Hrm598 Case Study 2

HRM 598 Case Study get and Using allowance Information recompense is a systematic approach to providing fiscal value to employees in exchange for consort performed. Compensation may achieve several(prenominal) purposes assisting in recruitment, line of merchandise performance, and job satis faction. Compensation is a tool used by management for a variety of purposes to scar ahead the existence of the family. Compensation may be ad buted according to the business needs, goals, and ready(prenominal) resources. The tercet c beers I chose for this representative sp here(predicate) ar Public Relations Specialist, lavishly School T each(prenominal)er, and accommo envision Coordinator. The reason out for me choosing these proper(postnominal) c atomic number 18ers was that Ive held each one at some point in clock time. In this gaucherie study we will come across wherefore each job has incompatible profit ranges and wherefore. nous 1 Doing this query Ive come to find that f each(prenominal) disc everyplace of the three jobs that I selected, a fancy coordinator is gainful the most on bonnie. The task coordinator is gainful $89,509 a grade on medial(a).I was shocked to find proscribed that out of the three c areers chosen, that a exoteric transaction specializer is paid the least(prenominal) of all three. The universal transaction specialist on average is paid $45,931 a twelvemonth. I expected that the send aside coordinator position would be the highest paid out of the three, however I did non expect for the instructor to be paid more ($53,447 a grade on average) than the public transaction specialist. I expected the instructor to be paid the least of all three. Usually teachers are thought to be paid the least when comparison to other professions. some factors that could bestow a ramify in the difference could be number of days shited (teachers usually own a 9 month work year), levels of responsibility the job c arries ( be after coordinators are broadly speaking in charge of seeing an routine through from beginning to end) whether or non the bulgeicipation is private or evince funded (teachers are usually employees of the put in, little notes is involved) are some factors that could perchance be the differences in sacrifice scarce to create a few. Question 2 unlike jobs come with varied benefit packages, and thats just how the cookie crumbles.Project coordinators on average devise $7,217 on average a year in bonuses. The project coordinators get hold of the highest bonuses out of three companies selected. Next out of the three is public traffic specialist. The public relation specialists on average make $532 in bonuses a year. Lastly we rush the teachers. Teachers make $0 in bonuses a year on average. Teachers may oblige the most important job in the public eye, but in foothold of bonuses there is no merit to roll in the hay bonuses. Teachers are expected to furnish up and teach the students so that they will do well on the state test.The project coordinator on the other hand makes a nice little penny when it comes to bonuses. Project coordinators invite a lot of tasks to obtain with a short period of time to do so. When deadlines are met or grind away certain bonuses may be awarded. Bonuses in this field are performance based. When relations with public relations specialist its tricky to talk about bonuses. some(prenominal) factors that effect bonuses in this field are, is the company private owned or are you running(a) for a person, what field you are doing PR in just to reboot a few. Depending on what hold off collection plate the company has in place could adjoin how bonuses are set up as well.Question3 Stock options are benefits in the form of an option given by a company to an employee to buy computer storage in the company at a discount or at a utter fixed price. With the data that was throw for these three careers, there wa s no inception option selective info available. To me the Teacher is the and professions out of the three that I suppose arent allowed stock options. There are no stocks in public schools, so you thronet earn something that doesnt exist. Project coordinator and public relations specialist are entitled to stock options.The find out factors to whether or not stock options are made available lye solely with company. If the company offers stock options, the people who are in the public relations specialist and project coordinator positions are eligible, it just awaits on the company. Teachers cant get them, because they are not offered in that public sector. Question4 later adaptation the job interpretations for the three careers I chose, I found the platform coordinator and the public relations specialist descriptions were pretty a good deal unspoiled on the money, however the inform description was acking and left a lot to be desired. The description for the program co ordinator was right on the money. It gives you an accurate run down on whats expected from the position, and what is required to ful pack the position at its maximum capacity. The description I read for the public relations specialist may have been the vanquish one. The description given for this job miscellaneous a clear and accurate shew of the position. From my personal have the description I read for the teaching position was generic and lacking of substance. It didnt quite peak what the job entails in detail.I deal the descriptions were worded to give the job seeker an overall deal of the job. Question 5 After researching these positions in my local playing area my findings were not that surprising. The area I did my study for was Chicago, IL, and Chicago return are a lot higher(prenominal) than most other cities. The reason why I think Chicago remuneration are higher than most is delinquent to the court of living for one. other is the Illinois state tax is higher than most cities as well. Location is one of the biggest reason I can say as to why the cook up grades are higher here in Chicago. roughly factors that play a part in mend that effects pay could be, but not bound to crime, taxes, make up of living, and environmental conditions. With the public relations specialist, and program coordinator positions, their pay is 7% higher in the city of Chicago. Teachers in Chicago on average make $14,670 more than the average stated on the web settles. These findings really werent surprising at all, they were sort of expected. Question 6 The information on this site would be very beneficial to a graduate fresh out of college doing their subscribe negotiations.I would use the information in my negations by cacographying off with getting a clear understanding of my duties going off the description set forth by the website. The website gives good information to start a recompense negotiation, because it gives you a median to start your negotia tion off with. When doing these negotiations I would show the median verse for the task set forth by the description giving. A few factors that might have a bearing on the compensation could be but not limited too billet, the companys revenue intake, eld of experience, and education level just to call in a few.Question 7 The labor markets for these particular(prenominal) jobs are voluminous in the adept of the fact that these careers have markets all over the world and in many different fields. When talking about labor markets you have to remember that labor markets may be local or national in their scope and are made up of smaller, interacting labor markets for different qualifications, skills, and geographical attitudes. They depend on the exchange of information in the midst of employers and job seekers about wage rates, conditions of employment, level of competition, and job location.People working in the three fields Im application program in this case study are recr uited all over the country to fill positions they are qualified for. The geographical location of these jobs plays a huge part in the compensation wages paid out. After doing some research it seems like gray rural states have the lowest nonrecreational wages. Using the teacher position for example, a teacher starts of at $32,400 a year in Jackson, MS, but that same teacher would start of at 44,230 a year in the suburbs of Chicago. Geographical location plays a major part in wages.In the States of Mississippi, Alabama, Tennessee and tabun all these positions are paid less than states such as Illinois, New York, chapiter D. C, Florida, and Dallas. Question 8 The median teaching salary was $52,447 on average for the year. The marginal salary is $34,327, thats an $18,120 difference. Geographical location plays a huge part in these wages and the differences. Like I stated before the rural and southern locations generally have the lowest wages. The highest pay on average for a teac her is $71,093 a year, thats an $18,646 difference from the median salary.The median salary for a public relations specialist is $45,931 dollars a year. The minimal salary for this position is $34,121 a year, theres an $11,810 difference in the pay. The highest level of pay for this position is $55,657, theres a $9,726 difference. In this position, bigger cities have the outmatch market for this career. A program coordinator income on average is $89,509 a year. This career is paid rather well. The lowest average salary is 68,779 a year, thats a $20,730 difference. The highest pay on average for this position is $116,436 a year, thats a $26,927 difference.The higher pay is usually located in major cities, with large populations. There is a large number in variations in these salaries. Some factors that can play a part in these variations are but not limited too education, geographical location, old age on jobs, the employers financial state just to name a few. Question 9 The inform ation on www. salary. com is very sufficient. What makes me think this that they covered all bases? I sprightliness they go above and beyond, especially the fact they have their compensation consultants create a composite view for each job using a proprietary mathematical pretense built by Salary. om. The model takes into account the statistical reliability of each data point, the robustness of the data within each data point, the effective date of the data reported, and the industry, geography, or company size biases within each survey. What else leads me to believe that the information is accurate is that they also have their compensation consultants have collected and reviewed data lotion more than 29 million individuals working at more than 16,000 companies. The implications of using orthogonal data can be smutty to the potential employer and employee.Having the wrong salary information could have an employer paying an employee too much for the position, and or vice ver sa. The implications of wrong salary data could be very detrimental. It could displace the employer and or employee for a long step of time. Question 10 Although salary. com is free and has haemorrhoid of useful information, hiring a consultant could even so be very beneficiary to the company. The information provided on salary is garner from a wide range of data. Information gathered for the site may lean heavy toward a particular geographical location.Hiring the outside consultant could give you the actual be in your geographical area. The consultant could possibly provide more realistic numbers for the company. The hiring of the consultant could also be do to double check or just verify the numbers for the companys own edification. Question 11 As a autobus you have many responsibilities, and one of those responsibilities is paying your employees. As a bus there are a few reasons I could think of to warrant paying an employee more than what salary. com suggest. One reas on is internal equity.A manager should review the experience of the employee in relation to his position on the salary scale when excuseing his or her salary. some other factor is that of external equity. A manager should review the employees prior salary history. Another factor is market forces. Managers can justify whirl more money in a period of economic growth, oddly when numerous companies are competing to attract the trump out employees. Another factor that may play a role in offering more than salary. com could be geographical location. If the cost of living is steady rising, a manager might offer more to redeem in that rise of the cost of living.These are a few factors that would heavily mildew my decision as a manager. complemental this case study enlighten me on many things that I would have never thought of. I never imagined that the teacher would be making more than the public relations specialist. Another thing that this case study opened my mind up to was locat ion. Geographical location can be the difference in thousands of dollars of pay. Geographical location embodies a lot of sub factors. Some factors are but not limited to taxes, cost of living, and weather and work conditions. This case study was very insightful and beneficial.Bibliography 1. ) www. salary. com 2. ) http//smallbusiness. chron. com/managers-justify-paying-employees-high-low-14526. hypertext markup language 3. ) http//swz. salary. com/docs/salwizhtmls/methodology. html 4. ) http//smallbusiness. foxbusiness. com/legal-hr/2011/04/25/picking-best-pay-structure-business/ 5. ) http//www. mde. k12. ms. us/school-financial-services/school-financial-services-teacher-salary-schedule 6. ) http//money. usnews. com/careers/best-jobs/public-relations-specialist 7. ) http//www. indeed. com/salary/Program-Coordinator. html 8. ) http//www. wikipedia. org/