Hrm3110 Compensating Human Resourcescompensation Plan Instructions ✓ Solved

HRM3110 – Compensating Human Resources Compensation Plan Instructions – Part I Purpose: Through the completion of the three-part Compensation Plan Project, students will create a compensation plan for a position in a hypothetical organization . To be effective, they will evaluate the strategic implications various compensation philosophies have on an organization. They will also analyze the various forms of employee benefits and the key components of constructing a benefits compensation plan. In addition, students will evaluate the impact the Fair Labor Standards Act (FSLA) and other laws have on the compensation practices of an organization. Part I: Compensation Strategy and Internal Alignment · ( words) Describe your hypothetical company (can be based on a real company with the name changed).

In the description, include such factors as but not limited to: · What type of business or industry is it? · How long has the organization been in business? · What type of product or service does it provide? · How many employees are in the organization? · What are the organization’s primary goals and objectives? For example, quality, innovation, customer service, cost containment, etc. · ( words plus map) Develop a compensation strategy for your hypothetical company. To accomplish this, complete the first two (of four) steps outlined in the text: · Step 1 – Explain and assess the total compensation implications. · Step 2 – Map a total compensation strategy. · ( words) Describe how your proposed compensation strategy will provide a source of competitive advantage.

Discuss how it meets the three tests of align, differentiate, and add value. · ( words) For your hypothetical company, describe the factors that shape your internal structure. Include each of the following: · External factors · Organizational factors · Internal structure · ( words plus job description) Define the position for which this compensation plan is being created. · Discuss the process used to conduct a job analysis for this position. · Provide a job description for this position. You may adapt/edit one that you locate or create using information from O*Net Format: Each section of the Compensation Plan Project should be prepared in APA format including a title page, section headers, in-text citations, and a reference page.

A minimum of three professional and reputable sources are required for this section of the project. Part I of this project will be 3-4 pages of body ( words) plus map of compensation strategy, job description, title page and reference page. Name: Derivatives as Rates of Change Section: 3.4 Derivatives as Rates of Change Vocabulary Examples Average Rate of Change The of a secant line connecting two points on a function For any two points (a, f (a)) and (a + h, f (a + h)) on a function f (continuous over the interval [a, a + h]), ∆y ∆x = 1. Each of the following functions models the displacement d of a particle at time t. For each function, (i) determine the velocity function, (ii) determine the acceleration function, (iii) determine the intervals over which the particle is speeding up, and (iv) determine the invervals over which the particle is slowing down. (a) d(t) = 2t3 − 3t2 − 12t + 8 (b) d(t) = 2t3 −15t2 + 36t−10 (c) d(t) = t 1+t2 2.

The position d fo a particle at time t is shown in the graph below. −4 − (a) Indicate for which time intervals the velocity is positive, negative, and zero. (b) Sketch the velocity function. (c) Determine for which intervals the particle is speeding up and slowing down. For use with OpenStax Calculus, free at 32 Name: Derivatives as Rates of Change Section: 3. The height of a projectile can be modeled by the function h(t) = 248 − 4.9t2. (a) Determine the average velocity from t = 1 to t = 2.5. (b) Determine the instantaneous velocity at t = 1. (c) Determine the instantaneous velocity at t = 2.5. (d) Determine the time at which the instantaneous velocity is equal to the average velocity from t = 1 to t = 2.5.

4. A culture of bacteria grows in number according to the function N(t) = + 4t t2+100 ) , where t is measured in hours. (a) Find the rate of change function for the number of bacteria. (b) Find N′(0), N′(10), N′(20). (c) Interpret the results of part (b). (That is, what does those results mean in the context of the problem?) (d) Find N′′(0), N′′(10), N′′(20) and interpret these results. For use with OpenStax Calculus, free at 33 Name: The Derivatives of Trigonometric Functions Section: 3.5 The Derivatives of Trigonometric Functions Vocabulary Examples Derivatives of the Trigonometric Functions d d x sin x = d d x cos x = d d x tan x = d d x cot x = d d x sec x = d d x csc x = Very Important Note: These identities are only true for values of θ measured in 1.

Use the squeeze theorem to show that lim h→0 sin h h = 1 and limh→0 cos h−1 h = 0 Determine the derivative of the following functions. 2. f (x) = x2 sin x 3. f (x) = sin x cos x 4. f (x) = cos2 x 5. f (x) = x2 − sec x + 1 6. f (x) = 3 csc x + 5 x3 7. f (x) = sec xx For use with OpenStax Calculus, free at 34 Name: The Derivatives of Trigonometric Functions Section: 8. f (x) = sec 2 x−cot x sec x 9. f (x) = 12 x + 1 4 sin(2x) + π10. f (x) = cos 3 x 11. Find all x values on the graph of f (x) = x − 2 cos x for 0 < x < 2π where the tangent line has a slope of 2. 12. A mass on a spring oscillates in harmonic motion modeled by the function d(t) = −6 cos t where d is the displacement in meters and t is the time in seconds.

What is the velocity of the mass at t = 5 s? 13. Use the quotient rule to verify the following formulas. (a) dd x cot x = −csc 2 x (b) dd x sec x = sec x tan x (c) dd x csc x = −csc x cot x For use with OpenStax Calculus, free at 35 Name: Differentiation Rules Practice 1 Section: A.3 Differentiation Rules Practice 1 Differentiate the following functions. 1. f (x) = x−1 2. f (x) = 321.17−14.179 3. f (x) = x3/7 4. f (x) = 3x−5 + 6x5 − √ x 5. f (x) = 14 5 √ (x2) 6. f (x) = 8−3x 5 x2+1 7. f (x) = x 2−x−20 x−5 8. f (x) = (3x − 1)(1 − x1/2 − x−. f (x) = x 2−7x+12 x−3 10. f (x) = x3−x−1 x+5 11. f (x) = −2x3+7x1/2−11x x For use with OpenStax Calculus, free at 93 Name: Differentiation Rules Practice 1 Section: Both f and g are differentiable.

Determine the dd x h(x) for the following functions. 12. h(x) = 4 f (x) + g(x)7 13. h(x) = 2 3 f (x)g(x) 14. h(x) = 1 f (x) − 2x · g(x) 15. The height h, in meters, of a projectile can be modeled by that function h(t) = −4.9t2 +42.7t +1.35 at time t, in seconds. (a) Determine the initial velocity of the projectile. (b) Determine the velocity of the projectile after 3.5 seconds. (c) Determine the time at which the projectile has a velocity of 0. (d) What does the constant 1.35 represent in terms of the situation that is being modeled? For use with OpenStax Calculus, free at 94 Name: Differentiation Rules Practice 2 Section: A.4 Differentiation Rules Practice 2 1. Determine the equation of the line tangent to the function f (x) = x 2−4 (x−2)2 at x = 3 2.

The height of a particle can be modeled by the function h(t) = 4.2t − 0.4t4 (a) Sketch a reasonable graph of the function. Be sure to consider all critical points. (b) Based on your sketch, what is the derivative of h at the projectile’s highest point? (c) In this real-world context, what does h′(t) represent? (d) Determine the time at which the projectile reaches it’s greatest height. (e) Determine the maximum height of the projectile. For use with OpenStax Calculus, free at 95 Name: Differentiation Rules Practice 2 Section: 3. Determine the equation of a line that is tangent to the function f (x) = 25 − x2 and also contains the point (13, 0). 4.

The population, in millions, of arctic flounder in the Atlantic Ocean is modeled by the function P(t) = 8t+3 0.2t2+1 (a) Determine the initial population of arctic flounder. (b) Determine P′(10). What does this mean in the context of the arctic flounder? 5. Given the function f (x) = −x 2 4 + 8.5x − 60.69, solve the following equations. (a) f (x) = 0 (b) f ′(x) = 2 (c) f ′(x) = −2 (d) f ′(x) = 0 (e) How does our answer to part (d) relate to the original function f ? For use with OpenStax Calculus, free at 96 Name: The Chain Rule Section: 3.6 The Chain Rule Vocabulary Examples Chain Rule For two differentiable functions f and g, dd x f (g(x)) = Alternately, if y is a function of u and u is a function of x, then dy d x = 1.

Each of the following functions is written in the form f (g(x)). For each function, identify f (x) and g(x). (a) h(x) = √ 2x − 1 (b) h(x) = 1 x−1 +1 x−1 (c) h(x) = ( 3 5 x − /7 (d) h(x) = sin x Determine the derivative of the following functions. 2. y = (3x − 2)6 3. sin5(x) 4. y = (3x2 + . y = ( x 7 + 7 x )7 6. y = (√ x − 3x/7 7. y = tan(sec x) For use with OpenStax Calculus, free at 36 Name: The Chain Rule Section: 8. y = cos(πx + 1) 9. f (x) = −6 sin−3(x) 10. f (x) = 1 sin2 x 11. f (x) = 3 √ 3x5 − 1x 12. f (x) = sin(cos x)3 x−7 13. f (x) = √ cos(3x3 + 2x−1/. Use trigonometric identities to show that the chain rule applies when determining the derivative of the function f (x) = sin(2x) For use with OpenStax Calculus, free at 37 Name: Derivatives of Trigonometric Functions Practice Section: A.5 Derivatives of Trigonometric Functions Practice Find dy d x for the following functions.

1. y = x2 − sec x + 1 2. y = 3 csc x + 5x 3. y = x − x 3 sin x 4. y = sec xx 5. y = x 2 cot x 6. y = sin xtan x 7. y = sin2 x 8. y = cos3 x 9. y = −13 (2 + sin 2 x) cos x Find d2y d x2 for the following functions. 10. y = x sin x − cos x 11. y = 1x + tan x 12. y = sec 2 x For use with OpenStax Calculus, free at 97 Name: Derivatives of Trigonometric Functions Practice Section: 13. Determine all of the x-values on the graph of f (x) = −3 sin x cos x for which the tangent line is horizontal. 14. A mass on a spring bounces up and down in simple harmonic motion, modeled by the function d(t) = −15 cos t where d is measured in centimeters and t is measured in seconds.

Find the rate at which the spring is oscillating at t = 5 seconds. Use trigonometric identities to help find the derivative of the following functions. 15. y = sin(2x) 16. y = cos(2x) 17. y = sin ( π 2 − x ) For use with OpenStax Calculus, free at 98 Name: Chain Rule Practice Section: A.6 Chain Rule Practice Find dy d x for the following functions. 1. y = sin(3x) 2. y = (3x − 6)6 3. y = (3x2 + 3x − . y = 1 (5−2x)2 5. y = cos3(πx) 6. y = sin−2 x 7. y = √ 6 + sin(πx2) 8. y = cos( √ 4x3 + 5x − 2) 9. y = 1tan(2−x1/. Let y = ( f (x))3 and suppose that f ′(1) = 4 and dy d x = 10 for x = 1.

Determine f (1). 11. Let y = ( f (x) + 5x2 )4 and suppose that f (−1) = −4 and dyd x = 3 when x = −1. Determine f ′(−1). For use with OpenStax Calculus, free at 99 Name: Chain Rule Practice Section: 12.

Determine the equation of the line tangent to y = cos( √ 2Ï€x) at x = Ï€. The total cost to produce x boxes of Thin Mint Girls Scout Cookies is C dollars, where C(x) = 0.0001x3 − 0.02x2 + 3x + 300. In t weeks, the production is estimated to be x = 1600 + 100t boxes. (a) Determine the marginal cost C′(x). (b) Use Leibniz’ notation for the chain rule, dCdt = dC d x · d x dt to determine the rate with respect to time t that cost is changing. (c) Use your answer to (b) to determine how fast costs are increasing when t = 2 weeks. For use with OpenStax Calculus, free at 100

Paper for above instructions

Company Description

Innovative Tech Solutions (ITS) is a mid-sized company positioned in the rapidly evolving technology sector. Founded in 2015, ITS specializes in developing software solutions for businesses, with an emphasis on enhancing operational efficiency through automation and data analytics. With a team of 150 skilled professionals, ITS combines creative talent with technical expertise to deliver innovative digital solutions.
The primary goals of ITS include fostering innovation through continuous improvement, providing exceptional customer service, and maintaining competitive pricing without compromising quality. As such, ITS is committed to creating an inclusive workplace that values creativity and collaboration, which is reflected in its flexible work arrangements and continuous learning opportunities for its employees.

Compensation Strategy Development

Step 1: Total Compensation Implications

In developing a compensation strategy for ITS, it is crucial to consider both direct and indirect monetary benefits, often referred to as total compensation. Total compensation includes base salaries, bonuses, commissions, stock options, and a comprehensive benefits package consisting of health insurance, retirement plans, paid time off, and professional development opportunities (Milkovich, Newman, & Gerhart, 2016).
Given the tech-driven nature of ITS, competitive salaries and performance-based bonuses are primary motivators to attract and retain talent. The industry is characterized by high demand for skilled professionals, making it critical for ITS to remain competitive in its compensation offerings. According to a report by the Bureau of Labor Statistics (2023), salaries in the tech industry are substantially above average, requiring ITS to benchmark its salaries against competitors to attract top talent.
Moreover, the organization's emphasis on innovation necessitates investments in professional development opportunities. Providing tuition reimbursement and access to training programs aligns with the organization’s goals of continuous improvement and fosters loyalty among employees (Gerhart & Rynes, 2003).

Step 2: Mapping a Total Compensation Strategy

To develop a robust compensation structure, ITS will follow the mapping process outlined by Milkovich et al. (2016). The total compensation strategy can be mapped as follows:
1. Base Salary: Conduct comprehensive market research to set competitive base salaries for various positions, focusing on software developers and project managers.
2. Variable Pay: Introduce performance-based bonuses linked to team and individual performance metrics, ensuring alignment with company objectives.
3. Benefits: Create a flexible benefits package that includes health insurance, retirement plans, remote work options, and childcare assistance. Access to mental health resources will further enhance employee well-being.
4. Work-Life Balance: Implement policies aimed at supporting work-life balance, such as offering flexible schedules, work-from-home options, and additional paid leave for personal development or mental health.
5. Professional Development: Allocate resources for ongoing training, certifications, and conferences to ensure employees remain current with industry trends and technologies.

Competitive Advantage Through Compensation Strategy

The compensation strategy proposed for ITS serves as a source of competitive advantage by adhering to three critical tests: align, differentiate, and add value.
1. Align: The strategy aligns with ITS's values of innovation and customer service by promoting a high-performance culture. Competitive salaries and performance bonuses directly motivate employees to excel in their roles, contributing to the company’s overall success (Rynes et al., 2004).
2. Differentiate: By offering a flexible benefits package and opportunities for professional growth, ITS differentiates itself from competitors that might not prioritize employee development as highly. This strategic focus also promotes higher employee satisfaction and retention, which is vital in a high-demand industry (Cascio, 2006).
3. Add Value: The total compensation strategy adds value to ITS by fostering a sense of belonging and engagement among employees. By investing in their well-being, the company cultivates stronger loyalty and commitment, leading to higher productivity levels and reducing turnover costs (Guthrie, 2009).

Factors Shaping Internal Structure

The internal structure of ITS is influenced by various factors, which can be categorized as follows:

External Factors

1. Industry Standards: As part of the technology sector, ITS faces pressure to adhere to prevalent compensation trends to maintain competitiveness (Bureau of Labor Statistics, 2023).
2. Legal Considerations: Compliance with employment laws such as the Fair Labor Standards Act (FLSA) is vital in determining wages, recording hours worked, and ensuring mandated overtime pay (U.S. Department of Labor, 2023).

Organizational Factors

1. Size and Growth Maturity: With 150 employees, ITS can implement agile compensation changes faster compared to larger organizations, allowing for a more dynamic approach to compensation.
2. Organizational Culture: The emphasis on collaboration and innovation influences compensation decisions, driving the need for structures that encourage teamwork and reward contributions.

Internal Structure

1. Job Analysis: Conducting regular job analysis ensures that roles and responsibilities remain aligned with compensation levels, reinforcing equity among staff (Martocchio, 2017).
2. Performance Metrics: Establishing clear performance metrics will guide both compensation adjustments and professional development initiatives.

Job Analysis and Description

For this compensation plan, the position selected is Software Developer. To conduct a job analysis for this role, data were collected through a combination of interviews, employee questionnaires, and observation of current job performance. The job analysis focused on key aspects such as roles, responsibilities, necessary skills, and working conditions.

Job Description

Job Title: Software Developer
Department: Development Team
Reports To: Development Manager
Overview: The Software Developer will design, develop, and maintain software applications in alignment with the organization’s strategic goals. The role requires collaboration with cross-functional teams to define user requirements and develop high-performance software solutions.
Responsibilities:
- Design and implement software solutions adhering to best practices and coding standards.
- Collaborate with project managers and stakeholders to gather requirements and evaluate project feasibility.
- Write clean, scalable code and conduct debugging and testing to ensure optimal performance.
- Participate in code reviews to enhance team collaboration and knowledge sharing.
- Stay up-to-date with emerging technologies and apply them to enhance productivity.
Qualifications:
- Bachelor’s degree in Computer Science or a related field.
- Proficiency in programming languages such as Python, Java, or C#.
- Strong problem-solving skills and the ability to work in a fast-paced environment.

Conclusion

In conclusion, the proposed compensation plan for ITS aligns with the organization’s objectives and emphasizes a comprehensive strategy designed to attract, retain, and motivate top talent in a competitive tech landscape. By fostering an inclusive and innovative workplace, ITS can leverage its compensation strategy for sustainable growth and continued success in the future.

References

1. Bureau of Labor Statistics. (2023). Occupational Outlook Handbook. U.S. Department of Labor.
2. Cascio, W. F. (2006). The impact of downsizing on organizational performance: The role of social capital. Administrative Science Quarterly, 51(1), 303–326.
3. Gerhart, B., & Rynes, S. L. (2003). Compensation strategy: Understanding the role of pay in employee attraction and retention. Compensation & Benefits Review, 35(6), 31-52.
4. Guthrie, J. P. (2009). High-performance work systems in the eyes of employees: A qualitative study. International Journal of Human Resource Management, 20(12), 2507-2526.
5. Martocchio, J. J. (2017). Strategic Compensation: A Human Resource Management Approach. Pearson.
6. Milkovich, G. T., Newman, J. M., & Gerhart, B. (2016). Compensation. McGraw-Hill Education.
7. Rynes, S. L., Colbert, A., & Brown, K. (2004). Human resource management and the resource-based view: Some empirical findings and conceptual clarifications. Journal of Management, 30(6), 777-804.
8. U.S. Department of Labor. (2023). Wage and Hour Division. Retrieved from https://www.dol.gov/agencies/whd
9. WorldatWork. (2023). 2023 Pay Practices. Retrieved from https://www.worldatwork.org
10. Society for Human Resource Management. (2023). Employee Benefits Survey. Retrieved from https://www.shrm.org
By identifying, analyzing, and implementing these strategies, ITS can develop a comprehensive compensation plan that not only complies with regulations but also aligns with its mission.