Homework: Business Compensation Paper- Effective Compensation Plans
In this homework, you will use your textbook and the independent research you conduct to determine the components of an effective compensation plan, one that includes more than just base salary. Specifically, you will write a 4-6 page paper in which you:
i. Research the components of an effective compensation plan.
ii. Determine the most beneficial ratio of internally consistent and market consistent compensation systems.
iii. Research the methods companies use to assess employee satisfaction with their pay structure.
iv. Outline how companies determine whether their employer-sponsored retirement plans and health insurance programs are competitive.
v. Recommend two high-value discretionary benefits to employees.
• Be sure to include your rationale for selecting these high-value discretionary benefits as opposed to others.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.
The specific course learning outcome associated with this homework is:
i. Determine the components of an effective compensation plan, including discretionary benefits.