Over the duration of the semester, you will individually complete a semester long project comprised of three deliverables with due dates across the weekly modules.
The culmination of the project will be a compensation and benefits report delivered via a paper submission in Module/Week 7. The intent of the semester project is to provide you with a structured mechanism to build a comprehensive compensation and benefits report based upon an organization while using market data you acquire through Internet based research. The final paper must follow the below structure.
Project scenario details:
1. You are an independent compensation and benefits analyst who has been contracted by an organization to redesign the compensation and benefits package of an aged job role within the organization. The job role is an active position within the organization, and the organization has recognized the compensation and benefits package of the role is out of date compared to the current market place. A redesign is required so that the organization can successfully recruit new employees.
a. Fully describe the organization that has contracted your services to provide the context and environment in which the organization operates. You are free to pick the organization.
b. Suggested organization types are public educational institutions, private non-profits, global multinational enterprises, etc…
2. The organization has asked you to redesign the compensation and benefits package for one specific aged role within their organization.
a. You are free to pick the role that requires redesign. Fully describe the role and how the role fits into the organization.
b. Suggestions include: cyber security engineer, professor of biology, high school physics teacher, CEO of a global multinational enterprise, management consultant, etc…
3. Perform market research to determine the range and variations of the compensation and benefits packages of the chosen job role across the current market place.
a. Internet sources include but are not limited to: Bureau of Labor Statistics, O*Net, Texas Tribune, etc…
b. Determine the variations by (at minimum):
i. Fixed compensation
ii. Variable compensation
iii. Non-monetary rewards
iv. Mandated benefits
v. Voluntary benefits
vi. Those specifically relevant to the job role
c. Record and document all data from each specific source. The documented data must be used to construct min/max ranges for each of the above compensation and benefits categories. All sources must be referenced.
4. Report all compiled data that are relevant to the role for the market research.
a. A table(s) is recommended to display all data from all sources.
b. Tables are expected to have some missing values as some sources may only report some data (i.e., one source may only report compensation data and a second source may only report benefits data).
5. Construct a detailed compensation and benefits package for the chosen job role. The recommendation should be robust, include all of the aforementioned categories (at minimum), and provide recommended ranges for each category. Consider the reality of the context and environment of the organization when designing the compensation and benefits package.
6. Provide an executive management summary section of the research steps, research sources, data, and reasoning behind the recommended compensation and benefits package. This summary should be robust yet succinct enough for an executive manager to quickly read and understand the scope of the project and recommendations.
7. Reflect upon the project and describe (as if describing it to the instructor) how the project clarified the course material, what you learned from the market research, how the project could be applied to actual work scenarios.
A written research proposal outlining the chosen organization, job role with compensation and benefit package that is to be redesigned, and planned research actions. The assignment must be 300-500 word requirement. APA format is not required at this stage.