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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. Formatting: One-inch margins, appropriate headers, and a title page. Length: 5–6 double-spaced pages. Font and font size: Times New Roman, 12 point. In addition to reviewing the assignment instructions, please review the A Competitive Pay and Benefits Plan rubric for this assignment to familiarize yourself with the required criteria for this assignment. Competencies Measured By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and scoring guide criteria: Competency 1: Evaluate the importance of compensation and benefits plans in attracting and retaining the most qualified talent. Create a compensation philosophy statement for the organization. Evaluate the effectiveness of a compensation and benefits program to attract and retain talent. Competency 2: Analyze base pay programs and the major laws and acts that govern employee pay. Analyze the major laws with which the compensation program must comply. Analyze the employer cost of benefits as a percentage of the total compensation package. Competency 3: Analyze base benefit plans and the primary laws and acts that govern employee benefits. Describe the legally mandated benefits included in a benefits package. Describe the discretionary benefits included in a benefits package. Analyze the major laws or acts with which a benefits program must comply. Competency 4: Create a base pay and a base benefit plan. Analyze the trends that affect the cost of benefits. Competency 5: Apply the Capella Writing Standards to support professional practice. Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.
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