Evaluations on talent requirements, timing of the best estimate and data for a self evaluation

Self Evaluation and Pay Discrimination

Question Presented
The steps or procedures required in order to prepare the Self Evaluation Guidelines of OFCCP. The ideas as well as the resources required by the company to conduct evaluations on talent requirements, timing of the best estimate and data required to conduct a self evaluation. The factors that the boss needs to consider before undertaking a project on Self Evaluation.

Brief Answers
The compensation package of a company needs to meet the general standards as per section I of the Voluntary guidelines. Some of the steps for monitoring the Voluntary guidelines consist of assessing the contractor’s self evaluation program, and if it is found that the program is not as per the guidelines then writing to the contractor to make specific modifications in the program.

Statement of Facts
OFCCP has published voluntary guidelines for self evaluation of various compensation practices prevalent. The final set of voluntary guidelines has been published on 16th November, 2004 in Federal Register. In this notice OFCCP proposed the voluntary guidelines which need to be followed in order to prepare the compensation packages. Firstly the guidelines proposed that the contractor can choose any self evaluation program that he considers appropriate keeping in mind the OFCCP regulations. Secondly, the voluntary guideline has outlined some general principles that need to be followed while preparing the self evaluation program.

Discussion
The procedure required in OPCCP self evaluation guidelines are:-
A compliance review needs to be carried out in order to assess whether the compensation program is as per the section I of the voluntary guidelines.
OPCCP analyses whether the contracts are as per the standards set in the compensation self evaluation program.
OFCCP reviews the data provided in order to find whether the contractors compensation program meet the standard guidelines.
OFCCP personnel even direct the technical issues so that the contractors prepare guidelines as per the standards set.
OFCCP treats the information provided by the contractors as confidential and do not subject the information to public disclosure as per Freedom of Information Act, 5 U. S. C. 552.
The company needs to follow the compensation guidelines in order to prepare the compensation project. The company needs to analyze the expected value gained by the company as a result of following the compensation guidelines. A self evaluation needs to be performed on the employees who are “ similarly situated”. Employees can be placed in the same SSEG if they are performing similar tasks and occupying similar responsibility position. In order to carry out self evolution the documents required, must justify and explain its decisions in the respect of the SSEG. Data is used for the purpose of statistical analysis for the next 2 years and this helps in preparing an effective compensation package (Balsam, 2002, p. 35). The contractor must make all the documentation and data referenced as per section IE of the voluntary guidelines. The best estimate can be done after going through the voluntary guidelines thoroughly and accordingly preparing a program that would suit the company.
While preparing the self evaluation project few things have to be kept in mind, like the project must be prepared keeping in mind the compensation guidelines. Also it must be prepared keeping in mind the value that the company will gain as a result of this project as well as the needs and aspirations of the workers otherwise their might be labor unrests in the company.
Reference
Balsam, S., (2002). An Introduction to Executive Compensation. Massachusetts: Academic Press.