Acting as a recently hired compensation consultant, you will assist the burgeoning online music firm e-sonic to develop an internally consistent and marketcompetitive compensation system that recognizes the achievements of individual contributors. The major portion of the project is divided into three milestones, which will build upon the previous milestone. The milestones are submitted in Modules Three, Five, and Six. The final version of the entire project will be due at the end of Module Seven
The project helps students to meet the following course outcomes: • Students will gain an understanding of the evolution and administration of compensation and benefit programs for organizations • Students will explore wage theory, principles and practices, unemployment security, worker income security, group insurance, disability insurance, and pension plans and how these compensation and benefit items are balanced to provide incentive and recruitment of a high-performance workforce • The connection between the organization’s mission, objectives, policies, and the implementation and revision of their respective compensation and benefit systems will be analyzed to gain a deeper understanding of the importance of such systems to the organization’s overall human resource management • At the conclusion of this course, students will be able to demonstrate the acquisition and application of theories and concepts that support the enhancement and proficiency in 7 primary competencies: strategic approach, research, teamwork, communication, analytical skills, problem solving, and legal and ethical practices
Preparation 1. Read the Building Strategic Compensation Project narrative linked in the course menu of the MyManagementLab home page. Note: Section 3: Recognition of Individual Achievements WILL NOT be included in the course project. 2. Download the Comp Analysis Software Microsoft Excel file. Directions on accessing this file are located in the Module Resources section of Module One. To run on a PC, the file requires Microsoft Excel 2007 or later. To run on a Mac, the version requires Excel 2011 or later. o NOTE: Users of the CompAnalysis software must set the macros to a low level in order for the software to work. If the macros are set on too high of a security level, then the software will be disabled and will not work properly. Navigate to the Tools menu, click Macros, and then click Security. Lower the security level, save the spreadsheet, close, and re-open.o Click on the External Market Survey feature, which will be used in Section 2 of the project, titled Market Competitiveness. Make your decisions first by following the directions in the Building Strategic Compensation Project (Appendix 3 in the student version, Appendix 5 in the instructor's version) and jot down the pertinent information on paper. o After completing the External Market Survey section, move on to the Merit Pay Planning feature, which will be used in Section 3 of the project, titled Recognition of Individual Achievements. Input your choices as indicated in CompAnalysis and analyze the data.