Can someone please help me create a compensation package. Please annotate your references.
You are an employee in the Human Resources Department at Organization Med. This organization has been growing at drastic increases over the past year. As a result of this growth, the organization needs to hire more employees. Some of the new employees will fill positions just created during this past week.
Here are the new positions created: 1. Knowledge Management Officer, 2. E-Commerce Development Director, 3. Internal Executive/Management Trainer
Your task is to determine a compensation package that will justify the salary and benefits associated with each of these positions. A good overall program development for any project or detailed assignment contains four elements: 1) a needs assessment; 2) design and development; 3) implementation; and 4) evaluation.
If you follow the information given below for each of these four areas, you should be able to ascertain, develop, implement, and evaluate a compensation for each of these three (3) positions.
NEEDS ASSESSMENT: During a needs assessment, a person would look at all of the possible elements entailed during such a project. Similar to the work of a consultant, you should try to gather all possible elements needed to assess what the task would be for this project. We already know that you will need to develop a compensation package for three new positions. You should keep in mind that the packages probably will need to be created separately (salary and benefits, along with a justification).
DESIGN AND DEVELOPMENT: After you perform a needs assessment, you should include any assumptions that you have made during this process. Then you would go about designing and developing the compensation package. You should be able to develop a package that will captivate the interest of the employee, make the employer happy, and lure any potential employees to these new positions. Remember, that without a comparable compensation package – your new employees may not become your new employees – but rather employees elsewhere.
IMPLEMENTATION: After you have developed the compensation package, you should implement or discuss your protocol (method of implementation) for placing the packages into existence. One can design and develop a package, but the next step is to implement your projected phase of implementation. How would you obtain the support of the organization for the new compensation packages?
EVALUATION: Finally, how would you go about evaluating these packages after they have been offered and implemented with the new employees? How would you evaluate these packages to see if they were comparable to similar positions in other organizations? What would you consider as possible factors that might change the various compensation components?