Compensation and Benefits - eSonic
This report deals with the compensation and benefits system of E-sonic that is an online music store. This report is comprised of three main parts, in section one the job descriptions of 5 key positions are discussed and then all jobs are structured. The relative worth of job is evaluated using the point value system with the compensable factors including, educational level, experience, analytical abilities , communication and decision making skills needed to perform the job. The worth of jobs are determined according to their point scores this ensures that the pay system is consistent internally.
In next section the policy mix is discussed that deals with the distribution of pay in terms of base pay, benefits, short and long term incentives. The details of these benefits and inceptive are offered. To determine that the pay system is also externally competitive, the external market analysis is carried out. The job positions are benchmarked against the similar jobs of competing organizations in same industry, size and union status. Reconciliation is done to make sure that the pay level is in accordance with market. The decision is made regarding leading the post of director of operations while matching the salary for all other jobs. Grades and ranks are developed and salaries are determined.
In last section the contribution policy is outlined and the pay is calculated for hypothetical scenarios. The merit pay system is examined and the project is concluded.(continued...)wordcount of report: 2900 words
In next section the policy mix is discussed that deals with the distribution of pay in terms of base pay, benefits, short and long term incentives. The details of these benefits and inceptive are offered. To determine that the pay system is also externally competitive, the external market analysis is carried out. The job positions are benchmarked against the similar jobs of competing organizations in same industry, size and union status. Reconciliation is done to make sure that the pay level is in accordance with market. The decision is made regarding leading the post of director of operations while matching the salary for all other jobs. Grades and ranks are developed and salaries are determined.
In last section the contribution policy is outlined and the pay is calculated for hypothetical scenarios. The merit pay system is examined and the project is concluded.(continued...)wordcount of report: 2900 words
Executive Summary
Task 1
Firm Information
Director Operations
Operations Manager
Operations Analyst
Operations Assistant
Marketing Manager
Job Structures
Job Evaluation
Bench mark jobs
Compensable factors
Factor Degree Statements
Determine Weights for Each Compensable Factor
Calculate Point Values for Each Job
Operations Director
Operations Manager
Operations Analyst
Operations Assistant
Marketing Manager
Deliverable 2
Determine Appropriate Pay-Policy Mix (intrinsic and extrinsic)
Pay policy mix for operations director
Pay policy mix for operations Manager, operations analyst and operations administrator
Short Term Incentives
Long Term Incentives
Benefits
Pay-Policy Level Decisions
Compensation Survey—External Market Analysis
Implementation of Salary Survey Results
Job structure decisions
Task 3
Required effort Policy for Every E-sonic Job structure
Make worker pay relevancy relying upon Hypothetical Pay Scenarios
Develop merit basis pay structure for E-sonic
Compile pay Design Project
Reference
Task 1
Firm Information
Director Operations
Operations Manager
Operations Analyst
Operations Assistant
Marketing Manager
Job Structures
Job Evaluation
Bench mark jobs
Compensable factors
Factor Degree Statements
Determine Weights for Each Compensable Factor
Calculate Point Values for Each Job
Operations Director
Operations Manager
Operations Analyst
Operations Assistant
Marketing Manager
Deliverable 2
Determine Appropriate Pay-Policy Mix (intrinsic and extrinsic)
Pay policy mix for operations director
Pay policy mix for operations Manager, operations analyst and operations administrator
Short Term Incentives
Long Term Incentives
Benefits
Pay-Policy Level Decisions
Compensation Survey—External Market Analysis
Implementation of Salary Survey Results
Job structure decisions
Task 3
Required effort Policy for Every E-sonic Job structure
Make worker pay relevancy relying upon Hypothetical Pay Scenarios
Develop merit basis pay structure for E-sonic
Compile pay Design Project
Reference
