Assignment requirements: using the data provided —


Place your order now for a similar assignment and have exceptional work written by our team of experts, At affordable rates

For This or a Similar Paper Click To Order Now

A worksheet has been prepared for you listing your 12 employees, their current salaries and their annual performance ratings which you have determined. The current salary range for a Sales Associate for a sporting goods store is:
Minimum $15.00/hr $31,200/annual
Midpoint $22.50/hr $46,800/annual
Maximum $30.00/hr $62,400/annual
As the Store Manager you have been given the task of recommending annual merit increases for your subordinates. Last month you completed annual performance discussions with each member of your unit. This month you are tasked with determining how best to distribute the merit budget and prepare salary discussions for each of your employees. You have been provided a 3% merit budget to award your team as you see fit. Assignment requirements: Using the data provided —
Compute each employee’s compa-ratio (current salary divided by the midpoint). This value represents the relative position of the employee’s current salary to the market (low, equal, high) and can be useful in making award decisions.
Prepare a line graph chart reflecting the salary & performance rating for assigned employees.
Calculate the 3% merit budget (merit pool is determined by computing 3% of the total salary of your team).
Create a merit matrix. Follow the 5-step process for creating a “pay for performance merit matrix at: https://www.payscale.com/compensation-trends/5-steps-to-creating-a-merit-matrix/
Determine how best to distribute the merit pool based on the principle of “pay for performance”. Merit increases should be expressed both in dollars and as a percent of the employee’s current base pay.
Compute the new salary (merit increase + current salary).
Compute the participation rate for the department (# of employees receiving merit increases divided by the total # of employees in the department). This value represents the % of employee in the department receiving an increase. Too high a percent infers that there is little performance/reward differentiation; too low a percent infers possibly an unrealistic performance/reward threshold. Both ends of the participation rate continuum could affect morale, performance, and result in turnover.
Prepare a statement for each of the 12 employees. Your statements should be individualized messages that reference data from the performance evaluation. Your statements should provide the basis for your performance/reward decision. You must identify performance to sustain and improve. Should you award a merit increase, you should indicate the amount of the increase as a percentage of increase from the old salary to the new salary, and the value in dollars (per hour or annually). Should you determine not to award an increase, you must identify the basis of that decision and provide a period for re-evaluation and re-consideration of a merit increase.

For This or a Similar Paper Click To Order Now


Leave a Reply