Compensation Plans

Effective Compensation Plans

In this assignment, you will use your textbook and the independent research you conduct to determine the components of an effective compensation plan, one that includes more than just base salary. Specifically, you will write a 4–6 page paper in which you:

1. Research the components of an effective compensation plan.
2. Determine the most beneficial ratio of internally consistent and market consistent compensation systems.
   • Be sure your narrative is in your own words.
3. Research the methods companies use to assess employee satisfaction with their pay structure.
4. Outline how companies determine whether their employer-sponsored retirement plans and health insurance programs are competitive.
5. Recommend two high value discretionary benefits to employees.
   • Be sure to include your rationale for selecting these high value discretionary benefits as opposed to others.
6. Integrate at least three quality resources using in-text citations and a reference page in your assignment.
   • Note: Wikipedia and similar websites do not qualify as quality resources.
   • The previous week's assignment preparation activity provides some suggested resources to help you begin your research. It also provides resources on avoiding plagiarism, appropriately integrating sources into your assignment, and using the Strayer Writing Standards.
7. Format your assignment according to the following formatting requirements:
   • This course requires the use of Strayer Writing Standards (SWS). For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course.
   • The preferred method is for your paper to be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
   • Include a cover page containing the assignment title, your name, your professor's name, the course title, and the date. The cover page is not included in the required page length.
   • Include a source list page. Citations and references must follow SWS format. The source list page is not included in the required page length.

The specific course learning outcome associated with this assignment is:

• Determine the components of an effective compensation plan, including discretionary benefits.