Assignment 2: Compensation Plan OutlineQuestions Assignment 2: Compensation Plan OutlineDue Week 8 and worth 300 pointsUsing the same company you researched in Assignment 1, evaluate the companys compensation plan to determine how it could be improved.WRITE MINUMUM 4 SENTENCES FOR EACH PARAPGRAPH. PROVIDE ORGINAL WORK. WRITE THEM ON YOUR OWN WORDS. GONNA USE TURNITIN TO CHECK PLAGARISIM. TYPE EACH QUESTION BEFORE ANSWER THEM.Write 7 page paper in which you:Evaluate the existing compensation plan to determine if it is the most appropriate for your company. Explain your rationale.Determine the most beneficial ratio of internally consistent and market consistent compensations systems for the company you selected.Evaluate the current pay structure used by your company and assess the recognition of employee contributions.Make two (2) recommendations for improving the effectiveness of the discretionary benefits provided by the company you selected.Evaluate the types of employer-sponsored retirement plans and health insurance programs provided by the company you selected and compare them to that companys major competitors.Use at least three (3) quality references. Note: Wikipedia and other Websites do not qualify as academic resources.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; references must follow APA or school-specific format. Check with your professor for any additional instructions.Include a cover page containing the title of the assignment, the students name, the professors name, the course title, and the date. The cover page and the reference page are not included in the required page length.The specific course learning outcomes associated with this assignment are:Evaluate the effectiveness of traditional bases for pay (seniority and merit) against incentive-based and person-focused compensation approaches.Compare and contrast internally consistent and market-competitive compensation systems.Evaluate the role of benefits in strategic compensation.Use technology and information resources to research issues in compensation management.Write clearly and concisely about compensation management using proper writing mechanics.