STRATEGIC COMPENSATION & HUMAN RESOURCE (HR)
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Design a Total Compensation & Rewards Program for Employees:
All of the elements of a compensation package, including wages, salaries, and benefits, as
well as the method of payment and the reasons for bonuses, salary increases, and incentives are referred to as part of a compensation plan (Test, 2023). Setting up a compensation and incentives
plan will need having a wage program or commission pay plan in order to recruit and retain fresh
personnel. Additionally, there are programs like performance compensation, group bonuses, incentives, and perks (Gibson, 2017). Along with hourly pay or an annual salary, compensation may also include bonuses, incentives, and benefits including short-term disability insurance, group health insurance, and contributions to a retirement savings account. The new business will have an equity plan with awards issued in the form of restricted stock units as part of it. A precise
pay plan, broken down by company bonus and sales bonus, will be part of the plan.
The remuneration you get as a new employee will be split into a fixed portion and a variable section. There will be a $5,000 sign-on incentive given to new hires after the first Friday
of each month. Instead of a commission-based compensation structure, the new hires will be put on a salary-base plan. The typical annual compensation for new hires will be about $140,000, or around $11,670 per month (Gibson, 2017). New hires will get an annual bonus of a predetermined sum, which will be $2,000 per person. An employee may transfer their $150 peer incentive to another member of their team. Based on performance, which will take into account each employee's position on the team, their contributions, and a multiplier rate that may be 10% or higher of the set salary. To enable workers to participate in a 401k plan, retirement savings will be included in their pay (Luther, 2022). Pre-tax contributions will depend on the employee's choice. Employees who make a 5% contribution of their gross pay or compensation have their contributions matched 50% by the employer. perks include paid time off, medical insurance, life
