Fastcat Benchmarking Job

Organizations are growing in size each and every day, which in turn creates a high demand for employees. This outcome, however, needs a systematic approach to determine the right employee for the right position. The process has become so large that organizations need specialized help from Human Resource Management (HRM) departments to ensure that the requirements of the position are met. Therefore, the HRM department provides the function of job analysis in order to select the right individual for the position. "Job analysis is a complex and vital part of every HRM program, as well as an important systematic process used within an organization to determine future members of the workforce." Job analysis

Group 20 (HRM-B) Honeydeep Singh Sabharwal H11080 Neha Londhe H11092 Rahul Balyan H11103 Rahul Krishnan H11104 TwisamDatta H11116

The term job analysis describes the process of obtaining information about jobs. Regardless of how it is collected, it usually includes information about the tasks to be done on the job as well as the personal characteristics (education, experience, specialized training, personality) necessary to do the tasks (Cascio, 2005).

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

To successfully implement a change in any business, there must be a concrete plan of action in place. In this case, our team of compensation professionals has compiled a list of strategies for implementing the new compensation package into FastCat’s everyday business.

The results from assessment weren’t surprising to me, as I ranked very high in conventional, Enterprising and Social categories. There were several careers listed in the job zone that appealed to me such as Human Resources Specialist, A Meeting, Convention and Event Planner, Compensation and Benefits Manager and Social &Human Service Assistant. All of these careers stem from organization and analytical thinking characteristics and follow guidelines

Market- pricing is the other method used in combination with job classification to determine pay. This method outweighs job classification and focuses on having a market- based structure. Valuing jobs based on the external competitive worth it the primary focus to evaluating and determining pay of jobs in the compensation structure. With this method, jobs are placed into a grade structure based on the competitive pay of the job. JU jobs are matched to similar jobs in the relevant market and valued by comparing them with comparable jobs. To initiate this process, it is important to start with determining the market rates for benchmark jobs. Benchmark jobs are fundamental to establishing the pay grades and structure

This paper will examine setting the stage for strategic compensation and bases for pay. There are three main goals of compensation departments: internal consistency, market competitiveness, and recognition of individual contributions. Internally consistent compensation systems define the relative value of each job among all jobs within a company. (Martocchio, pg. 22, 2011) With this system companies want employees to be paid more based on their qualifications and responsibilities. They believe someone with less experience should be paid differently. To determine such evaluation companies use job analysis in order to provide job descriptions. The job evaluation is to determine pay according to a particular position. Market-competitive

The benchmark positions of accounting specialist, recovery specialist, customer support specialist, and insurance specialist would be non-exempt staff and would fall under one of the three salary bands titled Function Level VI -A, Function Level VI-B, and Function Level VI-C. The positions titled quality center analyst and IT project coordinator would be non-supervisory exempt level staff and would fall under one of the three salary bands titled Function Level V- A (NS), Function Level V-B (NS), and Function Level V-C (NS). The benchmark position titled Senior advocate & communication team leader would be a supervisory staff and would fall under one of the three salary bands titled Level V- A, Function Level V-B, and Function Level V-C. The final benchmark position titled Manager, Title Services and Support would be a section management staff and would fall under one of the three Function Level IV- A, Function Level IV-B, and Function Level IV-C. To review each positions job description, see Appendix A and to review the survey source and point method see

Pay for performance systems have further been proven to have two advantages for organizations: attracting more high-quality employees and motivating employees to exert more effort at their jobs. (Gordon, Kaswin) This paper will show the positive benefits of performance pay as

Even though certain parts of the survey data weigh more heavily such as the supply chain category and the general survey population being roughly 68% male, the data shows specific factors and trends that lead to higher levels of compensation. Advanced education is one of the strongest factors that results in higher compensation. The survey responses range in education from a high school level to a PhD. While the majority of the respondents have at least a bachelor degree, the data shows that having a master 's or more results in a minimum of 12% higher than average compensation at $100k+, with compensation being 51% higher than average for PhD respondents at $137k (Figure 3).

Some organizations are unwilling to show their reward systems and pay policies (Lawler, 1995). Many Human Resources professionals believe gender pay gaps to be resolvable through the monitoring of pay levels and communication (Report on Salary Surveys).Greater pay transparency has been a great benefit to the board, employees and managers as they now know what is happening across the business and they are able to confidently justify their actions (Commission Policy Report).All market-related supplements are recorded and reviewed separately from basic salary to ensure openness and transparency. Regular research market rates within the various labor markets in which they operate is undertaken improving transparency would also help to improve talent development, as employees would be able to see what they could earn if they wanted to move to another division and upgrade their skill set. (Commission Policy Report).

As mentioned above, the three factors of the Hay Method were applied to all of the jobs in FastCat to develop the two pay structures. Know-how consists of the cognitive abilities required for a job, such as planning, communication, and knowledge. This particular factor is important in all jobs at FastCat. When determining the ratings for each job title, we evaluated the education level required for the job as well as the level of experience and job knowledge required. For example, the Software Solutions Consultant requires a Bachelor’s degree in Business or Computer Science, as well as a minimum of five years of experience in technical sales support. Therefore, this position scored a 5 in know-how. On the contrary, the Administrative

The goal of selection programs are to capitalize on individual differences in order to select the applicants who possess the greatest amount of particular characteristics that have been assess to be the most important for job success (Cascio & Aquinis, 2011). This goal can be met by utilizing a classical approach to personnel selection. The classical approach to personnel selection starts with the job analysis. From the job analysis sensitive, relevant and reliable criteria are selected on a basis of importance to describe the job specifications that represent knowledge, skills, abilities and other characteristics (KSAOs) that potential applicants are desired to have for the job (Cascio & Aquinis, 2011).

Findings from the research conducted by Reiter-Palmon on electronic job analyses for the U.S Navy, revealed that less time was needed to conduct the analyses and was more flexible in terms of its ease to use. Results also showed that more comprehensive job descriptions were made (Reiter-Palmon, 2006, pp.294-309). This therefore allows organisations to know specifically what skills applicants need, and the applicants know what the job entails. Having a higher quality pool of candidates not only saves money