Designing A Pay Structure Im 9

Susan's initial thought of compensation is to match what her competitors are doing. By matching the compensation systems of organizations, she will be operating in the same pool of applicants as her competitors.

Purpose: In Weeks 3 and 5, you submitted information to help you in completing the final project. Feedback was provided to assist you in maximizing points earned on this final paper. To properly complete this final project, you must include the feedback provided to apply to this final paper. The purpose of this assignment is to apply your critical thinking skills in completing the employee process from job analysis to compensation based on performance. You are now going to

Company Y offers a good compensation package inclusive of direct and indirect financial compensation to its employees. However, we are of the view that to retain staff, the following measures could be implemented.

Thus, employers must know how the compensation they offer for critical positions differs with compensation for similar positions at other organizations in the market. Therefore, if an organization is recognized to be a great place to work in terms of factors such as training, resources, technology, work environment, staffing, and scheduling, the organization may be able to pay less than its competitors do within an acceptable range. However, if competitors are viewed more favorably as an employer, on the other hand, the organization will need to use compensation as its strength. Although, any strategy based solely on compensation will not succeed in the long run because a successful strategy combines market-rate compensation and a work environment that is competitively distinguishing and unique (Gering & Conner,

My research below will start with salary compensation which can easily be defined as a set monetary amount that an employee receives for the work that they do based on their specific job classification/coding only. I’ll follow that with performance-based compensation which pays and rewards employees based on their individual performance which allows for individual growth. Lastly I’ll provide research on longevity pay which focuses on additional pay or wage adjustments based solely on an employee’s length of service.

Internal and External Pay Equity. Find an article through ProQuest that discusses pay equity as it relates to KSAs. Address the importance of managing pay equity (both internal and external) and the consequences for not doing so. Also address the role of pay equity and employee job satisfaction and motivation from a strategic perspective. Present your views in 200 words or more in your discussion post. Respond to at least three of your classmates’ postings. Remember to properly cite your sources.

The resulting data was then analyzed for each structure. A regression equation was provided and resulting annual salaries for each position based on allocation of evaluation points was calculated. A table providing minimum, first quartile, average, median, third quartile, and maximum pay for each position in the structure based on the data was also provided. Using this information and the pay policy level decisions on whether or not to lead or lag the market a preliminary pay level for each position was also reached. Whether or not to overlap pay grades came into consideration when deciding on the spread for each structure. Depending on overlap in compensable factors between structures a spread of 50% or 10% was chosen. For example, in the customer service structure the positions have little in common and thus a 10% spread in order to have no overlap was chosen while for the software engineering structure the positions included a lot of overlap in knowledge and skills thus the spread of 50% was chosen.

B. The existing policies of the company in relation to rewards and recognition for the workers

The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as the war for talent.

In today’s competitive work environment, potential employees are considering factors beyond the basic benefits packages such as, compensation, healthcare, and 401(k); they also give great thought to organizational culture when evaluating future employers.

The company faces pay equity issues both internally and externally. Internally, employees working in the warehousing department want to be transferred to manufacturing in order to make more money. This immediately begins to throw off the

2. For the purpose of this article, "pay" means the ordinary basic or minimum wage or salary and any other consideration, whether in cash or in kind, which the worker receives directly or indirectly, in respect of his employment, from his employer.<</p>

For a company to be competitive it will need to have systems in place to recruit hire and retain skilled employees to grow and carry out its mission and vision. The company will need to understand the market and how to interact within the different markets. For example, what should be the starting salary for new employees and how should current employees be evaluated. Market competitive pay system is significant in that a main focus is attracting and retaining the most qualified employees. Having a well designed pay system will ensure that employees are paid in proportion with their job description

They are thinking of implement a strategic compensation plan as well as various other options that will allow its organization to focus on its strategic objectives and develop a comprehensive plan, considering base pay, short- and long-term incentives, benefits and growth opportunities. This kind of planning helps ensure that the compensation system will support the organization's long-and short-term objectives without overlap, which would have more than one pay plan driving the same objectives. The ultimate objective of this process is to ensure that the compensation system and other important facets attract and retain the desired employees and that it motivates them to do those things that support the business plan.

Creating and implementing of incentive pay system supports to solve organizational problems to align the preferences of business and employees. In addition, the system serves as an organizing tool to identify and attract the most capable employees since companies need to deliver the product or