Determine the salary range for each given occupation

Reference no: EM131755115

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

Reference no: EM131755115

Questions Cloud

What amount will palmer corporation report : What amount will Palmer Corporation report as an option expense in net income during the period

Determine the approach you will use to measure success : Imagine that you are about to launch a social networking site. Determine the target market to which your social media site will cater.

Identify and discuss several qualitative factors : Identify and discuss several qualitative factors that should be considered in the decision process in addition to the quantitative data already

Describe the type of water repellent : Protecting wood How can we help wood surfaces resist weathering, especially when restoring historic wooden buildings?

Determine the salary range for each given occupation : Determine the salary range for each occupation. How and when might you use linear regression in setting up a compensation structure?

Random sample of customers at a paramount retail : Is there any evidence of an association between music type and time spent shopping? Conduct the appropriate hypothesis test with a = 0.01.

Identify each as categorical or quantitative : Medical study variables Data from a medical study contain values of many variables for each of the people who were the subjects of the study.

Review on organizational behaviour and design : Assignment is a literature review on "Organizational Behaviour and Design" .Discuss about Organization Behaviour to the public sector.

Describe the individual in the highlighted row : Coaster craze Many people like to ride roller coasters. Amusement parks try to increase attendance by building exciting new coasters.

User Account

All Pages