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Compensation Plan Outline - Assignment Example

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The term “compensation plan” in a company refers to combination of salaries, wages, and all types of benefits employees receive in exchange of good performance. Compensation may include annual salary or hourly wages, bonus payments, benefits and incentives such as health…
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Compensation Plan Outline
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Compensation Plan Outline

Download file to see previous pages... The following is an outline of Kellogg’s compensation plan.
Kellogg is the world’s number one producer of cereal, snacks, and frozen food producer including, crackers, cookies, cereal bars, fruits, flavored snacks, toaster pastries, veggie foods, and frozen waffles. In order to motivate its employees, the company has come up with a compensation plan, which provides eligible workers with a competitive form of retirement benefits depending on the years of service and pay and improve the performance of the employees. Kellogg Company uses a variety of equity-based compensation plans to provide long-term compensation to employees (Zoltners, Sinha, & Lorimer, 2006). Currently, the company’s incentives comprise of only stock options and executive performance shares, stock grants, and restricted stock units. In addition, Kellogg Company compensates employees for tax equalization payments, travel and home leave allowances, adjustments for cost of living, moving and relocation allowances, utilities and housing allowances, and hardship premiums and foreign service allowances (Harding & Rovit, 2004).
Kellogg Company agrees to give compensations and benefits, according to the terms and condition of the Company’s benefit and compensation rules and regulations. Employees warrant and represent that an employee has gone through the compensation plan and understood its application and meaning. For the purpose of the compensation plan, employees in Kellogg Company agree that.A worker shall receive compensation and benefits as according to the compensation plan. According to the compensation plan of Kellogg Company, employees should receive compensation pay, which is equal to two operational years of target bonus and base salary. Such compensation amount shall be paid to employees under equal install aments as from the departure date (Plunkett, Jack, & Plunkett, 2009). According to Kellogg Company, then the ...Download file to see next pagesRead More
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