Fair and Equitable Compensation Essay

“Join the union, girls, and together say Equal Pay for Equal Work” -Susan B. Anthony. Countless women, even here in the U.S. have some sort of the wage gap. The wage gap is the difference between the median earnings of women relative to median earnings of men. In this case, women earn a significant amount less than men. Although the wage gap has gotten smaller over the years, the wage gap still has a long way to go. Women deserve better than just minimum earnings. Full time, working women should obtain the best promotions and benefits. Women that work just as tough and have the equivalent qualifications as men do still earn less, and that is just unacceptable. The wage gap should be abolished on behalf of women of color and their struggle, equal pay is a global problem, equal pay benefits employers and workers, and the wage gap accumulates over time.

carefully planned out and considered, the total closure or failure of the organization could be at hand in the near future. In our modern age, employers know that salary is not the only factor that should be considered and that salary alone will not lead to better or more highly profitable workers alone. This is why compensation planning is important and why pay should have some connection between performance and compensation. This is why the human resources department should consider many monetary and non-monetary factors when considering how to properly compensate and motivate employees (Dessler, 2013).

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,

In this country, getting paid to perform your job is understood. It is routine. It is expected. It is right. But how is one employee’s salary regarded in comparison to another employee’s salary? Do these salaries have to be equal? Most would agree that if both employees are performing the same tasks at the same establishment with the same amount of dedication and efficiency, equal pay is deserved. But what about if one employee is male and the other female, then on what grounds are their salaries determined? This answer shows its true colors through the life of one woman working for a well established company where nearly all employees were men, and for her particular position, she was the sole female. Her efforts to overcome pay

The White House in 2010 created the Equal Pay Task Force to implement the original Equal Pay Act of 1963. This task force has been conducting education efforts, building infrastructure, and enforcing the Equal Pay act in both the private and public sector. In all of its efforts this task force has been very involved and successful in all of its strategies to cease income inequality. However, is it enough? I think based on its results this government task force is doing a proficient job in ending pay discrimination.

One problem that Americans are facing is the inequality between men and women, whether it is in everyday life or in a professional atmosphere. One step that has been taken toward equality was introduced with the Equal Pay Act of 1963, signed by President John F. Kennedy. This law was the first affecting the amount of job opportunities available for women and allowing them to work in traditionally male dominated fields. On the outside, this would sound like a solution where nothing could possibly go wrong, but it is not.

A recent survey conducted by Mercer Consulting Firm found that salary is the reward component most profoundly appreciated by employees; however, just 55 percent are happy with what they earn. When employees believe, they are being paid short of what

“Paying your employees well is not only the right thing to do, but it makes for good business”-Jim Sinegal, CEO of Costco. Many of America’s employees are not being paid well, however, for the annual income of a full-time employee who works year-round is less than $16,000 (about $15, 080) according to the current federal minimum wage (Rebuilding). To put into retrospect how out-dated the federal minimum wage is, consider that the minimum wage of 1956 amounted to exactly $7.93 in 2009 (Henderson). How progressive is it that our nation’s workers being paid less today than workers from the 50’s? The federal minimum wage should be raised in order to assist families out of poverty, to ensure the effort and loyalty of workers, and

Employers have the right to give the people who work for them a wage they feel they deserve at the end of the day or shift. The worker is entitled to receive a fair wage at all times. The employer hands out a wage they feel that is appropriate for the person and situation. All individuals who work for someone knows there is a chance they may not receive a wage they desire at the time of the job, but a job of some type is better than not having one at all.

The benefits and drawbacks involved in setting compensation rates is that employers could attract the employees that they want, they could keep their employees motivated, and the employees could bring it good performances that could help the company be successful. However the drawbacks are choosing the strategies that will be best beneficial to the organization. Paying too much will cause you to be in expense, paying too little will cause one to get poor quality workers or voluntary turnover, evaluating performances so that workers will feel like they get what they deserved.

The rewards offered can be extrinsic such as wages, incentives and bonuses, or intrinsic such as job satisfaction, an internal feeling of worth and a sense of well being on the job.

Pat works in the men’s clothing section of a well-known department store. He has been in that position for more than 20 years, and his hourly wage is $11.25 per hour. Across town, Lucy is working in another highly successful retail chain and earns slightly less, around $10.75 per hour. She will make $19,000 a year, calculated over an average working week. Pat will make over $90,000. Pat works at Nordstrom, Lucy is from Walmart, and both are employed at successful companies that offer vastly different compensation and benefits. What is the impact of these differing compensation policies on employee behaviours, and what link (if any) is there to each company’s organisational performance?

This situation determines an increased competition on the workforce market in richer countries where individuals come in order to find better paid jobs. Increased demand on the labor market means that people looking for jobs are likely to accept jobs with smaller salaries, and with a reduced offer of compensation and benefits. Basically, the compensation and benefits strategy only depends on the company developing it. Companies are aware of this situation and offer smaller compensation and benefits to the people they want to hire. This is because they know that

Intrinsic/Internal Rewards are obtained from within the individual. This could be an employee feelings good about a job they performed and taking pride in it.

1. Sullivan & Cromwell associates are likely to find the pay structure fair. Likely comparisons would be with similar positions at other law firms at similar locations. Sullivan & Cromwell, for example, operates mainly in New York, which means salaries could most reasonably be compared with other law firms at this location. Furthermore, the company is very forthcoming with its pay structure, offering a complete and thorough display of its pay structure for different positions online (Glassdoor, 2012). Some salaries are offered per year, while others are offered on an hourly basis. A 6th-year attorney, for example, is paid on an annual basis, while a paralegal associate would be paid per hour. Salaries are also varied according to the complexity and seniority level of the position.