Foundations of a Compensation Strategy

Jan 14th, 2015
DreamIt
Category:
Business & Finance
Price: $15 USD

Question description

Foundations of a Compensation Strategy

The most effective compensation strategy is one that develops a clear link between the following components:

  • Job Description (i.e., work that an employee is expected to perform).
  • Performance Evaluation (i.e., work that the employee has performed).
  • External Salary Survey and Internal Salary Comparison (i.e., pay provided to each employee).

Examine the interrelationship between these three components by describing the purpose of each component and how it affects the others. Then explain how all three components would be used to determine the compensation for an employee. Your examination should include a salary evaluation for a position you are familiar with (Administrative Assistant, Human Resource Manager, Maintenance Worker, etc). The salary evaluation should give results for each of the three components and detail how pay is finally determined for this position based on the three components.
Example of the salary evaluation portion of your analysis:

Purchasing Manager.

Primary functions from the Job Description:
To plan, direct, and coordinate the activities of buyers, purchasing officers, and related workers involved in purchasing materials, products and services.
Organizational performance evaluation system:

  • Outstanding – 6% Increase
  • Exceeds expectations – 4% Increase
  • Meets expectations – 2% Increase
  • Does not meet expectations – No Increase

External Salary Survey: (salary survey, which you can typically obtain online) Monthly salary range at $4,300 - $5,200.

Internal Salary Comparison: (the relationship of this position to similar positions in your organization) Position is similar to Accounting Manager, and should be paid within the same monthly salary range of $4,400 - $4,900.

Submit your analysis in a two- to three-page paper formatted to proper APA 6th Edition specifications. Include a minimum of two scholarly references to support your analysis.

********ORIGINAL, PLAGIARISM FREE MUST MEET ALL REQUIREMENTS OF THE PAPER PLEASE DO NOT REPLY IF YOU CAN MEET THE STIPULATIONS OF THE PAPER. WILL RUN IT THOUGH TURNITIN BEFORE I PAY FINAL PAYMENT*********

Tutor Answer

(Top Tutor) Daniel C.
(997)
School: Purdue University
PREMIUM TUTOR

Studypool has helped 1,244,100 students

5 Reviews


Summary
Quality
Communication
On Time
Value
ashleyisgod
Nov 26th, 2016
" Top quality work from this guy! I'll be back! "
Molly_Moon
Nov 4th, 2016
" AMAZING as always! "
Hemapathy
Oct 12th, 2016
" all I can say is wow very fast work, great work thanks "
BlueOcean
Sep 29th, 2016
" Awesome! Exactly what I wanted. "
kevin12622
Sep 20th, 2016
" Goes above and beyond expectations ! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1825 tutors are online

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors