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.
Section 2: External Marketplace is due at the end of Module Six. It will be graded with the Milestone Three Rubric. Final Submission: The final project is due at the end of Module Seven. This version will include all revisions based on feedback from your instructor to the Executive Summary/Strategic Analysis,
Section 1: Internally Consistent Job Structures, and Section
2: External Competitiveness.
It should be prefaced with a 1–2-page historical perspective on compensation and close with a 1–2-page summary of how you used strategic approach, research, communication, analytical skills, and problem-solving to present a compensation package tailored for e-sonic.