Compensation Ted Mock Compensation Project Two For this project, you are required to answer the following questions. Some questions require a description of the process. Other questions require that you show calculations and answers. 1. What is an outlier and how you would deal with outliers. 2. Discuss what is meant by job matching. Use the following criteria for job matches: Benchmark Jobs 1, 2 and 3 must match at 80%; Benchmark Jobs 4 and 5 must match at 70%. Eliminate data that does not meet the criteria. Indicate what data has been eliminated. 3. Describe "aging the data" and then age the remaining data. Use an annual inflation rate of 1.8%. The effective date of your new wage schedule will be June 1, 2022. Present the aged job rates. 4 Average the data for each benchmark job using the weighted mean. Show your work and show the weighted mean for each benchmark job. s. For the Market Line, what are the labels and values on the Y-axis and the labels and values on the X-axis. 6. You have decided to use the "Match" pay policy. For Pay Line One, what are the labels and values on the Y-axis and X-axis. What are the values of the y-intercept and the slope of the regression line? 7. For Pay Line Two, using the values in the Job Evaluation System Table below, what are the labels and values on the Y-axis and the X-axis. 8. Using the "regression equation and data from the Pay Line Two, calculate the Job Rate for each of the five pay grades. 9. Create the Wage Schedule for the hourly Job Family clearly indicating five specific wage ranges and overlaps. You determine the spread within each Pay Grade. The effective date will be June 1, 2022 Wages Survey Response for Job 1 Company A Company B Company Company D Company E Match% 100 95 90 85 90 Job Rate $15/hr $15.50 $16 $15.25 $16.25 # Employees 20 25 5 2 15 Benefits % 25 30 30 20 35 Last Incr. Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Date 70 $14 Company F Company G Company H Company Company Match % 80 100 90 80 Range $15 $15.60 $15.25 $16.50 # Employees 4 20 11 21 30 Benefits % 36 30 20 30 35 Last Incr. Feb 22 Jan 21 Mar 21 May 21 June 21 Date Wages Survey Response for Job 2 Company A Company B Company Company D Company E Match % 80 70 70 80 90 Job Rate $17.50/hr $17 $16.50 $18.50 $17.75 # Employees 8 6 10 5 3 Benefits % 25 30 30 20 35 Last Incr. Date Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Company F Company G Company H Company Company J Match % 100 100 80 60 75 Job Rate $17.25 $18.70 $17.90 $18.90 $20 # Employees 12 14 20 22 25 Benefits % 36 30 20 30 35 Last Incr. Date Feb 22 Jan 21 Mar 21 May 21 June 21 80 Wages Survey Response for Job 3 Company A Company B Company Company D Company E Match % 70 75 65 80 Job Rate $18/hr $19.90 $18.75 $19.50 $19.80 # Employees 4 5 3 7 6 Benefits % 25 30 30 20 35 Last Incr. Date Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Company F Company G Company H Company Company Match % 90 80 75 90 90 Job Rate $19.50/hr $18.80 $18.65 $18.90 $21 # Employees 15 9 2 7 14 Benefits % 36 30 20 30 35 Last Incr. Date Feb 22 Jan 21 Mar 21 May 21 June 21 Wages Survey Response for Job 4 Company A Company B Company C Company D Company E Match% 70 70 75 80 80 Job Rate $ 22/hr $22 $24 # Employees 1 3 2 5 6 Benefits % 25 30 30 20 35 Last Incr. Date Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 $20 $20 Company Company G Company H Company Company J Match % 85 80 90 95 80 Job Rate $21/hr $19.75 $23 $21 $22.75 # Employees 4 3 8 5 12 Benefits % 36 30 20 30 35 Last Incr. Date Feb 22 Jan 21 Mar 21 May 21 June 21 Wages Survey Response for Job 5 Company A Company B Company Company D Company E Match % 70 75 90 95 50 Job Rate $25 $26.75 $24 $25 $27 # Employees 1 3 5 2 4 Benefits % 25 30 30 20 35 Last Incr. Sept 21 Oct 21 Nov 21 Dec 21 Jan 22 Date Company F Company G Company H Company Company J Match % 50 65 75 70 80 Job Rate $28 $28 $26 $27.50 $25.50 # Employees 3 1 1 3 2 Benefits % 36 30 20 30 35 Last Incr. Feb 22 Jan 21 Mar 21 May 21 June 21 Date