Posted on: 27th Mar 2024
BM1986: Strategic compensation management Assignment, NYP, Singapore: Identify and explain the top three (3) factors that shape the organization’s external competitiveness
| University | Nanyang Polytechnic (NYP) |
Requirements
With reference to the analysis of the chosen organization completed in ICA1, ICA 2 assignment requires you to review the chosen company’s external competitiveness. You will proceed to provide further analysis and recommendations to the management of the chosen organization.
Attach ICA1 Part I – Introduction as an appendix to this report for the assessor’s convenient reference.
The report should cover all 3 parts in order:
Part I – External Competitiveness
a) Identify and explain the top three (3) factors that shape the organization’s external competitiveness.
b) For the chosen job family, research and recommend three (3) most relevant competitors to benchmark against. Provide a brief analysis of the selected competitors and explain your rationale for the selection.
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c) Recommend the ideal market percentile level that the chosen job family should be benchmarked against the chosen competitors in part b. Explain your rationale using concepts of pay level strategy (lead, lag or match).
d) Design the pay structure for the selected job family with reference
to online data, and present it using Table 1. Evaluate the design of your pay structure with reference to relevant concepts covered in this topic.
e) Identify an individual profile on LinkedIn that would be a good fit for any role in the job family. Suggest with reason, the recommended compa-ratio for the identified profile.
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Part II – Employee Contribution
a) Select any one (1) of the job role within the job family and develop a set of key performance indicators (KPI) for the role, including the associated performance rating scale.
b) Design a pay-for-performance bonus and increment plan, stating the corresponding bonus and increment that will be awarded based on the employee’s KPI performance. Evaluate your pay-for-performance program with reference to research and market data.
Part III – Benefits & International Pay Systems
a) Recommend the ideal type of benefit program for the chosen organization that will best attract and retain the right talents. Support your recommendations with research and market data.
b) Select a similar organization operating in another country apart from Singapore. State your research and detail the differences in compensation policies and practices adopted by the foreign organization.
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