Question: Your final project will include the 3 milestones you have completed so far, with any adjustments needed based on my feedback. You will also include a 1-2 page historical perspective on compensation and a 1-2 page summary of how you used a strategic approach, research, communication, analytical skills, and problem-solving to present a compensation package tailored for e-sonic. Also, please be sure to go back to your Executive Summary from the 1st milestone and make any necessary adjustments to incorporate all of the work you have done since the 1st milestone.
I strongly encourage you to review the sample final project outline that is included in the resources I posted in the General Discussions thread. I will be working this week to provide you feedback on your 3rd milestone so you can make any necessary adjustments for your final submission.
The reading this week will continue to focus on global compensation. There are also 2 articles to read.
This week you'll need to complete the following:
• Read Chapter 15 in the Pearson text
• Review the PDF - Fixing Minimum Wage Levels in Developing Countries
• Review the PDF - Culture, Infrastructure and International Health Benefits Delivery
• While there are no required discussion posts this week, I encourage you to continue to engage with your classmates in the previous discussion threads and I may post a new discussion topic that would NOT be required.
Overview: Acting as a recently hired compensation consultant, you will assist the burgeoning online music firm e-sonic to develop an internally consistent and marketcompetitive compensation system that recognizes the achievements of individual contributors. The major portion of the project is divided into three milestones, which will build upon the previous milestone. The milestones are submitted in Modules Three, Five, and Six. The final version of the entire project will be due at the end of Module Seven. Sample report outlines are included in the project text found in MyManagementLab. Each of the sections for this assignment will be submitted via Brightspace.
Outcomes: The project helps students to meet the following course outcomes:
• Students will gain an understanding of the evolution and administration of compensation and benefit programs for organizations
• Students will explore wage theory, principles and practices, unemployment security, worker income security, group insurance, disability insurance, and pension plans and how these compensation and benefit items are balanced to provide incentive and recruitment of a high-performance workforce
• The connection between the organization's mission, objectives, policies, and the implementation and revision of their respective compensation and benefit systems will be analyzed to gain a deeper understanding of the importance of such systems to the organization's overall human resource management
• At the conclusion of this course, students will be able to demonstrate the acquisition and application of theories and concepts that support the enhancement and proficiency in 7 primary competencies: strategic approach, research, teamwork, communication, analytical skills, problem solving, and legal and ethical practices Preparation
1. Read the Building Strategic Compensation Project narrative linked in the course menu of the MyManagementLab home page. Note:
Section 3: Recognition of Individual Achievements WILL NOT be included in the course project.
2. Download the Comp Analysis Software Microsoft Excel file. Directions on accessing this file are located in the Module Resources section of Module One. To run on a PC, the file requires Microsoft Excel 2007 or later. To run on a Mac, the version requires Excel 2011 or later. o
NOTE: Users of the CompAnalysis software must set the macros to a low level in order for the software to work. If the macros are set on too high of a security level, then the software will be disabled and will not work properly. Navigate to the Tools menu, click Macros, and then click Security. Lower the security level, save the spreadsheet, close, and re-open.
o Click on the External Market Survey feature, which will be used in Section 2 of the project, titled Market Competitiveness. Make your decisions first by following the directions in the Building Strategic Compensation Project (Appendix 3 in the student version, Appendix 5 in the instructor's version) and jot down the pertinent information on paper.
o After completing the External Market Survey section, move on to the Merit Pay Planning feature, which will be used in Section 3 of the project, titled Recognition of Individual Achievements. Input your choices as indicated in CompAnalysis and analyze the data.
Milestones: Milestone Three:
Section 2: External Competitiveness
Section 2 shifts your focus outside of the firm to understand its relationship with the external marketplace. You will use market survey data to compare pay rates of positions inside the firm with those in the marketplace to establish the foundations of market-competitive pay. The analysis of market data also leads you to the determination of appropriate pay-policy mixes for each of its job structures. In this section, you are asked to use CompAnalysis software developed by Howard Weiss at Temple University, which is also available in MyManagementLab.
In Section 2 of this simulation, you will shift your focus from concentrating on e-sonic's internal consistency to its external competitiveness. First, you will be introduced to the tools compensation professionals use to allocate total compensation most effectively within job structures. Many employees are unaware that their total compensation consists of much more than just base pay. Compensation professionals allocate total pay (for example, base pay, benefits, and different types of incentives) to motivate employees in different ways. You will use some of these tools to develop pay policy mixes for each e-sonic job structure. Next, you will consider pay policy level decisions for each job structure.
You will then use CompAnalysis (the included software program) to conduct an external market survey. Specific instructions provided with the software program will guide you through the steps involved in the compensation survey exercise. Finally, you will report survey findings, interpreting regression analysis results generated by the software, and provide an explanation of major decisions reached.
Section 2 Outline: Executive Summary Findings
1. Determine Appropriate Pay-Policy Mix
2. Pay-Policy Level Decisions
3. Compensation Survey
a) Choose competitors based upon industry, size, and union status.
b) Select benchmark jobs for each structure using benchmark job descriptions.
c) Reconcile differences using the benchmark job comparison sheet.
d) Update salary data for inflation using CPI-U.
4. Implementation of Salary Survey Results
a) Report and interpret results of regression analysis for each job.
b) Integrate external and internal structures by creating pay grades and ranges.
c) Evaluate and summarize decisions made for each job structure.
Information related to above question is enclosed below:
Attachment:- Attachments.rar