Create a graphical chart with market and company pay line

Assignment Help Marketing Management

Reference no: EM131756830

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. Note there may be a brief open-note quiz over the data you've obtained/calculated.

Reference no: EM131756830

Questions Cloud

Outcome to be in terms of audience reaction : prepare a thorough, properly formatted memorandum explaining your topic. Detail why you have chosen the topic, why you feel it is an important issue

Calculate the internal rate of return and payback period : Based on the above information and using Excel, calculate the Internal rate of return for this proposed equipment purchase

Write a brief description of the differential diagnosis : Select an appropriate case study example. There are several sources within the library that can provide you with the appropriate resource to complete .

What property of measures of center does illustrate : Suppose the heaviest lineman had weighed 341 pounds instead of 321 pounds. How would this change affect the mean and the median?

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

How are gender stereotypes portrayed in this film : How do culture, ethnicity and race affect people's leisure choices - How are gender stereotypes portrayed in this film? How are they culturally influenced?

Prepare a flexible budget performance report for school : TipTop Flight School offers flying lessons at a small municipal airport. Prepare a flexible budget performance report for the school for July

Which of the given number is the mean : Incomes of college grads According to the Census Bureau, the mean and median income in a recent year of people at least 25 years old who had a bachelor's.

Identify two possible areas of strength of that population : It is important that theory is used in clinical social work practice because it helps to guide the social worker in their practice.

User Account

All Pages