Prepare a graphical chart with market and company pay line

Assignment Help HR Management

Reference no: EM131751378

Assignment: Compensation Structure Exercise

1. Using the O-Net database write down the 5 essential Knowledge areas, Skills, and Abilities for the following occupations: 1) Accountant, 2) Bookkeeping, Accounting, and Auditing Clerk and 3) Treasurers and Controllers (3 very commonly used benchmark jobs for designing a compensation structure for the financial area of a company). Note there will be significant overlap between the 3 occupations, so you should have significantly fewer than 15 factors in each KSA dataset.

2. Continuing with the O-Net database find the average of the occupation's Importance and Level score for each of the Knowledge areas, Skills, and Abilities on your list from #1.

3. Using the following information calculate the Job Evaluation score for each occupation.

The company wishes to give a bonus 200 points to jobs where the bachelor's degree is the most common education level and a bonus 400 points to jobs where the master's degree is the most common education level. They also want to use a weighted system with a 20% bonus for the following compensable factors:

Economics and Accounting Knowledge
Administration and Management Knowledge
Critical Thinking
Judgement and Decision Making
Complex Problem Solving
Mathematical Reasoning
Deductive Reasoning
Inductive Reasoning

4. The company wishes to use a low-cost strategy and lag the market by setting internal mid-point salaries at the 40th percentile level when compared to market data using the East-Central Illinois compensation survey data. Using the information from the O-Net determine the company's salary mid-point for the three occupations.

5. The company also wants to have a salary spread of +/- 15% from the midpoint for each occupation to recognize the work of individual employee's in the occupation. Determine the salary range for each occupation.

6. Prepare a graphical chart with the market and company pay line, salary ranges, and job evaluation scores for each occupation. This should look similar the chart we went over in class and in your text.

7. How and when might you use linear regression in setting up a compensation structure?

8. Feel free to contact me if you have any questions. Please note there may be a brief open-note quiz over the data you've obtained/calculated.

Reference no: EM131751378

Questions Cloud

Domestic and global political-legal environments : What barriers exist for Dish Network in the context of the domestic and global political-legal environments?

What did the five good emperors accomplish : What did the "five good emperors" accomplish? Were they truly good? Explain. Where did this term come from? What does it mean?

Differentiate between leadership and management roles : Differentiate between leadership and management roles and provide specific examples from literature or personal example.

Ignore consideration of the lessees fiscal year : Ignore consideration of the lessee's fiscal year

Prepare a graphical chart with market and company pay line : Prepare a graphical chart with the market and company pay line, salary ranges, and job evaluation scores for each occupation.

What new and emerging markets must companies : As Dove learns from this experience, what new and emerging markets must companies pay more attention to and why?

An analysis of a topic and an organization : An analysis of a topic and an organization using a sociological perspective Of the 12 social issue topics that were given, which topic did you choose?

Calculate the minimum federal tax payable for john : Calculate the minimum 2016 federal tax payable for John. Indicate any carry forwards available to him and his dependants and the carry forward provided

Determine the turnover rate of rural doctors : Public Policy and Political Science It has always been difficult to attract general physicians to rural areas. Small-town doctors do not have the opportunity.

User Account

All Pages