This phase of your compensation project deals with hidividual equity. Use the Information Systems Technician (IST) for this phase. There are 5 individuals in this job. We will identify them as ISTI, ISTZ, IST3, IST4, and ISTS. The data for this project is provided below. Your task is to allocate pay increases. Show the location of these 5 information systems technicians in the pay grade before and alter the raise. Individual Salary Performance it! years with org. at years in job sex [ST] 95:: 4 2 1 M [3T2 .7x 5 3 2 F [8T3 x 5 2 1 F IST4 1.05:: 4 2 2 F ISTS 1.4:: 3 3 3 M Note: at is the midpoint of the grade that the Information Systems Technician positions fall in within your pay system that will be described below. Performance was rated on a 1 to 5 scale with scale points of 1 very poor, 3 average, and 5 very good. Data on grade In which the ISTs fall {data provide in monthly salary amounts) Grade midpoint: $3200 Grade minimum: $2880 Grade maximum: $3 520 Pay Raise System The pay raise system is a Performance and Position in Grade system Performance 5 Position Max:100 1% 1 50% 2% 2.50% 3% In 75 1.50% 2% 2.50% | 3% 3.50% Grade Midpoint!\" 2% 2.50% 3% I 3.50% 4% 25 2.50% 3% | 3.50% | 4% 4.50% Mina'0 3% 3.50% J 4% | 4.50% 5% 3. Third, you need to calculate the pay increase budget of 5%. This is calculated by adding up the 5 salaries and determining what the overall 5% dollar amount is. 4. Fourth, construct a typical grade diagram {i.e., two sides with a line for the grade minimum, midpoint and maximum) indicating where each IST falls relative to these points in the grade. 5. Fifth, applying the rules and concepts covered in the course about pay raises utilize the system pmvicled (Pay Raise System) to allocate pay raises. Consider all material covered in the pay raise portion of the course and utilize all funds. When you are done you should have no money left in your pay raise p001