Employees work in exchange for monetary compensation every month. The kind of work might differ on several levels, that's why employers need to create a compensation plan. This is a document that shows the job description, benefits, compensation, and terms of payment to the employees. We have compensation plan templates that are editable in Google Docs. Get and edit one for your business.
Writing a compensation plan requires a lot of studying and analyzing the resources of the company. As a business owner or employer, keep in mind that your employees need a monthly salary. Analyze the salary that your competitors give to their employees and decide the amount you want to give. Determine the number of employees and their job positions for your business. Aside from the monthly salary, you also need to consider the bonus, incentives, and commissions your employees should get. These are based on the sales of the company. Overtime pay is also a huge factor for employees. State the amount for overtime pay. You should have a separate compensation plan for each position. After wrapping up the writing, check and save your work.
Our templates spare you the hassle of starting from scratch. With the sample content in each of our products, you can come up with a compensation plan quickly. If you need more templates to use, get them on our website by signing up for a premium subscription. Download our templates now!
