Compensation Project

Pretending that you are the HR Director for XYZ Org and have been tasked with developing a new compensation system. The following instructions are to be used: 1. Benchmark jobs – • Pick 10 jobs that would be common in most organizations (so that you can find data on the web); jobs such as accounting clerk, receptionist, landscaper, custodian, accountant, civil engineer, HR director. • Research the jobs on-line and find job descriptions that you can use to create a “basic” description that includes Essential Functions, Experience Requirements, Educational Requirements, any other KSAOs you feel are relevant. I don’t need exhaustive job analysis, just hit the most important factors - no more than 1 page each. 2. Job Evaluation & Market Pricing • Determine which job evaluation technique you feel best fits your organization and justify it. Should the exempt jobs be evaluated on a different system than non-exempt? Explain why or why not. • Using what is available on the web, market price your jobs (at least 3 sources of data). In a real evaluation, you would purchase surveys or match based on industry; I realize that is not possible for the purposes of this class. In the explanation of the market pricing, tell whether each job would be matched for industry and/or local/region/national and why. • Using the selected job evaluation technique, evaluate your 10 jobs explaining the steps you go through to collect the data and evaluate the jobs. 3. Build Pay Structure(s) • Include charts, data, calculations, quartiles, compensable factor ratings, evaluative point plans, trend lines, etc. • Demonstrate the pay structure(s) that you come up with for your jobs. 4. Designing a Merit Pay plan • Describe a process for giving out merit pay (tied to annual performance appraisals? Achievement pay? Bonuses?) And explain why you chose this process. – no more than one page • Develop a pay matrix based on current pay and performance ratings. 5. Building a Benefits Package that would attract and retain workers at different levels of the work force • Include two sections: o Mandated benefits o Added benefits to attract and retain and various levels of the org • Describe regulations that would be considered in maintaining these benefits long term. 6. Identification of appropriate Expatriate pay plans • Explain which additional benefits you would extend and why • Explain what extra pay you would extend and why