“Workers of the world unite! You have nothing to lose but your chains!” This statement is a famous line by Karl Marx but a sure banner that you do not want to hear in your company. So you better find ways to make your business thrive without exploiting the very people making your industry grow. One of the best ways is to carefully and honestly review the compensation scheme. Numerous factors affect the price of labor. The usual components are the expenses in the production process, time spent, and labor power. Thus, you need to take into consideration all the factors so that you can make a thorough compensation plan that will work for the benefit of your industry and its employees.
10+ Employee Compensation Plan Templates in Google Docs | Google Sheets | Excel | Word | Numbers | Pages | PDF
1. Employment Compensation Plan
Every laborer deserves compensation, and every employer is to give what is due. Professionally plan out the payment scheme by using this plan template. It is customizable in Google Docs, MS Word, and Pages. Do you much-needed editing and revisions with this template. Download now and get started in making your employees well-compensated!
2. Compensation Plan
Give your payroll master the signal from your boss by convincing your top executives with a well-crafted plan. Draw out the generosity of the giants by properly allocating funds to their hardworking staff. Do so by downloading this editable template that is compatible with either Google Docs, MS Word, or Pages. Grab this template now before it is too late!
3. Incentives Compensation Plan
Incentive compensation will surely bring a smile to your employees because it goes to show that they have a fair share of the company’s benefits. When you already have a detailed inventory of the earnings, propose right away for changes by using this template. This template comes with the perfect layout suitable for your quick needs. Get this template now and put a long-lasting grin on your hardworking staff.
6 Steps How to Create an Employee Compensation Plan
A perfect balance between profit and just distribution of assets is a business ethic. You want your enterprise to grow without leaving behind the people that are also making it happen. So, preparing a compensation plan as a crucial budget proposal to the top executives is a duty. Not only is it part of the job of an HR manager, but also it is a human duty to give what is due. Start making your plans for better compensation by following these steps below.
Step 1: Review the Labor Laws
Labor laws state the fundamentals of employee compensation, whether it is the minimum wage, premium rates, overtime rates, employee benefits, or allowable work hours. You need legal advice as part of the process of creating this plan because you are not just making one in a vacuum. Respect the laws to avoid pursuit from authorities and add your generosity to keep your workers working.
Step 2: Gather the Asset Inventory
Every company always has a status report about profits and losses. Planning out from thin air is worth rejecting. You need to have a strong basis that your plans are well-grounded on actual figures. Do take note that your project is a proposal, and you need to convince the top brass.
Step 3: Do a Comprehensive Profiling
Different employees have different compensation based on their skills and job descriptions. So it is better to go over your comprehensive list of employees and do the review. The plan involves creating a budget that corresponds to the workforce you have and their corresponding value. Thus, carefully go over the employee datasheets.
Step 4: Project Short Term and Long Term Effects
Plans must foresee the near and far future. Precise and calculated predictions are essential parts of your crucial document. Make both the management together with the employees see the possible repercussions to make your plan have more bearing.
Step 5: Test for Feasibility
Planning out from thin air is a bad joke. That is why you need to gather all essential documents to make sure that your plans are feasible. Because if it came out of the blue, then you need a miracle for it to work. And that defeats the practical aspect of the plan’s rationale.
Step 6: Offer a Smooth Implementation Process
Proposed procedures are a caveat in plans. An idea is useless if the company will have a hard time executing it. So, better include in the package deal a detailed procedural structure for smooth operations.
4. Budget Plan
When it comes to the division of profits and assets, a budget plan comes in helpful. While you have the personal development plan ready for your employees, also present to your bosses the compensation process’s feasibility. This template will get the job done, and all you have to do is to click the download button. Add your much-needed revisions using MS Word, Numbers, or Pages, and you are good to go!
5. Financial Budget Plan
Sometimes you need to match the compensation with employee contribution. Productivity is a considerable aspect when it comes to just compesation. So, present to your managers that the finances are capable enough to shoulder the employee’s salary by using this helpful template. Download this file editable file and begin laying out plans for effective budget management.
6. Financial Plan
A business can never exist without people, especially the employees. Hiring workers is part of the business process, but so as also justly paying them. Iron out a financial strategy to create a healthy balance with the company’s assets and employee benefits by using this plan template. Edit it using Google Docs, MS Word, or Pages. Get a head start in your financial schemes now by downloading this template!
7. Human Resources Development Plan
From time to time, you need to plan out for the improvement of your human resources, i.e., your prized workers. Carefully create a neat proposal for the management through this sample template. Do a review of your previous payment schemes and add changes with the help of this document. Grab this template now and be savvy with MS Word or Pages when it comes to editing!
8. Payment Plan
An honest and just wage is fitting for any employee. So roll out the payment plan that will make your bosses convinced about the humane value of laborers. Get a hold of this template and begin editing either through MS Word or Pages. Better start now and keep your employees well compensated!
9. Employee Development Plan
Employee development comes in many forms, and one of the most basic is to give your employees a new salary scheme. A scheme that layouts wages similar to executive compensation. Thus, enhance the living wage by presenting a plan about it using this template. Download now and start being an effective pro-worker human resource manager!
10. Sample Classification and Compensation System Plan
Borrow key ideas from this downloadable. Give time to learn from its format and structure, and you can apply some to your much-needed plan. It is better sometimes to gain insights from finished documents so that you can innovate with yours.
11. Salary Schedule and Compensation Plan
This pdf file is a comprehensive document concerning compensation management. Take time to download, read, and study its ways so that you can use crucial features to your own!