Compensation Strategy

, , Week 3
Assignment, please help. Here is the assignment: Foundations of a
Compensation Strategy The most effective compensation strategy is one
that develops a clear link between the following components: •Job
Description (i.e., work that an employee is expected to perform).
•Performance Evaluation (i.e., work that the employee has performed).
•External Salary Survey and Internal Salary Comparison (i.e., pay
provided to each employee). Examine the interrelationship between
these three components by describing the purpose of each component and
how it affects the others. Then explain how all three components would
be used to determine the compensation for an employee. Your
examination should include a salary evaluation for a position you are
familiar with (Administrative Assistant, Human Resource Manager,
Maintenance Worker, etc). The salary evaluation should give results
for each of the three components and detail how pay is finally
determined for this position based on the three components. Example of
the salary evaluation portion of your analysis: Purchasing Manager.
Primary functions from the Job Description: To plan, direct, and
coordinate the activities of buyers, purchasing officers, and related
workers involved in purchasing materials, products and services.
Organizational performance evaluation system: •Outstanding - 6%
Increase •Exceeds expectations - 4% Increase •Meets expectations - 2%
Increase •Does not meet expectations - No Increase External Salary
Survey: (salary survey, which you can typically obtain online) Monthly
salary range at $4,300 - $5,200. Internal Salary Comparison: (the
relationship of this position to similar positions in your
organization) Position is similar to Accounting Manager, and should be
paid within the same monthly salary range of $4,400 - $4,900. Submit
your analysis in a two- to three-page paper formatted to proper APA
6th Edition specifications. Include a minimum of two scholarly
references to support your analysis.