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Implementation of profit sharing
Write a plan for the implementation of profit sharing as a part of the total compensation plan
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In Assignment 2, you created a compensation plan for Plastco Packaging, considering carefully the case found in the Appendix of your Strategic Compensation in Canada textbook.
Additional Case Information
Plastico Packaging has decided to incorporate the concept of profit sharing as an incentive for new employees.
They have established weekly sales and production targets. After reviewing plans with an accountant, they decided to create a cash-based bonus of up to 5% of the employee’s base pay each quarter when specific production and sales targets have been met.
Review the compensation strategy that you developed in Assignment 2.
In an essay of approximately 1,200–1,400 words create a total rewards plan which includes the following:
Define the wage/salary range for the following positions:
Six Bag-Making Machine Operators
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Plant Manager
Maintenance Supervisor
Inspectors / Packers. (Hint: Use the salary survey process/websites used in Module 7.)
Describe why you established the wage levels at the rates you selected.
Write a plan for the implementation of profit sharing as a part of the total compensation plan. Describe the role that performance appraisals will play in this plan.
With a budget of $400/month and using the table found in Activity 4 (above), design a benefits plan for the employees.
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