Compensation

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QUESTION

 

Whichever one of the three Projects alternatives noted below the group chooses the group/team leader must Submit the assignments in easily readable font identifying which member of the group did what part of the Project within the due dates noted on the Course Calendar at the end of the Syllabus. The chart immediately below shows to what part of the Compensation – Total Rewards continuum the Projects relates.

 

Note: These projects are very difficult to complete without the synchronized participation of each member of the team. Also, note that you can complete this project without ever meeting/seeing each other in person. This is done regularly in global companies.

 

 

PAY – Project 1

Base Pay

Incentives, Commissions,

Bonuses

Differentials

 

 

1. Create a Wage and Salary Program for a Company.

 

Each group/team will find a company from 50 to 1000 employees that will allow the team to create a wage and salary plan for the company. The team may choose a company, or division, from among the any industry, Health Care, High Tech Manufacturing, Transport, Hospitality, or Financial Services, (banking, insurance, or investment) or any other company that meets the criteria.

 

Alternately, if a team cannot find a company willing to share their information (e.g., job descriptions and current compensations levels while maintaining individual’s confidentiality), the team can create the company, (name, industry and what it does) and the data necessary to present the deliverables. (This approach, though it appears simpler, is really more difficult.)

 

The team will use the job evaluation system known as Grade Classification for internal equity analysis. Determine 12 to 15 benchmark jobs. A market survey will be conducted to assist in achieving external equity. For the market survey, assume 5 sites in the tri-county area of Miami Dade, Broward and Monroe. Use a combination of (a) free web sites to access information (e.g., myflorida, USDOL), (b) private survey sites including, if you wish, those that can be obtained at a nominal fee, (c) personal contacts and surveys requested from targeted companies, (d) surveys available from professional societies.

 

 

 

Deliverables:

 Preparation of a document allowing every member of the group/team to contribute equally. Submit a written copy (PPT, Notes, Document) on Canvas. In the simulation, the group is proposing that the recommendations be accepted by the leadership of the organization. The team should be able to defend choices and withstand rigorous Q & A should the instructor question any part of the document.

 In addition to company mission, industry information, size of business or department, and background, the presentation project document will include supporting material; e.g., job descriptions, scales, ranges, market surveys….in a format commensurate with a presentation to senior management.

 

The final document presentation must appear seamless covering the following bullets and will be judged by the Instructor.

 

 Discuss the company’s business, mission, strategy, and adapted compensation program.

 Write/present policies and procedures in formal P & P format establishing compensation practices such as, but not limited to, in-hire levels and authorizations, cycle of evaluations/increases, handling of increases as a result of promotions, “maxing out” cases, and, if appropriate, incentives including bonuses and non-monetary options. The team may extrapolate data from other jobs to the benchmarked jobs as appropriate.

 

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