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Use the job description and evaluation method that you created for the exercises in weeks 2 & 3, and the feedback from peers, to design a proposal for a competitive compensation package for the position. The proposal should include the following elements: job description, method of job evaluation, intrinsic and extrinsic benefits, compensation package and rationale, how performance will be measured, why the proposal is appropriate for the current market, and the compensation strategy. Format the proposal according to APA, 6th edition, and the guidelines of the template provided at the Ashford Writing Center. The length should be between 2000–2500 words, excluding the title page and references. Include at least 6 scholarly and/or popular sources, one of which must be the course text.

Paper For Above instruction

Introduction

Developing a competitive and strategic compensation package is essential for attracting, motivating, and retaining talented employees. Using a previously developed job description and evaluation method, this proposal outlines a comprehensive compensation strategy for a specific position, incorporating intrinsic and extrinsic benefits, measurable performance metrics, and a tailored approach aligned with current market trends. The objective is to create a compelling value proposition for potential candidates while ensuring organizational equity and sustainability.

Job Description

The position under consideration is a Senior Marketing Manager responsible for developing and executing strategic marketing initiatives. The role requires overseeing market research, brand development, digital marketing campaigns, and team leadership. Key responsibilities include market analysis, campaign management, stakeholder engagement, and budget oversight. The ideal candidate will possess at least a Bachelor's degree in Marketing or related fields, with 7+ years of experience, and demonstrated leadership in digital marketing.

Method of Job Evaluation

The job evaluation method applied is the Point Method, which assesses a position based on compensable factors such as skills, responsibilities, effort, and working conditions. Each factor is assigned points, which are totaled to determine the relative worth of the role within the organization. The Point Method ensures objectivity and internal equity by quantifying job characteristics. For this position, factors such as knowledge requirements, supervisory responsibilities, and decision-making authority were weighted to reflect the seniority and strategic importance of the role.

Intrinsic and Extrinsic Benefits

Intrinsic benefits relate to the internal rewards associated with the job, such as personal growth, achievement, recognition, and meaningful work. Extrinsic benefits encompass external rewards like salary, health insurance, retirement plans, paid leave, and bonuses. The proposed package emphasizes a balance—offering competitive base salary, performance-based bonuses, health coverage, retirement contributions, and professional development opportunities. This integrated approach enhances employee satisfaction, organizational commitment, and long-term retention.

Compensation Package and Rationale

The compensation package includes a base salary aligned with market benchmarks, a performance-based annual incentive, stock options, comprehensive health insurance, retirement savings plan, and allowances for professional development. The base salary is set at the 75th percentile of industry standards, providing an attractive fixed income. The incentive plan is tied to measurable KPIs, such as campaign ROI and market share growth, reinforcing a results-oriented culture. Stock options motivate engagement and long-term commitment, aligning employee interests with organizational objectives.

The rationale for this package hinges on attracting top-tier talent while maintaining internal equity and financial sustainability. Offering above-market base pay combined with performance incentives ensures motivation and recognizes the strategic impact of the role. Benefits such as health insurance and retirement plans address extrinsic needs, supporting employee well-being and loyalty.

Performance Measurement

Performance will be systematically assessed through key performance indicators (KPIs) linked to the organization’s strategic goals. KPIs include campaign effectiveness, lead generation, digital engagement metrics, brand awareness, and stakeholder satisfaction. Regular performance reviews, 360-degree feedback, and quarterly goal assessments will support continuous improvement. Clear, quantifiable metrics ensure transparency, fairness, and alignment with organizational priorities.

Alignment with Current Market Trends

The proposal reflects current labor market conditions, emphasizing flexible benefits, competitive salaries, and performance-based incentives that address talent shortages. In industries exhibiting skill shortages, offering enhanced benefits and growth opportunities is critical. The incorporation of stock options and professional development aligns with trends in retaining highly skilled professionals seeking career advancement. Additionally, a focus on work-life balance, including flexible working arrangements, resonates with current employee expectations.

Compensation Strategy

The overarching strategy is a differentiation approach—offering a package that not only meets market standards but also incentivizes high performance and loyalty. The strategy emphasizes internal equity, external competitiveness, and alignment with organizational goals. It entails regular market benchmarking, adjustments to maintain competitiveness, and a focus on total rewards. This strategic approach positions the organization as an employer of choice in a competitive market, fostering a motivated and engaged workforce.

Conclusion

In conclusion, this comprehensive compensation proposal leverages the job description and evaluation method developed earlier, integrating intrinsic and extrinsic benefits, measurable performance metrics, and market-responsive strategies. It aims to attract skilled professionals, motivate high performance, and promote organizational success. Continuous review and adaptation are essential to maintain competitiveness and ensure the package remains aligned with evolving market conditions.

References

• Armstrong, M. (2014). Armstrong's handbook of human resource management practice (13th ed.). Kogan Page.
• Gardner, J. (2017). Strategic compensation management. Journal of Business Strategy, 38(3), 45-54.
• Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). McGraw-Hill Education.
• Snape, E., Redman, T., & Bamber, G. J. (2017). Managing employment relations (8th ed.). Pearson.
• WorldatWork. (2020). Total rewards model. Retrieved from https://www.worldatwork.org
• Yamamoto, G., & Deyo, A. J. (2016). Evaluating job worth: The point method of job evaluation. Personnel Psychology, 69(2), 245-272.