17 Oct Write a 4-5 page report for an internally consistent and externally competitive compensation system for CapraTek, based on
Write a 4-5 page report for an internally consistent and externally competitive compensation system for CapraTek, based on one specific job structure.
Introduction
The real-world challenge in this assessment is to focus on three areas: building consistency, being competitive, and recognizing employee contributions. Keep in mind you are building a total rewards system for an imaginary company, CapraTek. 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 (which you do not do for this assessment). Finally, consider how to design a pay structure and evaluate various approaches, focusing on an overarching strategic approach.
The assessments, based on CapraTek scenarios, must be completed in sequence.
Preparation
As a newly hired compensation specialist, your first challenge is to design an internally consistent and externally competitive compensation system for CapraTek.
Your manager gives you the following advice: “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.” (You will construct an action plan with recommendations, but you do not actually conduct a survey). “Finally, consider how to design a pay structure and evaluate various approaches, focusing on an overarching strategic approach.”
CapraTek
CapraTek is a virtual technology company. The assessment is based on the CapraTek scenarios.
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- This simulation walks you through identifying key issues that will affect a strategic compensation plan and how to analyze the basic organizational information necessary to make decisions and recommendations about a strategic compensation plan.
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- Examine the strategic and tactical decisions that need to be considered, as well as the various contextual influences.
Assessment Instructions
Choose one specific job structure on which to conduct your analysis (administrative, research and development [R & D], sales, marketing, production).
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 the next assessments.
The deliverable for this assessment is a 45 page proposal of an internally consistent and externally competitive compensation system for CapraTek.
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 impact 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.
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