Assignment: Compensation Portfolio Signature
Select an organization to feature in your portfolio?Select a position or job series in the organization to analyze? Prepare a portfolio of the planning, analysis, and data collection to develop compensation scheme for the job(s)
Include the following topics in your complete assignment:
Part 1:
• Company Background ?
• Job analysis of select position(s)/series ?
• Internal and external motivators ?
• Performance evaluation factors
Part 2:
• Performance evaluation system (based on factors identified in Part 1) ?
• Specific Pay Structure for the job ?
• Internal Pay Equity ?
• External Pay Equity ?Assignment Details:
Part 1- ?Begin by selecting an organization to feature in your portfolio.
The organization can be any private or public organization, such as Nike. Do NOT select an organization where you work (currently or in the recent past). You may NOT select any branch of the U.S. military.
Next, select a specific position or job (multiple positions with similar duties and responsibilities) within the organization to analyze. (e.g., Assembly worker, Secretary, maintenance, sales associate, etc.) This can be any position that you think would be found in the organization. Do NOT copy a job description of the job off the Internet: you are required to perform the job analysis yourself and then write a job description that is your own work.
Your portfolio will begin with a brief background of the organization, including its mission and vision.
Your portfolio will proceed with the internal and external motivators relating to this kind of work and the relationship of this job to the overall goals/strategies/values of the organization. (e.g., Nike adopts a low-cost strategy and therefore needs to save money in production and boost sales. Production workers will receive productivity bonuses for company efficiency to incentivize employee behaviors that lead to desired outcomes)
Perform a job analysis of the selected position necessary to make evaluation assessments of relative job worth for salary range placement compared to other jobs and for developing incentive rewards such as bonuses or profit sharing).
Prepare a written report including:
• A description of your organization, including the mission or purpose of the organization. Explain the environment of the organization by describing the industry (including the challenges in the industry and principal competitors).
• A formal definition of job analysis for reward evaluation as described in the text.
• The factors that will need to be considered in an analysis of the job.
• The process of collecting information about the job and the relative evaluation ?factors.
• A Job Description (based on the analysis of the selected position). Include an?analysis of how the position interacts with other positions and a description of the internal and external motivators for the position.
Part 2- ?Develop an performance evaluation plan utilizing the theories discussed in the text, including consideration of internal consistency and appropriate external market and benchmarks for salary comparison data and analysis. ?Finally, design a specific pay structure that combines your job analysis, job evaluation, internal and external consistency, and internal and external motivator. This may be in the form of a pay grade with a pay range within the grade, merit pay, performance pay, pay for knowledge, or an appropriate combination of these factors. Do not simply describe in general terms what a pay structure looks like: create a specific, concrete pay structure for your jobs!
Prepare a written report including:
• An explanation of the performance evaluation, including how the factors identified in your job analysis in Part 1 are used for determining compensation.
• What type of job market data may be useful in determining compensation.
• The specific pay structure, explaining in detail the base pay, merit or incentive ?pay, and all other compensation. Explain the correlation between the pay structure ?and the motivators identified in Part I.
• A discussion of benefits that are appropriate for the position.
• How the pay structure relates to the other positions in the company (including the ?relationship to the other positions which manage or are subordinate to the ?position).
• How the pay structure relates to the compensation in other organizations.