Compensation and Benefits Strategy Assignment
Compensation and Benefits Strategy Paper to demonstrate knowledge of how to structure a total compensation plan for a business or other organization.
Purpose of Assignment
The purpose of this assignment is to obtain knowledge and understanding of how to develop total compensation program. Please refer to the resources below to assist with the assignment.
Assignment Instructions: Choose an organization that your team knows and has operations understanding or that you have access to information about that you can use for this assignment. You may wish to use one of the organizations your team member used for the Week 1 assignment.
Develop 1,350-1500 -word compensation and benefits strategy paper and a 10-12 minute presentation: Include the following content:
- Discuss current trends shaping total rewards for employees in a business industry synonymous with your organization.
- Evaluate current compensation plans for that industry.
- Summarize your data in narrative and table format showing diverse levels of responsibility and compensation.
- Evaluate the market data, job data, and organizational data.
- Devise a total rewards strategy with recommendations for your organization.
- Include in table format a list of the compensation components for your plan.
- Develop a one-page survey you would use as a resource to collect information from employees about the rewards they desire in a reward package for employees. On your survey, include questions about financial rewards and non-financial rewards. Attach the survey as an Appendix. Do not administer the survey.
- Include an analysis of legislation that may impact decisions made about compensation and benefits.