Business Question

A Competitive Pay and Benefits Plan

For this assignment, use the organization and the specific job you selected as the subject in your Conducting a Job Analysis (Week 4), Selecting a Job Evaluation Method (Week 5), and Reviewing a Salary Structure (Week 6) assignments.

Assume you have already created a budget for your pay and benefits program.

In a 5–6 page paper:

Create a compensation philosophy statement for the organization.

Address the following questions and justify your responses using the job you selected in the Week 4 assignment:

Will this position be full time or part time, and exempt or non-exempt?

What will the pay for this position be?

Will there be incentive pay as well?

Analyze the major laws with which your compensation program must comply.

Describe the legally mandated benefits you will include in your benefits package. Identify the state in which this business operates and identify any specific state-mandated benefits as well.

Describe the discretionary benefits you will include in your benefits package.

Analyze the major laws or acts with which your benefits program must comply.

Analyze the employer cost of benefits as a percentage of the total compensation package.

Analyze the trends that affect the cost of benefits.

Evaluate the effectiveness of your compensation and benefits program to attract and retain talent.

Additional Requirements

Your paper should also meet the following requirements:

Written communication: Written communication is free of errors that detract from the overall message.