How do I develop a compensation plan?

Assignment 1: Developing a Compensation Plan

In this assignment, you will have the opportunity to apply concepts in a situation emphasizing alignment of external competitiveness with the organization’s ongoing recruitment efforts.

XYZ, a construction company, has recently obtained a large project that requires them to hire 15 experienced welders in Casper, Wyoming. Casper has very few welders locally so XYZ needs to recruit welders who will relocate to Wyoming for the duration of the project.

XYZ is not familiar with compensation methods for welders and is unsure how to design a compensation plan that will be attractive to welders.

Determine the problems XYZ might encounter in developing a competitive compensation plan that will attract welders to work for their company in Casper. Propose how XYZ should begin the process of establishing a competitive compensation plan for welders and the techniques and data collection methods they should use to develop an effective compensation plan for the welders.

Write your initial response in 3-4 paragraphs