PROJECT: Design a compensation program for a hospitality organization company. You will create the compensation mission statement, determine organization culture, type of evaluation system, design salary range or step program using websites as your information source, describe the most common types of positions, and how you determine increases in your salary structure. Determine if you have stock incentives, bonus etc. and which types of employees you might reward in this fashion if you don’t want a single compensation structure.
Your paper must be 8 pages in length, not including your cover page and reference page. Please double-space, use 12pt font throughout, have a cover sheet, and reference page. Follow APA correctly. Use correct grammar and punctuation as well as spelling. You should use at least 8 reference sources in support of your project ideas.
New/Additional Information not on syllabus: (Dates TBD) I would choose maybe a department and 2-3 positions within that department to base my compensation plan on. If you do more, that is fine, but you may run out of time/pages to complete an extensive plan. Use what you have learned from the text, discussions and research to complete this project. Be creative! Have fun with it!
a. Name & Type of Company (should be one that you made up)
b. Size of Company
c. Company Mission Statement
d. Statement regarding your basic idea for a compensation plan
II. Tell me about the company
a. What departments
b. How many employees in each
c. What is the culture of the organization (i.e. what is it like to work there?)
III. Define your Compensation Plan
a. Define/write your own compensation mission statement (the plan/ideas you have for how you will best treat/pay your employees)
b. Wage/Salary Guidelines
c. Which department will you focus on for the purposes of this paper
i. Which positions within that department will you focus on and why?
d. What will your salary range look like/be?
e. How does an employee get a raise? At what rate will you increase salaries?
IV. Evaluation, Benefits, Retention
a. Who will be conducting the evaluation
b. How will you evaluate your employees? Will their performance be tied to their salary, salary increase, or bonus?
c. If there is a bonus system, what does it look like?
d. Are there stock incentives? Other like incentives?
e. What Benefits do you offer and why? Are there different benefit levels based on pay grade or salary range?
f. How do you see your plan impacting the company’s ability to retain top talent?
a. Restate your company information, in short
b. Summarize your overall compensation plan
c. Summarize you evaluation, benefits and retention plans
d. State why you think this plan will benefit the company and is the best choice.