"Baldwin currently pays his employees with $50 per hour and promises to give an additional performance bonus of 0.5%in compensation if the productivity goals are reached.
Assuming that he has 500 employees, he needs to pay his employees:
$50 * (1+0.005) = $50.25/hour will become the new rate of each employee,
If he has 500 employees: 500 * $50.25 = $25,125
He has to pay a total of $25,125 per hour in total.
<h3>What is a compensation plan?</h3>
A compensation plan is a payment package designed to attract and retain employees.
A basic compensation package consists solely of a salary or wages.
A more comprehensive compensation could include additional benefits such as bonuses, perks, commission, health insurance, or retirement investments.
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