Internally Consistent and Externally Competitive
Internally Consistent and Externally CompetitiveWrite a 4-5 page report for an internally consistent and externally competitive compensation system for CapraTek, based on one specific job structure.IntroductionThe real-world challenge in this assessment is to focus on three areas: building consistency, being competitive, and recognizing employee contributions. Keep in mind you are building a total rewards system for an imaginary company, CapraTek. First, focus on consistency for your system, which will include job analysis and job evaluation. Second, review how to create a competitive package that includes surveying the market (which you do not do for this assessment). Finally, consider how to design a pay structure and evaluate various approaches, focusing on an overarching strategic approach.The assessments, based on CapraTek scenarios, must be completed in sequence. Preparation As a newly hired compensation specialist, your first challenge is to design an internally consistent and externally competitive compensation system for CapraTek.Your manager gives you the following advice: “First, focus on consistency for your system, which will include job analysis and job evaluation. Second, review how to create a competitive package that includes surveying the market.” (You will construct an action plan with recommendations, but you do not actually conduct a survey). “Finally, consider how to design a pay structure and evaluate various approaches, focusing on an overarching strategic approach.”CapraTekCapraTek is a virtual technology company. The assessment is based on the CapraTek scenarios.•CapraTek Key Issues and Initial Analysis. oThis simulation walks you through identifying key issues that will affect a strategic compensation plan and how to analyze the basic organizational information necessary to make decisions and recommendations about a strategic compensation plan.•CapraTek: Job Structures and Compensation. oExamine the strategic and tactical decisions that need to be considered, as well as the various contextual influences. Assessment InstructionsChoose one specific job structure on which to conduct your analysis (administrative, research and development [R & D], sales, marketing, production).Using CapraTek’s division structure, as well as online research, analyze and create an overview of an internally consistent and externally competitive compensation system for CapraTek. The specific pay structure and benefit structure will be further developed in the next assessments.
The deliverable for this assessment is a 4–5 page proposal of an internally consistent and externally competitive compensation system for CapraTek.Structure your proposal with the following headings:Job Analysis and Job Evaluation•Conduct a job analysis and job evaluation for CapraTek to ensure internal consistency.•Analyze jobs and job classifications to understand how they work together and evaluate the impact of job classification systems on compensation.Strategic Analysis•Conduct a strategic analysis, including internal and external considerations.Market Compensation Survey Action Plan•Construct an action plan with recommendations for a market compensation survey. (You do not need to conduct a survey.)Conclusion•Develop an overview of an internally consistent and externally competitive compensation system for CapraTek.•Validate your strategy as to why it is or is not an internally consistent and externally competitive compensation system.Note: Your faculty may also use the Writing Feedback Tool to provide feedback on your writing. In the tool, click the linked resources for helpful writing information.ePortfolioYou should consider adding this assessment to your personal ePortfolio. This assessment demonstrates your ability to share a design for a compensation system that is consistent internally and externally competitive. This skill is necessary in a professional setting when you are trying to make strategic recommendations. You will want to organize your assessments to easily support future reflection and completion of your HRM capstone project as well as for showcasing your knowledge with employers after graduation. For more information on ePortfolio, visit the CampusePortfolio page.Additional RequirementsThe deliverable for this assessment applies professional skills in human resources management (HRM) to workplace situations that you will likely encounter in your day-to-day work in HRM. As part of your learning, focus on the development of effective professional communication skills for the workplace.•Length: Your 4–5 page proposal should be typed, double-spaced pages, including the resource page. •Organization: Make sure that your assignment writing is well organized, using headings and subheadings to organize content for the reader.
•Font and font size: Times New Roman, 12-point.•Resources: Use two scholarly, peer-reviewed or academic sources.•Evidence: Support your assertions with data and/or in-text citations and create a reference list at the end of your documents.•APA formatting: Resources and in-text citations are formatted according to current APA Style and Format. •Written communication: oUse spell-check and other tools to ensure correct spelling and grammar.oWrite for a specific audience, using the vernacular of the profession.Competencies MeasuredBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria: •Competency 1: Assess the impact of compensation systems on individual and organizational performance.oAnalyze the impact of job classification systems on compensation. •Competency 2: Apply compensation theories to formulate a total rewards strategy.oApply compensation theories to formulate short-term and long-term action steps.oValidate the strategic action plan as internally consistent and externally competitive.•Competency 4: Communicate clearly, accurately, and professionally in the human resources management field.oApply APA formatting to in-text citations and references.