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Throughout the course you have discussed various components of compensation. You have the competencies necessary to design a comprehensive compensation plan for an organization. For this assignment, you will create a comprehensive presentation (PowerPoint or Prezi) for a compensation plan for a fictitious organization. The plan must include the following:
Introduction of the company stating its mission statement, organization type, industry and competitors.
The pay model based on one or more of the compensation objectives of the plan. For guidance, review The Pay Model Chapter.
Explain one of the job evaluation methods that you would recommend to leadership as a factor of the compensation plan. For guidance, review the Job-Based Structures and Job Evaluation Chapter.
Determine if the internal structure will be job or person based. Provide your rationale including the benefits for your selection. For guidance, review the Person-Based Structures Chapter.
How will you determine the pay level for the organization? Will you use pay ranges and grades or broad bands? Expound on your selection highlighting the differences between the two strategies. For guidance, review the Designing Pay Levels, Mix, and Pay Structures Chapter.
Which motivation theory will be used to impact employee behavior? Discuss the theory and your rationale for its use. Which two wage components will you use in your compensation plan? Did risk play a factor in your decision? Why are these two components essential to your plan? For guidance, review the Pay-for-Performance: The Evidence Chapter.
Select if your performance plan will be individual or group based. Justify your selection with the benefits and factors that are included in your plan. For guidance, review the Pay-for-Performance Plans Chapter.
Determine the benefits as a part of the compensation plan. Which type of benefits will be offered? Why were these selected? Was the type of employee considered? What were other determinants that lead you to your decision? Who will oversee the benefits process? For guidance, review the Benefits Options Chapter.
Consider if there are any federal laws and/or regulations that impact your compensation plan. Explain to your audience if any concerns exist and your recommendations to address them. For guidance, review the Government and Legal Issues in Compensation Chapter.
Note the following regarding the final project:
This is an individual assignment.
Your presentation should be 16-20 slides (not including introduction and reference slides).
You should voice record your presentation as if you were presenting to the leaders of the organization. The presentation should be 7-10 minutes in length.