Components of Compensation Benefits
create a comprehensive compensation plan for a fictitious organization (anything along the line of a large scale coffee shop, it company, government agency). . include the following: Introduction of the company stating its mission statement, organization type, industry and competitors. The pay model based on one or more of the compensation objectives of the plan. For guidance, review The Pay Model Chapter. Explain one of the job evaluation methods that you would recommend to leadership as a factor of the compensation plan. For guidance, review the Job-Based Structures and Job Evaluation Chapter. Determine if the internal structure will be job or person based. Provide your rationale including the benefits for your selection. For guidance, review the Person-Based Structures Chapter. How will you determine the pay level for the organization? Will you use pay ranges and grades or broad bands? Expound on your selection highlighting the differences between the two strategies. For guidance, review the Designing Pay Levels, Mix, and Pay Structures Chapter. Which motivation theory will be used to impact employee behavior? Discuss the theory and your rationale for its use. Which two wage components will you use in your compensation plan? Did risk play a factor in your decision? Why are these two components essential to your plan?