Posted on May 4, 2021
Through the completion of the three-part Compensation Plan Project, students created a compensation plan for a position in a hypothetical organization. To be effective, they evaluated the strategic implications various compensation philosophies have on an organization. They also analyzed the various forms of employee benefits and the key components of constructing a benefits compensation plan. In addition, students evaluated the impact the Fair Labor Standards Act (FSLA) and other laws have on the compensation practices of an organization. Now is the time for students to present their findings and recommendations to the organization’s executive team.
· Setting – Assume you are presenting to the executive team of your hypothetical organization.
· Preparation – Prepare a professional presentation in MS PowerPoint that reviews each of the major elements of your Compensation Plan.
· Slide content
o Title slide – remember that this is being presented to the executive team
o Introduction – While you don’t need to describe the company you do need to introduce the purpose of the Compensation Plan and the position being evaluated.
o Compensation Plan – Your notes will outline the process and logic used to reach your recommendations as well as any legal implications for that topic. Be sure to make a connection to the organization’s strategy and goals whenever possible, including methods to contain labor costs. Slides will include only your recommendation and implications/benefits of your selection. Be sure to include each of the following topics:
Compensation Strategy (see Part I of project)
Internal Alignment (see Part I of project)
Pay Structure (see Part II of project)
Pay Level (see Part II of project)
Determination of Individual Pay (see Part III of project)
Recommended Mix of Employee Benefits (see Part III of project)
Conclusion – request support to move forward.
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