As a newly hired compensation specialist, your first assignment is to design an internally consistent and externally competitive compensation system for CapraTek. Choose one specific job structure on which to conduct your analysis (administrative, R & D, sales, marketing, production). Review the assignment instructions and what research is required to successfully complete the task. First, focus on consistency for your system, which will include job analysis and job evaluation. Second, review how to create a competitive package that includes surveying the market. Finally, consider how to design a pay structure and evaluate various approaches, focusing on an overarching strategic approach.
Instructions
Use CapraTek’s division structure, as well as online research, to analyze and create an overview of an internally consistent and externally competitive compensation system for CapraTek.
The deliverable for this assignment is a 4–5 page proposal of an internally consistent and externally competitive compensation system for CapraTek. Using CapraTek’s division structure, as well as online research, analyze and create an overview of an internally consistent and externally competitive compensation system for CapraTek. The specific pay structure and benefit structure will be further developed in Weeks 6 and 8, respectively. Structure your proposal with the following headings:
Job Analysis and Job Evaluation
Conduct a job analysis and job evaluation for CapraTek to ensure internal consistency.
Analyze jobs and job classifications to understand how they work together and evaluate the effect of job classification systems on compensation.
Strategic Analysis
Conduct a strategic analysis, including internal and external considerations.
Market Compensation Survey Action Plan
Construct an action plan with recommendations for a market compensation survey. (You do not need to conduct a survey.)
Conclusion
Develop an overview of an internally consistent and externally competitive compensation system for CapraTek.
Validate your strategy as to why it is or is not an internally consistent and externally competitive compensation system.
Analyze jobs and job classifications to understand how they work together and evaluate the effect of job classification systems on compensation.
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