I need help finding out how to write a compensation package, and incentive and benefit plans.?

I am a student. My assignment is asking me to draft a compensation package, an incentive plan, and a benefits plan for an electrical engineer. I am having trouble finding out how to write them.

XyzTechnologies
Date: 10th December 2010

Salary Slip of (name), for the month November 2010.

No of Working Days : 12
No of Days Present : 12

Net Salary Payable For the month of November 2010 – 8,400 (Eight Thousand Four Hundred only)

Particulars
Gross SalaryAmount in $
Basic Salary
HRA
Medical Conveyance
Conveyance
Prof Dev Allowance
Special Allowance 6,250
2,500
600
400
1,000
1,000
TOTAL11,750

DeductionsAmount in Rs
PF
PT
Employee Welfare Fund
Tax (Approx Random)
1,500
150
700
1,000
TOTAL 3,350



Manager –Finance

Why should companies have a mix of short- and long-term incentive components in a compensation plan?

What are the reasons behind short-term incentive components? Thanks!

People do not easily react to long-term incentives. They often forget about them or think that they will make them at the last moment. Short term incentives keep the employees focused on the incentives and show progress. It also give the employee incentives along the way to the long term program.