Incentive Plan

Paper Summary:

This paper forms part of a project to devise an incentive plan for hiring new electrical engineers by offering more attractive offers than competitors, in order to attract the best people. This paper will then analyze the costs of the project, both the obvious costs as well as the hidden costs.

From the Paper:

"Costs: The project to be analyzed is to streamline the process for reimbursing employees. The project will entail a number of costs. The project applies specifically to the hiring of Electrical Engineers at this time and will first cost a certain amount in terms of the incentives offered to candidates along with their base salary. The costs for each engineer is as follows: Annual salary: $65,000 Relocation allowance: $15,000 These are direct costs for the hiring of each electrical engineer, which means an outlay of $80,000 the first year, at least $65,000 each year thereafter, with a higher cost factored in as the individual achieves a higher pay level as a reward for work done. Numerous indirect and often one-time or intermittent costs have to be considered as well, and these include pay for Annual Leave, Medical Leave, Hospitalization Leave, Maternity Leave, Marriage Leave."

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