be having and based on the task you will be able to decide the money factor.
Step 3: Determining the Amount of Compensation
You need to conduct research that will help you know and get information about your competitors. This will help you get an idea about how much compensation should you give to your employees and how will you design the policy for it.
Step 4: The Overtime Factor
Some of your employees might work overtime. Therefore it is necessary that you consider that factor and then make the addition to your compensation budget that you have prepared.
Step 5: Identification of the Benefits and the Incentives that Will be Provided
Benefits include basic health insurance, vision care, dental care, etc. that are provided by a few organizations. There are some organizations that provide memberships of Gym and stipends for technologies. First, you have to figure out the benefits that you can offer and then decide the compensation budget for that.
You have to also think about the incentives that you can include to motivate the employees. This also you have to include in the plan to formulate a proper compensation.
Step 6: Formulate a Document
Make sure that after you have completed the process of making the decision you document it in the file or a document. Having a documented plan will prevent loss of information as well as you can share it with the employees of your organization. For a wider selection of compensation agreement templates, check out more options here.
What are the Types of Compensation Plan?
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Straight Salary
This includes offering the employees the salaries that do not include any type of compensation. This is the simplest form of plan that is included in the compensation plan.
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Salary and Commission
The commission includes the incentive plans or the bonus. In this structure, the employee gets the salary as well as the commission.
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Commission Only
In this system, there is no salary-related thing. The business works on commission. This happens when the person or the individual getting paid is not an employee of the organization.
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Draw Against Commission
This system is more or less similar to the commission only system. The difference lies in the fact that at the start of a pay period the employee is paid a certain amount of advance and then it is deducted at the end of the pay period. The amount that is left is kept by the employee as a commission. Find more compensation and benefits templates by visiting this link.
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Territory Volume
This type of system is very common where the system is based on team-based culture. At the end of the compensation period, the total amount that is to be received is split among the team members. This system works best when the teams are distinct and clear. View a wider selection of asset maintenance plan templates right here.
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Profit Margin
There is also a compensation plan where the payment is based on the profit that the organization made. The payment is totally dependent on the profit that the company has received after making sales.
What is the Objective of Compensation Policy?
- Attract suitable staffs
- Include qualified employees in the organization.
- Development of a reward pay structure that is logical and suitable.
- Managing the payment structure despite minor inflation.
- Abiding by the legal requirements.
A company has many objectives and goals to achieve based on their requirements and standards. Explore additional compensation plan templates on our website, template.net, to find a variety of options that suit your needs.
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