HR professional in your private-sector organization.

      Scenario: You are an HR professional in your private-sector organization. When your physical retail chain organization merged two years ago with a firm that specializes in online apparel retailing, your company had to hire 150 employees to keep up with growth. This brought your employee count to 250. Up until the merger, your company paid top market rate, but once the merger took place the company adopted the merging company’s plan where pay was based 20% below market value. The base pay plan now in place is ineffective for the type of company yours has become, where 65-70% of your sales are online. What role should job evaluation, market pricing, and pay survey data play in your efforts to develop a new base pay plan for your workforce? Your boss has asked you to come up with at least six sources useful for the top managers in your organization to learn about these processes.   Create a PowerPoint presentation of at least 13 slides (representing the topics a, b, c, and d below and a cover slide) for each of the three sources you identified above. Discuss: a. How the term specifically relates to the concept of total rewards, b. The criteria you applied to determine that each source was appropriate to educate your company managers. c. Why each source was chosen (relevance of the info), and d. Any ethical or legal issues that should be considered.  

Sample Solution

     

Slide 1: Title Slide

  • Title: Rebuilding Our Compensation Strategy: A Comprehensive Approach
  • Your Name
  • Date

Slide 2: Introduction

  • Brief overview of the company's situation (merger, growth, pay disparity)
  • Purpose of the presentation: To outline a strategy for developing a new base pay plan

Full Answer Section

     
  • Overview of the presentation structure
Slide 3: The Importance of Total Rewards
  • Definition of total rewards
  • Components of total rewards (base pay, benefits, work-life balance, performance and recognition, development and career opportunities)
  • How base pay fits into the overall total rewards strategy
Slide 4: Job Evaluation
  • Definition of job evaluation
  • Purpose of job evaluation in compensation
  • Methods of job evaluation (point factor, ranking, classification)
  • Importance of job evaluation for establishing pay grades and ranges
Slide 5: Market Pricing
  • Definition of market pricing
  • Role of market data in compensation planning
  • Identifying relevant job markets
  • Importance of benchmarking
Slide 6: Pay Surveys
  • Definition of pay surveys
  • Types of pay surveys (proprietary, published)
  • Key data points included in pay surveys (job titles, salary ranges, benefits)
  • Importance of pay survey data for establishing competitive pay levels
Slide 7: Source 1: WorldatWork
  • Description of WorldatWork as a leading HR association
  • Relevance to compensation professionals
  • Types of resources available (surveys, certifications, publications)
  • Potential ethical considerations (data privacy, confidentiality)
Slide 8: Source 2: Bureau of Labor Statistics (BLS)
  • Role of BLS in providing labor market data
  • Relevance of BLS data for compensation planning
  • Specific data sets useful for market pricing (Occupational Employment Statistics, Wage and Salary Data)
  • Potential limitations of BLS data
Slide 9: Source 3: Industry-Specific Surveys
  • Importance of industry-specific data for accurate market pricing
  • Identifying relevant industry associations or consulting firms
  • Challenges in accessing industry-specific data
  • Potential for data bias
Slide 10: Combining Data Sources
  • Importance of triangulation (using multiple data sources)
  • Methods for combining data from different sources
  • Ensuring data consistency and reliability
Slide 11: Ethical Considerations in Compensation
  • Fair pay practices
  • Compliance with equal pay laws
  • Transparency and communication
  • Protecting employee data
Slide 12: Conclusion
  • Recap of the importance of job evaluation, market pricing, and pay survey data
  • Emphasize the need for a comprehensive approach to compensation planning
  • Outline next steps for developing the new base pay plan
Slide 13: References
  • List of cited sources
 

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