Compensation Strategy

Under Project Prep in Weeks 1, 2, and 3, you will find information that will help you complete your class Project due Wednesday of Week 4.

You will be choosing an organization you are familiar with and describing its compensation strategy.

This week we will focus on mapping compensation strategies. It should be pointed out that strategic maps provide a visual reference useful in creating a compensation strategy that is focused and clearly understood by employees and managers. Using your job or responsibilities as a homemaker, stay-at-home mom or dad, or caregiver, utilize the concept of strategic mapping to provide a picture of your company’s compensation strategy using the following 5 decisions contained in the pay model; objectives, alignment, competitiveness, contributions, & management (Exhibits 1.5 & 2.1):

Objectives
Prominence: how important is total compensation in the overall HR strategy? Is it a catalyst, playing a leading role? Or is it less important, playing a more supporting role compared to other HR programs. An example is Microsoft where compensation is highly prominent vs. Bristol-Myers Squibb where it is more supportive.

Alignment
Describe in terms of flexibility, degree of internal hierarchy, and how well compensation supports career growth. Example: Microsoft and BMS both use pay to support flexible work design and promotions. But in internal hierarchy, Microsoft is individual-oriented compared to BMS focus on teams.

Competitiveness
Describe as total pay relative to what competitors offer (how much?) and the importance of incentives relative to base pay (what forms?). The importance of work/life balance achieved via benefits and services should also be included.

Contributions
Focus on the basis of pay increases — individual and/or team performance — and the mix of pay forms (base pay, incentives, merit, bonus, stock options).

Management
Describe in terms of ownership (non-HR managers’ role in managing pay), transparency (openness and communication about pay), technology (software support to administer pay), and the degree of employee choices and customization.

This week’s project prep is not an assignment. You are not required to turn this information in as an assignment for Week 1. This project prep is here to help you start organizing your material for your final project due in Week 4. Each week the project prep will cover a section of your final essay so at the end of the third week you will be ready to put all of the material together to complete your Project.
Please access the helpful project documents attached above and see below for complete instructions.

Under Project Prep in Weeks 1, 2, and 3, you will find information that will help you complete your class Project due Wednesday of Week 4. For complete details on the project, click on the project documents attached above.

This week you will prepare for your class project by using the information in Chapters 4 & 5 on job evaluation and analysis. You will be developing a job description for your position in your chosen organization covering the following points:

job title
job summary
relationships (report to whom, works with whom & external relationships)
qualifications
essential responsibilities
This week you will prepare for your class project by using the information in Chapters 9, 10, & 11 on performance and appraisal to your chosen position. CLICK HERE FOR THE APPRAISAL TEMPLATE FORM

Adapt this document, or a document example from your textbook, to your needs using the information in Chapter 11. Using the information presented in this week’s reading, complete the form for your position or have someone complete it for you. Begin thinking about what your measurement system should provide and your preparation for a performance interview.

For more information on performance appraisal, visit the site below.

https://www.businessballs.com/team-management/performance-appraisals/
Your project should be approximately 1500-2000 words in length and follow APA format.

Your essay should include:

An effective introduction with thesis statement or plan objective
A description of your company and its background
A strategic map (Week 1 Project Prep) of your company’s compensation strategy using the first 5 decisions contained in the pay model
From Week 2 Project Prep, a job description for your chosen position
A performance appraisal example (Week 3 Project Prep) with description of methods for effective appraisal and performance interview
Conclude your essay with your thoughts on the information you have learned in the class and how you think it will help or hinder you in the future
Grading criteria:
Maximum points will be given to essays that thoroughly cover the criteria set out in the guidelines. Use of concepts learned in the class and outside material will strengthen the essays impact as well. The course Project Preps help you prepare for your class project by introducing you to concepts usable for your essay.

In general:
Follow the guidelines provided for the Final Course Project. Meet word count requirements. Cite and reference any outside sources used in your essay in APA style.

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