Compensation Plan

This Assignment addresses the following Course Outcome (s):

PS544-02: Assess organizational compliance with labor laws based on analysis of employment data.

PS544-03: Develop an organization-wide compensation plan.

Compensation Plan

The Compensation Plan represents a system of total compensation strategy to ensure that a job receives adequate and equal pay for performance within an organization. It is an important tool for ensuring that compensation systems are cost effective and competitive while at the same time providing sufficient incentive and motivation perform the job. Successful employees ultimately support the strategic goals of the organization. It is also used to make individual pay decisions for employees of differing skill levels in the same classes of jobs. The purpose of the Assignment is to give you the same skills of conducting analyses for a comprehensive compensation system.

| PLACE YOUR ORDER NOW AT writtask.com |

For this Assignment, you will write a sample compensation plan for one existing job. It requires two key decisions determine pay-levels and pay structure. This is done by conducting an analysis of compensation surveys and a job evaluation, based upon job description developed in the Unit 3 Assignment. The analyses will consist of:

Salary Survey – The pay pay-level (pay grades) decision will be done by comparing research of exiting market pay surveys taken from a minimum of three reputable sources (see internet sources, exhibit 10-4 of the text). This will allow you to compare jobs of similar title and skills across different organizations.
Do not develop your own survey, as this requires more resources than are available for the scope of this course.
Recommend the pay level strategy for this job (high, low, comparable, or modified) and provide the rational for your decision.
Job Evaluation – Based upon your job description and discussions with the original manager of your chosen organization, you will recommend a current pay-structure strategy (salary/wage ranges) for your job by conducting a job evaluation.
You may use any of the four methods of job evaluation that fits the type of job type (see pp. 316 of your textbook). Ultimately this pay structure and pay level strategy will be used as the guidelines for making individual pay level decisions for current and new hire employees.

| PLACE YOUR ORDER NOW AT writtask.com |

Recommend the pay structure for this job including pay classes or steps and for pay rates and ranges.
The processes used for developing the job analysis and salary survey comparisons should be discussed in detail. The results of your analyses may be summarized using simple tables and charts. Be sure to make your job comparison based upon all compensable factors including the Knowledge, Skills, Abilities, and Other qualifications (KSAO’s) from the job description. Do not just compare the job title, as many jobs do the same work with different titles. You should collect data from a minimum of three separate reputable sources. The final product will include the following:

Assignment Directions

You will summarize your procedure and analysis in a report paper that will include these elements in the following format:

Introduction
A summary of the organization’s purpose, strategic focus, products or services, and its competitive compensation strategy.
The proposed job description and how that job fits into the competitive strategy for the organization.
A review of the psychological and motivational basis for the compensation strategy you have selected.
Methods
Procedures detailing the analyses used in your job evaluation and pay survey including the data collection methods of the original source.
Compensation Strategy
A summary of the individual pay structure and pay level decisions for this job.
A summary of all pay incentives and benefits recommended for this job.
A Summary Paragraph
References
References used for surveys and salary comparison.
Appendices of any relevant data tables

SAMPLE SOLUTION

Coming up with a clear compensation plan is critical for any organization. The right plan is always associated with stronger job satisfaction as it seeks to invest in | PLACE YOUR ORDER NOW AT writtask.com | of any compensation plan is to attract a skilled and knowledgeable workforce while at the same time seeking to retain people that are already working for the organization. Some of the important characteristics of a compensation | PLACE YOUR ORDER NOW AT writtask.com | should not be set too high, it should be fair to both the employee and employer, it should be based on job evaluation and finally, it should be…