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##### HRMD 640 HOMEWORK 2- PAY STRUCTURE OMEGA

**Description**

solution

**Question**

Question;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#53465 | Written in 18-Jul-2015

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