HRM0210 Total Compensation

You will continue to work with the case study from the previous assignment to complete theassignment. Building on your analysis in Assignment 1, develop your total compensationstrategy, and include these elements:1. What will your new plan look like in terms of mix (base pay, performance pay, indirectpay)? Will all jobs have the same mix or will some jobs have a different mix? Ifdifferent, why?2. What will be your compensation strategy relative to market (i.e., lead, lag, match) andwhy?3. How will you determine base pay (i.e., market pricing, job evaluation, pay forknowledge etc.) and why did you choose this method? Will you use the same methodfor all jobs or different methods for different jobs? Why or why not?4. Explain the steps you would go through to implement your chosen method. Forexample:a. If you choose job evaluation, explain which method would you use, thecompensable factors you would measure, any factor weighting you would  and the process you would follow from job analysis through to therating process.b. If you choose market pricing, identify who your market comparator firms areand why you choose them, how many firms you would survey, how you wouldobtain the information needed, how you would analyze the data (means,medians, weighted averages, quartiles), and the process you would followfrom job analysis through to developing a market pay line.c. If you choose pay for knowledge, identify the skill blocks you have chosen,how you would price your grid, what issues you would have to consider interms of developing and implementing this method and what process youwould follow from job analysis to the final grid development