HRMT 3255 Simulation General

HRMT 3255 Simulation General

Question

Answered

HRMT 3255 Simulation General guidance on report requirements and quality The reports you are writing in the simulation are formal business reports. Use an appropriate tone (e.g., third person, objective case1) and style (headings and sub­headings; charts and tables where appropriate) and include the following: ? title page—include the Phase number (I, II, or III), Group identification, and the names of group members contributing to the report. ? executive summary—for all three phases, summarize the content of your report by writing one or two sentences that highlight the conclusions from each section of your report–limit of 200 words (really). ? table of contents page—page numbers for all major sections (if you create your report as an e-document and link your headings make sure there is a link back to the table of contents). ? introduction—a short paragraph that indicates the structure of the report (what it contains without stating conclusions). ? main report content—pay close attention to the instructions here and to the assessment rubric for each Phase. ? conclusion—focus here on the implications to the client of the recommendations in your report for the future. ? references—it is unlikely that you will require any additional references beyond the text for conceptual material but you will need to do some research on salaries when pricing your wage structures. Make sure you use APA style for your references (both the in-text citations and the bibliography). ? appendices—wherever possible please put content related to your discussion (charts, graphs, tables) in the main body of your report BUT you may have content (such as new job descriptions) that may need to go into an appendix. ? You may use any word processing software to create your report BUT it must be saved and submitted as a PDF document in the appropriate assignment ‘drop box’ in Moodle. ? when you present numbers in your report, round to the nearest dollar value; % values should be rounded to 2 decimal places. 1 This means (among other things) avoiding “I” or “we” statements Phase I – Formulating the Compensation Strategy. Your client firm has some underlying organizational issues that are causing problems. You need to identify these problems, analyze why they are occurring, and make structural recommendations that will address them. Note that your recommendations must be focussed on the compensation framework and must include (among the rest of your recommendations) a pay for knowledge (PKS) plan for one group of employees, and the application of a job evaluation plan for the rest. Note that the requirement for a PKS plan is independent of your decision about the appropriate managerial strategy for your client!2 To be confident at resolving these issues you need to have read and understood the principles outlined in Chapter 1 through to 8. When writing your report please use the following Section headings: Section 1 Organizational Issues. Review the simulation and identify all the underlying strategic and structural factors that are causing the problems that your client is experiencing, focussing on the total compensation concepts from the course. At a 1. 2. 3. 4. 5. minimum you must: assess the current compensation strategy vs the eight goals of a successful compensation program determine (from contextual variables) the most appropriate managerial strategy that should be employed in the organization determine (from structural variables) the current managerial strategy operating in the organization, with a discussion on how the “gap” (if there is one) explains some part of the issues that the organization is having apply expectancy theory and job content theory to help explain employee motivation issues including why the existing incentives either work or don’t work document the sources and types of reward dissatisfaction present The success of your Phase I report rests on the foundation you lay in the first section. 2 Note that PKS plans are sometimes found in human relations and even classical managerial strategy environments as well as (and more commonly) in high involvement organization Section 2 Strategic and Structural Recommendations. From your analysis in the previous section, describe your proposed solutions with regard to strategy and structure. Be specific in what you would do. For example is a different managerial strategy required? How would you implement it? Do some jobs need redesigning? If so which ones and what are you going to change? If you do redesign or create new jobs you need to develop new job descriptions. If you think teams are needed then who are on those teams and what are their responsibilities? What changes (if any) will you make to the existing incentive plans? Will you be adding any incentive plans? Your recommendations should clearly tie back to your analysis here. Your recommendations must include applying a Job Evaluation approach to determining base pay (and there needs to be a supporting rationale for this) and you must include a recommendation for the PKS plan including the group of employees to which it will apply. Your recommendations in this section will take the following form: Recommendation [numbered 1 through N for all recommendations]: [a statement describing your recommendation] Rationale: [a sentence that links your recommendation to previous analysis and why you think it will work to solve the issue] Detail: [more about what your recommendation actually is–in some cases this will be a reference to a later section of the paper such as your PKS or JE plan, but if you are proposing a new incentive plan it will be briefly outlined here]. Section 3 Reward and Compensation Strategy. Your next task is to develop your compensation strategy templates. The first step is to determine how many discrete groups or “families” there are in your organization. The number of groups is dependent on the implementation of the PKS plan and the differences in required behaviours from employees covered by the job evaluation plan. In creating the job families, your first decision is to identify which jobs will be included under the pay-for-knowledge system. (Check out chapter 4 for information to help you here.) The remaining jobs will fall under the job evaluation system and you will need to determine how many distinct groupings of behaviours (job families) that you require to implement your recommendations. Every job listed in the “partial listing of job descriptions” at the end of your client description must appear on a compensation strategy template (except for any jobs you may eliminate by job redesign). For any new jobs that you create, you must prepare a job description, and that job must appear in your job family and on a compensation strategy template. For each job family you must identify the required behaviours from jobs in that family and determine the role compensation will play in producing those behaviours, Table 6.1 Role of Compensation & Table 6.2 Sample Behaviour Objectives will help. You should also identify the compensation mix and determine the compensation level for your client, Figure 6.2 will support these. You should have a minimum of 3 and a maximum of 5 job families in total. (Incidentally, you do not need to include top management—the CEO and the two vice presidents—in a job family. Those three jobs will not be included in your compensation system.) Provide a summary for each job family in a compensation strategy template. All the jobs listed on the same compensation strategy template will have the same mix of compensation elements and the same compensation level relative to the market. Remember though that this does not mean that all jobs on the same template receive the same dollar amount of pay, it simply means that they are all subject to the same compensation strategy. Consider how many job families you are creating–the more you create then the more complex your system. This may lead to an administration and management nightmare! However, too few may lead to an inappropriate strategy. Section 3 products will include: ? An analysis of the required behaviours for the jobs in each job family, and ? A strategic compensation template for each job family incorporating the required compensation changes to encourage the required behaviours. Section 4 Pay-for-Knowledge Plan Here you should describe your pay-for-knowledge plan. Include the skills blocks you have chosen. Use a skill grid similar to that in Table 4.1 – it should be similar to the one we did in class too! Deal with all the issues in developing a PKS system as outlined in chapter 4 – don’t price the skills block yet, we will do that in phase II. Section 4 products will include: ? The skill block matrix that describes the knowledge required in each skill block, and ? The proposed progression through the skills blocks for employees, and ? The assessment strategy for the skills blocks (how an employee will be certified for that skill block). ? Any other issues you need to consider in designing a PKS plan Section 5–Job Evaluation Plan In this section, you should describe your job evaluation plan, which should be constructed using the “Point Method” (see Chapter 8). You need to describe the compensable factors you have selected, the factor definitions you have developed, the factor scales you are using, and the factor weights you are applying, along with your rationale for all this. As a part of this section, you need to construct a summary rating chart similar to that shown in Figure 8.1 (page 279 of the textbook) and then apply the job evaluation system to each of the jobs being evaluated, so that there is a point total for each job. Use a table similar to Table 8.2 (page 280 of the textbook) to display the results, in which the scores for each factor are shown for each job and the jobs are ranked from highest points total to lowest. In completing this section, you should cover everything in Chapter 8 except the sections on “Testing for Market Fit,” “Exploring Solutions to Job Evaluation Problems,” and “Testing for Total Compensation Costs.” (These issues will be covered in Phase II.) You should also have read Chapter 7 as background to put the material in Chapter 8 into context. Section 5 products will include: ? A rating chart similar to Figure 8.1; ? An evaluation of all jobs covered by the JE Plan in a summary chart** **This chart should be formatted as follows: ? Jobs sorted by total points high to low ? Column 1: Job title; Columns 2 to N, Job Factors and sub­factors; last column: total points. Remember to include your Peer Assessment sheet on the final page of your report – thank you.