Week 4 Task 5 – assignmentcollections.com
Business Finance Assignment Collections – assignmentcollections.com
Reply to the following 2 post in 100 words or more each.
Rosie Cordova
Before beginning a pay system, organizations need to develop their pay philosophy that considers organizational culture and includes what is acceptable for the organization (Satterfield, 1999). The key issues in developing a pay philosophy are:
· Market position (competitive vs. lead/lag),
· Pay mix (base vs. variable)
· Basis of job value (internal equity vs. market)
· Reward focus (collective vs. individual)
· Structure (traditional vs. broad)
· Administration (prescription vs. flexibility). (Satterfield, 1999, p. 22)
The role of the compensation specialist is to conduct research and develop the proper pay system (Satterfield, 1999). What is the role of supervisors and employees in setting a compensation system?
Satterfield, T. R. (1999, September). A step-by-step approach to developing an effective pay philosophy. Workspan, 42(8), 22-27.
ASHLEY TOTAH MANGUM
Hi professor and class,
I believe compensation and benefits are extremely important when attracting potential employees and retaining current employees. Compensating your employees depends on four factors according to Zundel (2016). First, depending on the organizations’ culture, and whether or not it is individually motivated, or emphasizes “teamwork and collaboration” may perpetuate pay increases annually (Zundel, 2016). Also, depending on your workforce needs, this can determine how compensation and benefits are structured. For example, if employees are more interested in commuter benefits as opposed to health benefits, spending more money on additional routes would be appropriate and addressing your workforce needs. Another factor in determining compensation and benefits is industry standards. While you do not have to compensate just like your competitors do according to Zundel (2016), something to “offset that” would be ideal to stand apart in the industry, which will attract employees. Lastly, internal equity is another way to determine compensation. Depending on your employees’ level of education and skill set, “having clear guidelines about how to compensate for different levels” is important (Zundel, 2016).
Zundel, C. (2016, May 5). Compensation and benefits. [Video file]. Retrieved from https://www.lynda.com/Business-Skills-tutorials/Co…
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