QuestionQuestion

The Project provides students the opportunity to apply the steps that lead up to building a compensation structure for a small industry specific organization. Students will establish compensation policies and standards by researching valid compensation survey data (BLS and NAICS) to design and build a small organization’s pay structure.

Instructions

Choose one industry from the five industries provided:
• Health Care
• Education
• Manufacturing
• Retail
• Financial

Develop a small organization, one that you would find within the industry you selected from above and create the following (This is a fictitious organization that you are developing):

• Research and discuss the industry data that supports the organization you are developing. Introduce your organization and present a general overview of its purpose. Include information about the organization’s products, services, customers, etc.

• Develop a brief mission or values statement.

• Develop an organization chart that shows the reporting relationships for 15-20 separate and distinct jobs.
o Only 3-5 jobs can be managerial/supervisory jobs. Since the organization you are creating is small, the highest leadership level allowed is Manager. Managers will report to the Owner of the business.
o No CEOs, COOs, Presidents, VPs, or Directors. The organizations you are building is small and not large enough to build an executive pay structure.

• Create one description for one job in your organization using the format found on page 125, Table 6-3 in your textbook. Your description must contain the following:
o Job Title: A clear, defined title that describes the core function of the job. (Example: Accountant; Human Resources Generalist)
o Job Summary: Two to four descriptive statements that summarize the job.
o Job Duties: Five to seven major work activities (essential functions).
o Specifications: Include three to five specifications. These can be a combination of education, knowledge, skills, abilities and other qualifications an individual must possess to perform the job adequately.
o After presenting your JD discuss in your presentation how you went about developing your job description

• Apply one job evaluation method discussed in Chapter 6 to determine the value of each job to your organization. Rank the jobs from highest total job value to lowest total job value. Keep your organization’s purpose, mission, and/or values in mind as you develop the criteria you will use to determine each job’s value. Refer to the Week Four Assignment Part I for guidance.

• Research compensation data using BLS and NAICS, specific to the jobs in your organization as well as within the industry. Look at the 50th percentile for each job as a starting point. You will not be asked to develop specific pay ranges for this project. Instead you will:

o Discuss issues and trends that you may have to address from a compensation perspective as you compare your job evaluation results to the compensation data.   
o What will your organization need to do to remain competitive in the industry?
o What should you consider from a compensation and benefits perspective to attract and retain talent in your organization?

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These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.

Introduction
The industry I have selected for this project is Health Care. According to a 2016 study by Statistic Brain, the U.S health care industry employs 16.7 million people and generates about $1.7 trillion annually (Statistic Brain, 2016). There are 784,626 health care companies in the U.S and 64% of the industry’s annual revenues are derived from patient care (Statistic Brain, 2016). According to Centers for Medicare & Medicaid Services (CMS), health spending is projected to grow at an average rate of 5.8 percent per year over the next 10 years (CMS, 2016).

The Organization
Safe Medical Laboratories Inc. (SML) is a small organization whose mission is to provide friendly and convenient blood testing services to physicians. SML will operate as a limited liability corporation, and the company will focus on gaining market share by providing affordable blood testing services to the large number of physicians that operate their own practices....

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