Market Research : Evaluating And Determining The Market Rates For Benchmark Jobs

Each employee will be paid based on their capabilities rather than on the characteristics of their job. This will provide an incentive for employees to develop their skills and move into other roles.

FastCat's mission is to exceed customer's expectations of value, dependability and reliability by focusing on innovation and teamwork; to help our customers succeed; to support and share with our employees; and to respect and recognize individuals and their performance contributions. The following compensation plan

Base pay will be determined according to the value of the skills and competencies an employee has acquired on the production floor, there will be the incentive for skill development as employees base pay will increase as their skill proficiencies enlarge. This will also create mobility between jobs in the organization as many members will be proficient in numerous jobs.

As a human resources consultant, instilling knowledge into organizations regarding laws affecting compensation plan is asked of frequently. BioTeq Industries is no different; it is a biotech company that is in need of help with their compensation plan. BioTeq is a federal contractor with an average of 200 employees, and is looking for guidance and information regarding laws and regulations that may have an effect on the organization’s compensation plan. The remainder of this paper will explain how certain laws and regulations may affect

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.

The salaries of 25 FastCat employees were analysed based on their compa ratios, and the grades and

The debate in this study is that of whether or not to use comparable worth as the basis for future pay adjustments. Comparable worth, as defined by Merriam-Webster, is the concept that women and men should receive equal pay for jobs calling for comparable skill and responsibility or that is of comparable worth to the employer. To further expand on this, the term comparable worth describes the idea that gender biased jobs should be reanalyzed to determine their worth to an employer. In theory, the goal of comparable worth is to raise wages for traditionally female-biased jobs to the level of those for comparable male-biased jobs. Comparable worth should not be confused with equal pay for equal work. Comparable worth

Market rate and equity policy needs to be formulated on the extent to which rewards are market driven rather than equitable. Should obtain and keep high quality staff and response to market pressures. Market considerations will derive levels of pay in the organization. Attraction policies should have career prospects, training and development, intrinsic interest of the work, flexible working arrangements, and work life balance. Retention policies should consist of Talent management (attraction and retention of quality employees). Talent management policies are to attract employees, to develop employees, rretain employees, and mmotivate employees. Talent management process is wwork life balance, lleadership qualities of line managers, rrecognition, cconducting talent audits. Assimilation policies is how existing employees should be assimilated into revised pay structure such as red circling (identifying and dealing with overpaid people) and Green circling (identifying and dealing with underpaid people). The three performance measurement practices to be compared in this presentation are written, confidential evaluation non-confidential evaluation, and oral evaluation.

When making compensation decisions, whether it is internal or external, comparisons must be considered. However, employers must carefully balance pay structures, because internal and external comparisons may not converge. Therefore, employers may differ in the way they place priorities on internal and/or external comparison data when they are developing pay structures.

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:

Small State University is facing the dilemma of how to allocate the $17,400 that the state agreed to give to the management department. Each qualified candidate’s employment information is given to help determine the merit raise decision. Before the decision can finalize, research and analysis will be conducted. A case solution will include the implementation of management approval, budget recommendations, communication and essential steps of the new policy to the university, and fair distribution of merit raise.

Basing our structure on jobs clearly defines what it takes for an employee to rise within the organization and provides legal foundation as to why pay differs between individuals. We wouldn’t want to do a person based structure because that would pay employees for the highest level of skill they have achieved regardless of the work they perform. Therefore, person-based structures can become costly and complex. Additionally, pay differences in a person-based structure would be less job-related and legally defensible as well as create more equity issues between employees. In phase 2 we will describe how many pay levels to divide each structure into after seeing the results of our market analysis. However, we believe based on our point distributions in there will be roughly five. Furthermore, we will also clarify in phase 2 the pay

The performance-pay compensation plan that was proposed implemented a number of aspects of the Expectancy Theory to encourage intrinsic and extrinsic motivation in order to make positive gains for both the MGOA and the MGH. There were four main aspects of the plan that had changes implemented: Physician Base Salary, Development Fund Tax, Bonus, and

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 final problem that we identified is the incoherence of inclusion of the cumulative merit in the calculation of salaries. In the case-study we can read that the system includes cumulative merit. However it is not clear how it is included in the compensation system. In one hand it is said that they measure performance over time at Vitality but in the other hand it is not accounted for rewarding employees.