Employee Compensation Case Study - 719 Words

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Start your $7 for 7 days trial now!search-imgsearch-imgFIND MY ESSAYEmployee Compensation Case Study719 Words3 Pages

Employee compensation is a sensitive subject and a motivational factor in an individual’s decision to apply for or accept a specific job. Compensation represents the extrinsic and intrinsic rewards employees receive in exchange for work performed as required. These monetary and non-monetary rewards define a company’s total compensation system. Effective compensation system design influences organizational growth by revealing external competitiveness to attract talent, internal equity to retain talent, and individual equity to allow employees to feel that their potential is rewarded; thus, they are encouraged (Lai, 2011). Deliberate and meaningful relationships between employers and human resource managers are necessary to understand and …show more content…

Martocchio (2017) explains that compensation professionals promote successful compensation systems by achieving three main objectives: internal consistency, market competiveness, and recognition of individual contributions. Of the three main factors, internal consistency has an interconnection with many, if not most, business strategies and practices. Internally consistent compensation systems compare the value of each job among jobs within a company recognizing differences in job characteristics defined with job descriptions that as a result, represents and establishes the company’s job structure or hierarchy. Job characteristics enable compensation managers to set pay accordingly, i.e., jobs with greater qualifications and responsibilities receive a higher compensation than those requiring lesser qualifications and fewer responsibilities. Compensation professionals use job analysis and job evaluation to achieve internal …show more content…

Compensation professionals use the following five steps to complete job analysis process: determine a job analysis program, select and train analysts, direct job analyst orientation, conduct the study, and summarize results. First, the company must decide if an established or customized job analysis program is most appropriate considering the most typical methods and administrative costs associated with collecting information. A task force of representatives with varying perspectives is selected and trained on the protocols of conducting a job analysis. Before conducting the study, analyst must study the many factors and internal information associated with jobs and positions that are to be analyzed. Conducting the study involves data collection and sources of data captured using reliable and valid job analysis methods. The job analysis is complete when the results are summarized and the job descriptions are written. Legal considerations for job analyses allow companies to remain in compliance with employment laws averting chances of subjectivity in job analyses and employment

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More about Employee Compensation Case Study

  • Supply chain management
  • Process
  • Thread
  • Economics terminology
  • Supply and demand
  • Labour market flexibility
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