Proposition of Interclean in Puerto Rico

1172 WordsFeb 5, 20185 Pages
Compensation scenario Proposition of InterClean in Puerto Rico InterClean's expansion into the Puerto Rican market place is subjected to a series of challenges, including the creation and implementation of a compensation plan based on the specifics of the local market. Based on this, as well as based on the features and objectives of the firm, the compensation plan to be implemented within the new location is composed from a combination of financial and non financial incentives. The mixture of both types of incentives ensures financial stability for the firm, as well as motivation and satisfaction for the employees. In terms of the fiscal component of the compensation plan, this is a twofold one, and it integrates a base wage, coupled with additional performance based pay. The base salary for the operational workers will be established at the minimum level imposed by legalization, namely at the minimum wage in Puerto Rico. As of 2012, this minimum wage is of $4.10 (Minimum Wage, 2013). For the managerial staffs, the base salary would be established through a benchmarking effort, meaning that the company will assess the salary levels of managers within the industry and will provide competitive wages for managers. The rationale for this fiscal decision is revealed at the level of each category of employees. More specifically, the wages of the managers have to be competitive in order to attract the best skilled and qualified managers, who possess vast knowledge of the

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