Compensation Evaluation

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Business Finance

Description

You were hired to work as a HR Consultant for a small local hospital, with the task of expanding the workforce of certified medical assistants. Looking at the current three employees, you find a discrepancy in compensation between Susi, a 2-year employee at $28,000, Tom, 5-year employee at $27,000, and Raul, a 10-year employee at $33,000. All are employed as certified medical assistants, yet they all make different amounts of money. According to survey data, all three employees are below the market rate for this job in the local job market. All three employees are also exemplary employees with near perfect scores in their most recent performance evaluation.

Write a 700- to 1,050-word paper that includes the following:

·Explain the discrepancy in pay among the current employees.

·Describe the strategy you would take to correct the internal equity issue.

·Describe the strategy you would take to correct the external equity issue.

·Explain how you will ensure that new hires will be paid equitably both internally and externally.

·Explain how an organization's Total Compensation strategy affects an organization's financial operations and its ability to attract, motivate, and retain top talent.

Cite all sources according to APA formatting guidelines.

Click the Assignment Files tab to submit your paper.

Use Strategic Compensation: A human Resource Management Approach

Joseph. J Martocchio 9th edition

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Explanation & Answer

Hey! Kindly find the attached answer and in case of any issue, let me know. Thank you and all the best

Running Head: COMPENSATION DISCRIPANCY

Compensation Discrepancy
Institutional Affiliation
Name
Date

1

COMPENSATION DISCRIPANCY

2

Introduction
Compensation is primarily understood as the total monetary or non-monetary
reimbursements one receives in exchange for labor. The benefit can be classified into three basic
classes that are direct, indirect and non-financial compensation. Compensation strategy is one of
the most critical strategies of human resource management as it influences the productivity and
profitability of the organization. A firm with good compensation program will attract individuals
with talents in a similar area of specialization thus gaining a competitive advantage against their
competitors in the market.
Similarly, a company with poor compensation methods will not attract potential
employees and will not compete favorably in the market. The features of an active compensation
program factors in matters involving equity in compensation, salary review after a specific short
set duration, excellent compensation package, retirement benefits, compensating above the
minimum salary and wage set limits and insurance coverage for the employees. In this context,
the hospital management has failed to consider equity compensation and the fixed minimum
wages and salaries by the labor unions. The three employees are subject...


Anonymous
Excellent resource! Really helped me get the gist of things.

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