Develop a pay structure and compa ratio report to support a company in its ability to attract, motivate, and retain a quality workforce consistent with a company’s Compensation Strategy

Develop a pay structure and compa ratio report to support a company in its ability to attract, motivate, and retain a quality workforce consistent with a company’s Compensation StrategyEnsure it is an implementable planProvide a written recommendation with a summary of the plan’s competitiveness to the market and a summary of costs to obtain top management approvalYour pay structure should include salary grades and salary ranges to support your company in its ability to attract, motivate, and retain a quality workforce consistent with the Compensation Strategy. Your project document should include a Microsoft Excel (or comparable) workbook including the following:  Develop a pay structure to support a company in its ability to attract, motivate, and retain a quality workforce consistent with a company’s Compensation Strategy  Refer to the External Market Summary document provided Identify your method for calculating your salary structure (e.g., manual, excel, straight or curved line) Calculate your recommended Salary Structure (including salary grades and ranges)o Ensure the range progression is reasonable and competitive based on the market value of jobs. State the % progression between each salary gradeo Also, ensure the salary range spreads are appropriate for your professional/management jobs. State the salary range spread % from the minimum to maximum of the rangeo Include your formulas on your worksheets Create a Compa Ratio Report including 20 hypothetical employees managed within the 12 jobso Identify any employees paid below minimum or above maximumo Identify the compa ratio of each employee and the company-wide compa ratioo Identify the total cost of your adjustments to minimum and the new compa ratioo Identify the merit increase budget and the new compa ratioo Identify an equity adjustment budget (if appropriate) and the new compa ratioo What is the total cost of your new compensation plan? What is the beginning and ending compa ratio for your company? Ensure your plan is implementable, i.e.,o Cost effectiveo A reasonable number of employees under minimum or over maximumo A reasonable compa ratioo Are there any issues preventing implementationo Will top management support your recommendations?  Provide a written recommendation with a summary of the plan’s competitiveness to the market and a summary of costs to obtain top management approval  Due Date: Thursday of Week 7 at 11:59 p.m.