Create a detailed compensation plan for an hourly wage manufacturing facility to include five levels of skilled, non-skilled, and non-salaried employees. The compensation plan should address line employees, supervisors and managers. The document will include an introduction and justification for the plan, the division being addressed, the purpose of the plan, employee eligibility, goals and objectives of the compensation plan, definition of all terms, components of total compensation including base pay, overtime pay scales, benefits, incentives and earning potential should be addressed. The document will contain pay bands (min-max) by position or grade with a target pay point. A detailed description of company provided, and employee elected benefits including, medical, dental, vision, life insurance, short and long term disability paid vacation and wellness programs.
The document should include incentive opportunities such as individual and departmental bonus and performance programs. Administrative procedure such as processing of compensations, overtime compensation annual and performance rewards and distribution of earned incentives along with processes for inquiry and dispute resolution should also be included. the document must be five pages with 6 sources in APA style
The specific components of the proposed plan should include:
1. A statement of purpose for the firm's compensation plan specific to the department described, including rank of employees addressed.
2. A detailed explanation of employment eligibility for employment, rank, overtime and incentives.
3. Goals and objectives of the compensation plan.
4. Definition of Human Resource specific terms, stated for clarity and lay interpretation including qualifications.
5. Base pay, hourly and restated required qualification for pay grade and market justification.
6. Pay band levels including min-max for each grade or position with target department wage.
7. Benefits offered; employee qualification for employer provided benefits as well as optional employee elective benefits.
8. Incentives, overtime pay, qualifications and limits, include individual bonus and incentives, group incentives, department or unit bonus or corporate incentives, (if any) i.e. stock options, pay, comp time, etc.
9. Administration and execution process; a description of how pay, incentives, overtime and bonuses are calculated; qualification method of calculation, process for inquiry dispute and dispute resolution.
10. Statement of alignment with the firm's strategic plan