Compensation Plan

Compensation Plan

Purpose
: The purpose of this assignment is for you to practice creating a compensation
plan for your employees.

Format
: This statement must be typed, Times New Roman 12-point font, single-
spaced. The approximate length should be about 1 page. Please include your
name.

Grading
:
Grading is based on the quality of the submission. A high-quality submission
is one in which you provide a thoughtful and comprehensive compensation plan
and includes the main points listed below. Points will be deducted for
spelling/grammatical errors, or incorrect formatting.
Instructions
: Assume you are a general manager of a new hospitality operation that is
opening next year (hotel, restaurant, golf course, cruise ship, event planning company,
etc.–your pick). Your executive team has tasked you with determining the compensation
package for the employees, including wages/salary and other benefits (i.e., health
insurance, perks, etc).
Create a compensation plan that includes the following information:

What steps do you need to take to ensure you are in compliance with federal, state, and
local laws regarding compensation?

How will you determine a competitive wage/salary to offer your employees (i.e., what
information or data will you use).

What other benefits will you offer (i.e., health insurance, perks, commissions, etc.)? Be
specific. For example, will you offer health insurance coverage for all employees
(full-time and part-time), for the employee only, or also for their
families/dependents, will the employees share the costs or will the company pay
full cost?

Why will you offer those specific benefits? For information on Compensation Plan check on this: https://en.wikipedia.org/wiki/Open_compensation_plan

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