ROWETT MARKETING CONSULTANCY (RMC)
As an advertising consultant firm, our role will be to advertise the product image and market share of the company for which we work. Our responsibility involves the ability to classify and measure the results of various promotional campaigns and projects.
How we will motivate our job holders
Motivation will be carried out through the use of commissions as a driving force for employees to encourage them to work hard to meet the goals of our business. Winning sales teams will be created to ensure that members are properly incentivitised to support the team, and provide encouragement among each other. This will help boost the morale of employees to work hard hence meeting the set goals of our company. Public posting and displays of sales margins and conversion rates will generate pressure among employees inducing them to work hard.
Contests and campaigns in the business that encourage supporting departments to be supportive of the sales staffs’ exertions. This is because the entire business’s survival depends on the sales staff. We will also find out what motivates our employees through questionnaires of their needs and wants. Experiment with different bonuses and prizes.
Compensational plans for our employees
Development of a compensation program, designate an individual to overlook the designing of the program, develop a payment procedure, conduct an analysis of all job positions to establish grade pricing, salary range, and salary structure and monitor the program.
Basis of compensation of our job holders
This will be achieved by ensuring that employees have their guaranteed pay based on agreements such as salary. Salary will be paid based on an hourly, daily, weekly, or monthly rate. Amount and differentiation in salaries among employees will be determined by Individual skills and the level of experience. Variable pay, such as bonus schemes, commission, and overtime pay will be offered to employees on a discretionary basis.
We will provide benefits plans such as paid time off, pension and medical insurance to supplement workers compensation. Employment of equity-based compensation is used where we will use the company's shares as compensation such as stock options. Equity-based compensation will attract new employees and align employees and shareholders interest.
Motivational theories to be employed
Hertzberg’s two-factor theory will be applied to ensure that our staff feel appreciated, supported and are treated right by offering safe working conditions through fair pay, improving hygiene, and providing plenty of feedback. Hawthorne effect theory will also be used to ensure we know what our employees are doing, showing them we care about them and their working condition, motivating them to work hard. We will also motivate our employee by making them believe that they will receive the desired reward if they hit an achievable target as expectancy theory requires.
How my pay plan fosters motivation and line of insight.
Through the offering of incentives and commission for employees who will have performed well and have produced desirable results, others will be encouraged to work hard enabling our firm to meet our expectations.
Some of the potential drawbacks to our business associated with pay plans.
Lack of accountability and poor implementation of policies as many programs are developed and then abandoned. Spending too much time on non-essentials since its hard to know when one should cease and studying information gathered, and the appropriate time that the information can be used to progress oneself.
Failure to involve the proper professionals. Afundamental approaches to effective corporate design is linking the correct individuals or individuals with the data and viewpoints that can effect the process such as company staff leaders. Failure to include such people may lead to business failure.
