Assignment : Compensation Plan Outline
Evaluate the company's compensation plan to determine how it could be improved.
Create a six to eight (6-8) page paper in which you:
• Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale.
• Determine the most beneficial ratio of internally consistent and market consistent compensations systems for the company you selected.
• Evaluate the current pay structure used by your company and assess the recognition of employee contributions.
• Make two (2) recommendations for improving the effectiveness of the discretionary benefits provided by the company you selected.
• Evaluate the types of employer-sponsored retirement plans and health insurance programs provided by the company you selected and compare them to that company's major competitors.
• Use at least three (3) quality references.
Your assignment should follow these formatting requirements:
• Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references should follow APA or school-specific format.
• Include a cover page containing the title of the assignment. The cover page and the reference page are not included in the required page length.
The specific course learning outcomes are:
• Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.
• Compare and contrast internally consistent and market-competitive compensation systems.
• Evaluate the role of benefits in strategic compensation.
• Use technology and information resources to research issues in compensation management.
• Write clearly and concisely about compensation management using proper writing mechanics.