25 Aug Compare with at least two other geographical locations for this position (Ex. West, East, North USA)
Forms of Pay Levels and Pay Structures Navigation Activity
Part I
Overview:
You will have two parts to this discussion. This part will include conducting a preliminary search of your current compensation. You may also opt to perform a search on a position of interest. For example, Professors can make a range from $68,000-230,000 per year. However, this compensation depends on factors such as background education, experience, rank, or geographical area. More importantly, another thing to consider is how salary is structured. For example, how would an employer consider paying an employee a salary versus hourly? Why do some organizations incorporate pay scales versus pay rates?
As you can see, many factors must be considered to ensure equitable pay across the board. Let’s visit these insightful videos and article on what to consider when compensating employees:
Article: Salary Structures: Creating Competitive and Equitable Pay Level
Links to an external site.
Videos:https://youtu.be/ZdVn7roLafU
to an external site
Application:
Based on what we covered with the readings and review material, you should be ready to perform a search on either your own or a selected pay for a position of your choice. When performing this search, you are looking for whether competitive pay is currently offered. If not, what was not considered? What should be considered? What are some implications or possible reasons for the pay as it is now? You are expected to incorporate one or more of the following techniques when identifying these factors:
Websites such as Glassdoor, Salary.com, and PayScale provide minimum, midpoint, and maximum salaries that can form the basis for a pay range. Additional sources of market salary data include the following:
The Bureau of Labor Statistics (BLS)Links to an external site., reports data by area and occupation
O*NET OnLineLinks to an external site., which provides occupational search and forecasting combined with BLS data
Using these sites, appraise your selected position and consider the following factors:
a. Compare with at least two other geographical locations for this position (Ex. West, East, North USA)
b. Is the pay scaled, salary, rank, grade, or other?
c. Years of Experience
d. Education
e. Market factors (competition, supply versus demand)
Based on these factors, are you being paid fairly? Or would the selected position compensate appropriately?
Part II
Overview and Application:
For this part of this activity, I would like for you to start considering an organization that you would like to research for your final capstone project. I will introduce the project in the upcoming weeks, but for now, you will need to identify an organization for the purpose of analyzing its current HR practices. For example, what type of HR structure and process would Costco offer? Are they fair/equitable? Are employees happy overall? For now, you just want to provide the selected organization and reasoning for selecting it with respect to HR practices.
Requirements: 2 pages | .doc file
