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HRMD 640 HOMEWORK 2- PAY STRUCTURE OMEGA

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Part I;As the compensation analyst for the relatively new Omega Corporation, you are to price a pay structure. Information is provided to you below and includes the points for each job (which was obtained through a job evaluation) and salary rate midpoint data (obtained through a salary survey) for each benchmark job.;You are to have equal percentage progressions between midpoint rates and set the rate RANGE at 10% on each side of the midpoint. Make sure you incorporate this information into your answer.;Do the following: (If there is more than one pay structure, you are required to only develop the pay structure with the most jobs). Hint: Please do not confuse structures with grades.;1. How many pay structures are required? DEMONSTRATE (with a plot) AND EXPLAIN WHY. If you determine there is more than one structure, only use the one structure with the most populous jobs.;2. Determine the number of grades and indicate which jobs are in which grade. Discuss how you determined the number of grades.;3. Determine the evaluation point ranges for EACH of the grades. Discuss what the evaluation points represent.;4. Determine the midpoint pay rate for EACH grade. Discuss what the midpoint pay rate for each grade represents.;5. Determine the high/low ratio and the midpoint to midpoint percentage progression. Discuss the meaning for each;6. Determine the pay rate range for EACH grade. What purpose does the pay rate range serve (i.e., why not just pay everyone the midpoint in that grade?)?;7. Draw and calculate the grade overlap BETWEEN EACH ADJACENT GRADES. Discuss what the overlaps represent.;8. DISCUSS THOROUGHLY how you would set up steps within the grades ? you may have to do research for this.;9. Specify and DISCUSS THOROUGHLY the policies necessary to administer the pay structure ? you may have to do research for this.;DO NOT PROVIDE YOUR RESPONSES IN AN EXCEL SHEET ? This is because students often provide an excel sheet and then anticipate I will understand or figure out what they did.;Compensation Data for Omega Corp.;Job;Evaluation Points;Salary Data;A;115;$10.15;B;125;$10.30;C;155;$11.00;D;155;$11.15;E;160;$11.40;F;170;$11.35;G;210;$12.00;H;225;$12.15;I;230;$12.25;J;285;$13.25;K;295;$13.40;L;325;$14.10;M;330;$17.05;N;375;$19.85;O;350;$14.95;P;400;$16.00;Q;425;$16.25;R;465;$16.50;S;540;$18.40;T;545;$25.00;U;555;$18.55;V;575;$14.50;W;580;$19.25;X;620;$20.80;Y;625;$21.00;Z;640;$22.00

 

Paper#23975 | Written in 18-Jul-2015

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