The Components of an Effective Compensation Plan

Effective Compensation Plans
In this assignment, 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:
Research the components of an effective compensation plan.
Determine the most beneficial ratio of internally consistent and market consistent compensation systems.
Be sure your narrative is in your own words.
Research the methods companies use to assess employee satisfaction with their pay structure.
Outline how companies determine whether their employer-sponsored retirement plans and health insurance programs are competitive.
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.
Integrate at least three quality resources using in-text citations and a reference page in your assignment.
Note: Wikipedia and similar websites do not qualify as quality resources.
The previous week's assignment preparation activity provides some suggested resources to help you begin your research. It also provides resources on avoiding plagiarism, appropriately integrating sources into your assignment, and using the Strayer Writing Standards.
This assignment is a research-based paper. You will need to conduct independent research on what constitutes effective compensation plans, ones that attract, retain, and motivate employees. Here is some helpful information to help you get started on your research:
Access Basic Search: Strayer University Online Library or iCampus University Library Research.
You may also use Google Scholar or government websites, such as the U.S. Small Business Administration.
Wikipedia and personal blogs do not quality as quality resources.
You may find these resources helpful for your research:
PayScale.
Salary.com.
Be sure to check out the Data and Learn tabs.
U.S. Small Business Administration.
Click on Manage Your Business.
Click on Hire and Manage Employees.
Format your assignment according to the following formatting requirements:
This course requires the use of Strayer Writing Standards (SWS). For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course.
The preferred method is for your paper to be typed, double-spaced, using Times New Roman font (size 12), with one-inch margins on all sides.

Include a cover page containing the assignment title, your name, your professor's name, the course title, and the date. The cover page is not included in the required page length.
Include a source list page. Citations and references must follow SWS format. The source list page is not included in the required page length.
The specific course learning outcome associated with this assignment is:
Determine the components of an effective compensation plan, including discretionary benefits.
Virtual Writing Center (VWC)
You may find the information in Strayer's Virtual Writing Center (VWC), a valuable resource that can help you to avoid plagiarism by showing you how to properly integrate and cite sources in your assignment.
To access the VWC:
Click on Library in the left-hand panel of the course.
Click on the Virtual Writing Center tab at the top of the page.
The VWC offers handouts and short videos on a range of topics that might help you with writing your research paper, such as:
Avoiding Plagiarism.
What It Is and How to Avoid It.
Summarizing, Paraphrasing, and Quoting from Sources.
Summarizing, Paraphrasing, and Quoting.
Incorporating Sources into Your Writing.
Strayer Writing Standards (SWS)
This course requires the use of Strayer Writing Standards (SWS). If you have any concerns about how to use these standards in your research paper, consult the Strayer Writing Standards link in the left-hand menu of your course.
You may also want to check out the Strayer Writing Standards Support Videos.
This channel contains nearly 20 videos on such topics as: how to write clearly, when to cite sources, and how to create a source list page.
Most videos are less than three minutes. The longest is 10:39.
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https://strayer(dot)vitalsource(dot)com/#/books/9780135175910/cfi/6/444!/4/2/18/4/2@0:100
https://strayer(dot)vitalsource(dot)com/books/9780135175910
Current textbook
Martocchio, Joseph J. Strategic Compensation. Pearson Education (US), 2019. [Strayer University Bookshelf].