This assignment relates to the following Course Learning Outcomes:
This assignment relates to the following Course Learning Outcomes:
Discuss the components of a total rewards system and their connection to an organization’s strategy
Identify the problems that can be caused by an ineffective total rewards system
Design a performance pay plan and benefits system based on an assessment of organizational variables
Discuss the processes and challenges that exist in implementing and maintaining a total rewards system
Overview
This assignment has two major components to it. One, which will be an appendix, requiring you to revisit the compensation strategy templates you submitted as a part of Phase 1. The second component is a report where you will use the information from your revised compensation strategy templates to provide Duplox Copiers with more detail and information on how to set up the performance and indirect pay plans recommended.
Instructions
In approaching this assignment, start by looking at the instructor feedback from Part/Phase I and fix the compensation strategy templates that you created. Provide an explanation of the adjustments you made and re-submit the updated compensation template strategies as an appendix.
The main body of the assignment will be completed in a report format. It requires you to take each of the performance pay plans that you are recommending and describe the key characteristics of each, as they will be applied at Duplox Copiers. For example, if you have a profit-sharing plan, who will be eligible, what proportion of profits will be allocated to the plan, what will be the form of the payout (e.g., current or deferred; cash or stock), how often will it pay out, and how will it be allocated across eligible employees are just some of the questions you need to address. In so doing, you always need to provide your underlying rationale for your choices. Also, discuss the possible advantages the plan may produce and the possible disadvantages that may arise. Chapter 11 identifies the key issues in designing the main types of performance pay plans.
The other part of the main report requires that you describe the characteristics of your indirect pay plan. Some of the questions to be addressed include the following: Will it be a fixed, flexible, or semi-flexible plan? Which benefits will be included? Will some benefits be contributory? Will the same features apply to all employees? In so doing, you need to provide the rationale for the choices you make, as well as a discussion of the advantages you think the plan will produce and possible disadvantages. Chapter 12 provides the necessary foundation of knowledge for this.
Submission Requirements
The language and layout of your submission should be professional and well organized. Please ensure that you include a cover page with your name, the title of the assignment and the due date. In organizing your submission, it should include the following sections:
Introduction
This section should provide an introduction and overview of the report’s objectives and any relevant background to set up the discussion in the body of the document. When referencing the appendix, you can treat this as a revision based on client feedback.
Section A: Performance Pay Plan Structure
As identified in the instructions, this is where you will communicate to Duplox how to set up the performance pay plans and why you are recommending these strategies.
Section B: Indirect Pay Plan
As identified in the instructions, you will communicate in this section your recommendations on content and structure of indirect pay plans for Duplox and why they make sense for the employees and organization.
Conclusion
In this section, briefly summarize the significant findings of your report. In wrapping up your report, identify that further work and discussion will be required in terms of preparing the organization for the implementation of the compensation strategy.
Appendix
This is where you will provide an explanation of any revisions you made to the compensation strategy templates based on feedback from the instructor. You also need to include the revised compensation strategy templates.
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