Name ID Create a market competitive pay plan for the company named "Tech Experts", which is a software development based company, and taking into consideration the following information. (20 Marks) Step-1: Identify 2 benchmark jobs considering the following information Number of employees Existing jobs Identify 2 benchmark jobs in each job Sales executive 20 1. HR executive 2 2. 3 Finance executive Software Developers 8 Step-2: Finalise point values for each of 5 degree points and then calculate total point values for the two identified benchmark jobs. Degree points Benchmark job-1 Benchmark job-2 Compensable factor name Weight % Point value 1st 3rd 4th 5th Degree Points Degree Points Skill 50% 1 5 Responsibility 30% 3 3 Working condition 20% 4 1 Total 100% 1,000 Total benchmark job points = Page 1 of 4 Name ID Step-3: Using the following salary information 3.1. List a hierarchy of the 2 benchmark jobs based upon each job's points 3.2. Draw the internal and external (market) wage curves Job name Internal average salary Extemal (Market) average salary Sales executive 20,000 25,000 HR executive 25,000 35,000 Finance executive 30,000 40,000 Software Developers 55,000 70,000 Rank Job name Total points Internal salary External salary 1 2 80,000 70,000 -- 60,000 -- - 50,000 Salary 40,000 30,000 20,000 Page 2 of 4 Name Name ID 10,000 0 200 400 800 1000 600 Points 4.2 Step-4: Using the following information 4.1. Identify the grade of 2 benchmark jobs and Minimum and maximum salary range for each grade 4.3. Decide and explain whether to increase or decrease the current average salaries of 2 benchmark jobs in order to maintain market competitive pay structure Benchmark job Grade Minimum salary Maximum salary names Grade-1 Grade-2 Grade-3 Grade-4 Grade-5 Point range 0-199 200-399 400-599 600-799 800-1000 80,000 70,000 60,000 50,000 Salary 40,000 30,000 20,000 Page 3 of 4 Name ID 10,000 0 200 400 600 Points 800 1000 Page 4 of 4