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<br />information we will make recommendations concerning adjustments or revisions to the <br />pay structure. <br />4. Process Review: Hay Group will review the current comparable worth process in light <br />of current public scrutiny and regulatory requirements. We will examine submitted <br />forms and evaluate the process involved in utilization of the software. Hay Group will <br />test the new position evaluations utilizing the software provided by the regulatory <br />agency. <br />5. Recommendations: Hay Group will prepare and review our preliminary analyses and <br />recommendations. <br />Consulting Fees and Timing <br />We will be prepared to meet your timeline for project completion, provided that Hay Group can <br />have access to all necessary resources from Elk River within a reasonable timeframe. <br />Consulting fees are based on our best estimate of the time and level of consultants required to <br />produce quality, on time, results. We estimate that consulting fees required to complete all <br />phases outlined above will be $25,000. Any out-of-pocket or direct project-related expenses, <br />including travel, will be billed additionally. We will invoice the organization at the beginning <br />of the project for the full amount. <br />Per your request, to provide options in selection of services, we have categorized the cost as <br />follows: <br />Job Evaluation with Internal Equity Analysis Includes Pay Structure Review $10,000 <br />Market Analysis with Pay Structure Recommendations $7,500 <br />Comparable Worth Review <br />$7,500 <br />Bryan, we want to thank you for inviting us to submit this proposal, and look forward to a <br />continued working relationship. Please don't hesitate to contact me if you have any questions <br />or require any additional information. <br />Sincerely, <br />~ a ~'°~ <br />Greg J. Wolf <br />Senior Consultant <br />~ ~~~ <br />Jay R. Highfill <br />Consultant <br />July 7, 2008 3/3 <br />