Week 4 Assignment: Term Project Part 3 - Compensation This week, you will develop a competitive base compensation structure and an incentive compensation structure for your key managers and for your sales personnel. You need to assume that you do have a sales force in your company. Specifics: You need to develop a Base Compensation structure which uses pay grades. The number of pay grades you use is up to you, but you must have a minimum of 5. Each grade must have a minimum, a maximum, and a midpoint. The lowest end of the lowest pay grade must be no less than the minimum wage for your State. The midpoint of each pay grade must be at least 10% more than the midpoint of the pay grade below it. You need to describe the rationale you applied to determine the number of pay scales. You must incorporate the competitive information you received in Week 3. You need to develop an Incentive Compensation plan which is competitive but which assures that your company will not pay out more in Incentive Compensation than it can afford (See the initial Term Project overview). You will need to develop one plan for your