HRM 7002 WEEK 5 ASSIGNMENT Assess How Organizations Determine Compensation for Various Work Groups
Week 5
Organizational Considerations When Defining Compensation for Work Groups
Once you have completed the job analysis process, you can now begin designing the appropriate pay and benefits structure for each job family. The first step is job grouping, where you group jobs into job categories, and then set pay ranges for each category. For pay grades to be successful, you must ensure a clear distinction between each pay grade. This is particularly true for larger organizations with multiple positions and layers in specific departments.
A question that may arise is how do you determine the pay for an experienced person versus an inexperienced person in the same job? The key here is to ensure that there is some overlap between the pay ranges. This approach enables each individual to be compensated accordingly based on skill, experience, or other qualifications. Establishing a maximum, midpoint, and minimum pay range is typically best practice.
Lastly, broad banding is a great way to flatten an organizational structure. For example, larger hierarchical organizations tend to implement this strategy when they want to reduce layers of management. If the organization has ten layers of management, the organization can reduce it to five and then widen the pay range among the five existing pay levels. There are disadvantages to broad banding. For example, two people with the same responsibilities could have earnings that are thousands and thousands of dollars apart. Global organizations with diverse workforces could be especially affected by this strategy, which impacts pay equity.
You will also explore various pay practices and issues related to banding, pay levels, base pay, and more.
This week, you will prepare a podcast. If you have not created one before, these tips may prove helpful:
• Remember, a podcast is a digital media file, so in some cases, it will include audio files, which is what you will create.
• Write out your script for the podcast to save time and to ensure you have included the required content.
• Use your own words rather than reading the words from a source like a direct quotation.
• Speak clearly with appropriate pace, volume, and tone.
• Begin your podcast by providing relevant information and establishing a clear purpose that engages the listener.
• Demonstrate thorough knowledge of the topic using relevant, quality details that go beyond the obvious.
• Keep your focus on the topic.
• Include details from your experience on the topic along with researched information.
• Make sure there is a brief conclusion tying together the information in the podcast.
Weekly Resources and Assignments
Review the resources from the Course Resources link, located in the top navigation bar, to prepare for this week’s assignments. The resources may include textbook reading assignments, journal articles, websites, links to tools or software, videos, handouts, rubrics, etc.
Week 5 Resources
• Employee Benefits Design and Compensation (Collection)
Biswas, B. D. (2014). Employee benefits design and compensation (collection). FT Press. eISBN: 978-0133764710
Read Chapter 1: Introduction: Setting the Stage.
• RIAs Rethink Compensation, Benefits Amid Pandemic
Corbin, K. (2020). RIAs rethink compensation, benefits amid pandemic. Financial Planning, 50(10), 25–26.
• Salary Structures: Creating Competitive and Equitable Pay Levels
Culpepper and Associates. (2010, November 24). Salary structures: Creating competitive and equitable pay levels. SHRM.
• Rebuilding an Industry: As the Manufacturing Industry Rebounds from the Coronavirus, It Will Have to Overcome Skills Gaps, Retirements and an Image Problem
Lytle, T. (2020, June 22). Rebuilding an industry: As the manufacturing
industry rebounds from the coronavirus, it will have to overcome skills
gaps, retirements and an image problem. HRMagazine, 65(2), 68-74.
• The 2020 Operational Compliance List and Future Employee Benefit Priorities
Jones, L. W. (2021). The 2020 operational compliance list and future employee benefit priorities. Employee Relations Law Journal, 46(4), 90–94.
• Compensation and Incentives in the Workplace
Lazear, E. P. (2018). Compensation and incentives in the workplace. Journal of Economic Perspectives, 32(3), 195–214.
• Do Contracts Make Them Care? The Impact of CEO Compensation Design on Corporate Social Performance
McGuire, J., Oehmichen, J., Wolff, M., & Hilgers, R. (2019). Do contracts make them care? The impact of CEO compensation design on corporate social performance. Journal of Business Ethics, 157(2), 375-390.
• Post COVID-19 Employee Benefits: What to Look for in Your Compensation Package
Stemmle, J., & Hampton, D. G. (2020). Post COVID-19 employee benefits: What to look for in your compensation package. Journal of Financial Planning, 36(10), 23–25.
• What is a Compensation Philosophy?
Steinfeld, J. (2022). What is a compensation philosophy? Carta.com
• Kaltura User Guide
National University (2023). Kaltura User Guide. Graduate Studies Support Center.
This resource includes instructions for recording and uploading videos into courses using Kaltura.
Week 5 – Assignment: Assess How Organizations Determine Compensation for Various Work Groups
Instructions
You are the Manager of Human Resources in a large global management consulting firm. The CEO of the company has asked you to develop a podcast for the organization’s website. The website is used for both providing training to internal employees as well as connecting to the public. You have been asked to present a podcast on what organizations consider when designing compensation for various workgroups. Your podcast should cover a variety of different workgroups within the organization. Discuss how compensation and benefits are aligned with organizational strategy and how various employees play a role in this strategic alignment. Be sure to explain intrinsic and extrinsic compensation.
Along with your podcast, include a transcript of the podcast.
Write and proofread your transcript first before recording.
Review this week’s academic information and any additional sources you select before recording your audio podcast. You should create your podcast using the audio/video capturing tool located in NCUOne. To access the capture tool, follow the tutorial found in this week’s resources.
Podcasts are evaluated based on the following:
• How well the introduction sets the scene.
• Clarity, accuracy, and relevance of content.
• Whether the conclusion provided a clear summary of the main points.
• The structure and flow of the podcast.
• Technical sound quality (volume and clarity).
• Creativity is also considered.
Length: 10 – 15 minutes. Be sure to submit your transcript that includes your list of references.
References: Include a minimum of 3 scholarly or professional resources.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards
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