BUS 440 Liberty University Jo

Only need section IV completed, I will attach deliverable 1 and John Hopkins Hospital being the focus of this part of the project since it needs to be based on a specific hospital.

Deliverable II: Compensation Structure

You will participate in a group (assigned by the instructor) and will design a Compensation Structure project using the Hay Plan Point Method approach. See the course textbook for additional details, instructions and information regarding the Hay Plan. One member from each group will submit each Deliverable of the Final Project to the instructor for grading.

Groups will be expected to:

1.Use the industry and benchmark jobs created in Deliverable I of the Final Project as a reference for creating Deliverable II, the Compensation Structure.

  1. Use the web resources (located at the bottom of this document) to assist in creating job descriptions for each benchmark job.
  2. Evaluate the benefits that may/should be available to employees in this new organization.
  3. Create the Compensation Structure that could be utilized for this new organization.
  4. Be creative by integrating biblical principles and/or scripture into the creation of the final Compensation Structure.

Required Elements:

Section I 

  1. APA Title Page with Course Title, Group #, each Group Member’s name, and Industry.
  2. Summary of the decision-making process (3–4 pages)—This must explain the ‘how’ and ‘why’ the team designed the structure details as is and will include the following:
    1. Describe the job analysis conducted by the group.
    2. Define the internal alignment of the organization’s Compensation Structure.
    3. Define the external alignment of the organization’s Compensation Structure.
    4. Conclusion.
  3. Integrate biblical principles and a minimum of 1 scripture reference.
  4. Must follow current APA-formatting guidelines.
  5. Must use the current edition of the Compensation text and a minimum of 2 scholarly/peer-reviewed sources.

a.Introduction—describe organization.

Section II

  1. Create and submit the job descriptions and define Compensable Factors.
  2. Integrate biblical principles and a minimum of 1 scripture reference.
  3. Must follow current APA-formatting guidelines.
  4. Must use the current edition of the Compensation text and a minimum of 2 scholarly/peer-reviewed sources.

Section III

  1. Create the Compensation Structure utilizing the Hay Plan method and determination of Pay Levels using Microsoft Excel to include the benefit mix (Total Rewards).
  2. Integrate biblical principles and a minimum of 1 scripture reference.
  3. Must follow current APA-formatting guidelines.
  4. Must use the current edition of the Compensation text and a minimum of 2 scholarly/peer-reviewed source

Web Resources

p www.salary.com

p www.bls.gov/bls/blswage.htm

p http://online.onetcenter.org

p www.shrm.org

p www.haypaynet.com

THIS IS THE OUTLINE MY GROUP MEMBER WANTS US TO USE

A REALLY GOOD OUTLINE BELOW FOR HOW TO ACCOMPLISH SECTION 4! I HOPE THIS IS HELPFUL TO THOSE OF YOU WHO CHOOSE TO COMPLETE THIS SECTION OF THE DELIVERABLE.

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WHAT ARE THE COMPONENTS OF A COMPENSATION SYSTEM?

The components of a compensation system include

  • Job Descriptions A critical component of both compensation and selection systems, job descriptions define in writing the responsibilities, requirements, functions, duties, location, environment, conditions, and other aspects of jobs. Descriptions may be developed for jobs individually or for entire job families.
  • Job Analysis The process of analyzing jobs from which job descriptions are developed. Job analysis techniques include the use of interviews, questionnaires, and observation.
  • Job Evaluation A system for comparing jobs for the purpose of determining appropriate compensation levels for individual jobs or job elements. There are four main techniques: Ranking, Classification, Factor Comparison, and Point Method.
  • Pay Structures Useful for standardizing compensation practices. Most pay structures include several grades with each grade containing a minimum salary/wage and either step increments or grade range. Step increments are common with union positions where the pay for each job is pre-determined through collective bargaining.
  • Salary Surveys Collections of salary and market data. May include average salaries, inflation indicators, cost of living indicators, salary budget averages. Companies may purchase results of surveys conducted by survey vendors or may conduct their own salary surveys. When purchasing the results of salary surveys conducted by other vendors, note that surveys may be conducted within a specific industry or across industries as well as within one geographical region or across different geographical regions. Know which industry or geographic location the salary results pertain to before comparing the results to your company.
  • Policies and Regulations

Different types of compensation include:

  • Base Pay
  • Commissions
  • Overtime Pay
  • Bonuses, Profit Sharing, Merit Pay
  • Stock Options
  • Travel/Meal/Housing Allowance
  • Benefits including: dental, insurance, medical, vacation, leaves, retirement, taxes…

WHAT ARE REGULATIONS AFFECTING COMPENSATION?

  • FLSA

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