Compensation Plan and Compensation Policies
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
Assignment 2: Compensation Policies LASA (CO 1, 2)
Assume you are leading a team of consultants hired by MPBS to help develop their total compensation plan. MPBS wants to implement a compensation plan to support their business strategy. Your team has completed the preliminary review of the organization, including discussions with management, and compiled initial information about MPBS. That information is detailed in the team report.
MPBS views their mission statement as the driver behind the alignment of policies, purposes and objectives of all operating units in the entire organization. Your first task is to help the human resources department create a compensation mission statement as the first step in designing their compensation plan. You are to consider the various factors affecting mission statements and objectives and then:
Recommend a specific compensation mission statement and the specific objectives of the MPBS compensation system that aligns the compensation plan to the company’s mission and strategy. Provide a rationale to support your mission statement and objectives.
Your second task is to overcome the past reluctance of top management at MPBS to have anyone put much effort into administrative detail. They have generally opted for a quick and easy approach to policy and practice. You should plan to educate the top management group regarding the need for more sophisticated and detailed approaches to compensation. To do so, you must include answers to the following questions that were posed by the new HR manager. Justify your responses using scholarly sources.
What are the relevant markets that each of MPBS’s major occupational groups should be compared to?
Should MPBS lead, match, or follow competitors? Why?
How will decisions on external competitiveness help MPBS align compensation policies with mission and strategy?
Why is it important and is it worth the effort and cost for MPBS to bother with specifying pay grades and pay ranges?
If pay grades are used, is it better to have few or more grades?
How should the ranges vary by job type and level?
How much overlap should be built into the grade ranges?
In what ways might the plan MPBS develops and the related compensation policies impact job performance?
To complete this assignment, write a 5–6 page report in Word format and provide rationale and scholarly support. Apply APA standards for writing style to your work.
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