Part 1- Introduction The report contains the...
HRES2203 Compensation and Benefits Assignment Help
This assignment introduces students with the practical knowledge and skills so that they can work in the exciting field of human resources. Additionally, this will explain about the business training and administrative by receiving training through human resource management, recruitment, selection, compensation and payroll, and employment law.
Students have to create a package with total rewards that includes the combination of benefits, compensation and prerequisites that will help in providing the motivation to the group of employees by including hourly staff, salary staff and the CEO. This assignment is of 100 marks characterized by different factors.
There are certain elements that should be included in your answer. Some of them are:
1. Executive Summary (10 Marks)
For this assignment, you have to use point format.
1. What exactly the company does i.e. services provided or production of products.
2. Location of the company
3. Time taken to complete the assignment
4. Demographics of employees
5. Union or non-unionized environment
6. Challenges faced by the company
7. Benefits offered by the company to different clients and the comparative and competitive advantage of the company
8. Financial status of the company
9. Background and aim to create the company
10. Target Consumers and balance between demand and supply of products and services.
2. Workforce summary (10 Marks)
Students have to summarize the workforce of the company in terms of following:
1. Total number of employees
2. Mean of their age and their average tenure
3. Skills and competencies that can be applied to the organization
4. Management strategy, supporting evidence as to why this management strategy is accurate or why company wanted to select it as the management strategy of choice.
5. Identify the impact created on method of collecting the demographics the creation of influence on the compensation strategy of the organization. Also identify the methods of using demographics of the workforce by the company so that they can design a strategy that could retain and attract individuals.
3. Compensation analysis (30 Marks)
Students have to identify three different levels of the organization that includes hourly employees, salary employees and the CEO and find the answers of:
Q1. How much of the compensation mix is contributed to base pay and how it is paid.
Q2. How much of the compensation mix is contributed to indirect pay and identify the elements of indirect pay.
Q3. How much of the compensation mix is contributed to merit pay and how it is paid.
Q4. Identify how the company knows this compensation mix is successful. How does the company measure its success of its management systems, in particular to its compensation system?
Q5. Determine if the organization should include other metrics to measure its success with its compensation system.
4. Compensation strategy and alignment with the business strategy (15 Marks)
Students have to identify the following questions:
Q1.How the compensation strategy impacts the organization strategy, for example, does the organization requires special skills in its staff, are there many hard to fill jobs, is danger pay required, is it a global company requiring an understanding of any laws?
Q2.Think about all these elements as well as others that are important to the organization you selected and why the compensation strategy is important in achieving the goals of the organization.
Q3.Why the compensation strategy is important to the different levels of the staff?
Q4.What motivational needs are being met?
Q5.How is the country measuring the importance of compensation on employee engagement?
5. Strategic recommendation of the company (15 Marks)
Students have to identify the answers of the following questions for creating an effective compensation strategy:
Q1.What elements of the existing compensation strategy would you keep and explain why?
Q2.What elements of the existing compensation strategy would you change and explain why?
Q3.Identify how your changes would improve the alignment between the compensation strategy and the business strategy?
Q4.What is the anticipated benefit you are hoping the/these change(s) will result in for the organization?
Q5.Indicate how you would measure the effectiveness of the change(s) you are proposing and the anticipated benefit
6. Change in factors (10 Marks)
There are different factors need to be identified by the students for creating the influence in changing your compensation strategy. You can consider the under mentioned elements, if they are applied to the organization, when do you expect these factors to be of concern for the organization?
These factors include financial problems, high turnover, decrease in engagement or satisfaction level, exhausted employee and management relations, unionization of the employees and business loss of the company. For instance, competitors are stealing share in the market.
7. Compensation strategy placement (5 Marks)
According to the recommendation made for the compensation strategy, students have to identify in the industry that where the compensation will fall? For instance, will you lead, lag or represent the average of the market? Students also have to explain why you think it will be effective for the organization.
8. Format (5 Marks)
This assignment explains about the unity between form and content. Spelling and grammar should be correct, there should be good structure or framing of sentences and the references should be consistent with APA requirements.
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