Description

The importance of compensation varies depending on the viewpoint, as described by Barry Gerhart and Jerry Newman in Compensation. Society views compensation as a measure of justice; managers may view compensation as a major expense or a motivator; employees view compensation as an entitlement or as an incentive. Regardless of the viewpoint, fairness and equity are essential. Compensation must also be up-to-date, competitive in the market, and easy to understand.

Aligned pay structures support the way the work gets done, fit the organization’s business strategy, and are fair to employees. Organizations typically task an in- house human resource (HR) professional or hire an HR consultant to create and maintain the company’s pay structure. In this final project, you will design a pay structure using the specially designed final project case scenario.

The project is divided into two milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three and Five. The final product will be submitted in Module Seven. The final project includes a new section on pay mix which also needs to be completed prior to submission.

In this assignment, you will demonstrate your mastery of the following course outcomes:

  •  Students will gain an understanding of the evolution and administration of compensation and benefit programs for organizations.
  •  Students will explore wage theory, principles and practices, unemployment security, worker income security, group insurance, disability insurance, andpension plans and how these compensation and benefit items are balanced to provide incentive and recruitment of a high-performance workforce.
  •  The connection between the organization’s mission, objectives, policies, and the implementation and revision of their respective compensation andbenefit systems will be analyzed to gain a deeper understanding of the importance of such systems to the organization’s overall human resourcemanagement.
  •  At the conclusion of this course, students will be able to demonstrate the acquisition and application of theories and concepts that support theenhancement and proficiency in seven primary competencies: strategic approach, research, teamwork, communication, analytical skills, problem solving, and legal and ethical practices.