Next year baldwin plans to include an additional performance bonus of 0. 5% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reached. Assuming the goals are reached, how much will baldwin pay its employees per hour?.

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03-08-2022
Business

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Next year baldwin plans to include an additional performance bonus of 0. 5% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reached. Assuming the goals are reached, how much will baldwin pay its employees per hour?.

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Tutorconsortium357 Tutorconsortium357 · Answer 1 · 2022-08-10T14:19:40-04:00

"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.

What is a compensation plan?

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.

Next year baldwin plans to include an additional performance bonus of 0. 5% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reached. Assuming the goals are reached, how much will baldwin pay its employees per hour?.

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What is a compensation plan?

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