You will participate in a group (assigned by the instructor) and will design a Compensation Structure project using the Hay Plan Point Method approach. See the course textbook for additional details, instructions and information regarding the Hay Plan. One member from each group will submit each Deliverable of the Final Project to the instructor for grading.
Groups will be expected to:
1. Use the industry and benchmark jobs created in Deliverable I of the Final Project as a reference for creating Deliverable II, the Compensation Structure.
2. Use the web resources (located at the bottom of this document) to assist in creating job descriptions for each benchmark job.
3. Evaluate the benefits that may/should be available to employees in this new organization.
4. Create the Compensation Structure that could be utilized for this new organization.
5. Be creative by integrating biblical principles and/or scripture into the creation of the final Compensation Structure.
A. APA Title Page with Course Title, Group #, each Group Member’s name, and Industry.
B. Summary of the decision-making process (3–4 pages)—This must explain the ‘how’ and ‘why’ the team designed the structure details as is and will include the following:
a. Introduction—describe organization.
b. Describe the job analysis conducted by the group.
c. Define the internal alignment of the organization’s Compensation Structure.
d. Define the external alignment of the organization’s Compensation Structure.
C. Create and submit the job descriptions and define Compensable Factors.
D. Create the Compensation Structure utilizing the Hay Plan method and determination of Pay Levels using Microsoft Excel to include the benefit mix (Total Rewards).
E. Final Overall Compensation Structure: Formatting must include an APA title page and be free of grammar, spelling and/or punctuation issues.