Compensation plan Human Resources Part 1

HRM3110 – Compensating Human Resources

Compensation Plan Instructions – Part I

Purpose:

Through the completion of the three-part Compensation Plan Project, students will create a compensation plan for a position in a hypothetical organization. To be effective, they will evaluate the strategic implications various compensation philosophies have on an organization. They will also analyze the various forms of employee benefits and the key components of constructing a benefits compensation plan. In addition, students will evaluate the impact the Fair Labor Standards Act (FSLA) and other laws have on the compensation practices of an organization.

Part I: Compensation Strategy and Internal Alignment

· (200-300 words) Describe your hypothetical company (can be based on a real company with the name changed). In the description, include such factors as but not limited to:

· What type of business or industry is it?

· How long has the organization been in business?

· What type of product or service does it provide?

· How many employees are in the organization?

· What are the organization’s primary goals and objectives? For example, quality, innovation, customer service, cost containment, etc.

· (400-500 words plus map) Develop a compensation strategy for your hypothetical company. To accomplish this, complete the first two (of four) steps outlined in the text:

· Step 1 – Explain and assess the total compensation implications.

· Step 2 – Map a total compensation strategy.

· (200-300 words) Describe how your proposed compensation strategy will provide a source of competitive advantage. Discuss how it meets the three tests of align, differentiate, and add value.

· (400-500 words) For your hypothetical company, describe the factors that shape your internal structure. Include each of the following:

· External factors

· Organizational factors

· Internal structure

· (200-300 words plus job description) Define the position for which this compensation plan is being created.

· Discuss the process used to conduct a job analysis for this position.

· Provide a job description for this position. You may adapt/edit one that you locate or create using information from O*Net www.onecenter.org

Format:

Each section of the Compensation Plan Project should be prepared in APA format including a title page, section headers, in-text citations, and a reference page. A minimum of three professional and reputable sources are required for this section of the project.

Part I of this project will be 3-4 pages of body (1400-1900 words) plus map of compensation strategy, job description, title page and reference page.