HRM 598 Week 4 Case Study; Getting and using
Compensation Information
HR598 Compensation
HRM 598 Compensation - DeVry Case Study: Getting and using Compensation Information 1. Which jobs are paid more or less? Is this what you would have expected? Why or why
not? What factors could explain the differences in the salaries?
According to the selected field such as accountant depending to the experience
and roles and responsibilities some jobs offered excellent perks with bonus as well as
certain additional benefits such as car, house, drivers etc. this happens because of the
nature of the role or profile of the specific position. At the same time we have found some
positions which are relatively less in terms of compensation this is purely because of
experience of the candidate and other roles and responsibilities asked to perform by the
professional. During our search activity we have expected the same result which
according to the industry is well informed since this is the basic factor and function of the
HR Department to evaluate the roles and requirement of the particular position and
accordingly offered the right remuneration for the particular position currently to be
required filled with right and deserving candidate. Again the salary depends on the skills
required for the particular position like for example a normal taxation accountant will not
get the benefits as a CA would enjoy.
2. Do the jobs have different bonuses as a percentage of their base salaries? Why or why
not? What could explain these differences?
Yes various jobs have different bonuses and percentage of their base salaries. This
is because of the simple reason that a specific job or position is required specific skills
and according to the requirement of the job if professional is also needs to have more
experience in specific field than the perks or benefits were also includes have certain
percentage or as some additional benefit to the employee. The bonus is basically an additional benefit to the employee which at times is added in salary component just to
have additional benefit to the employee joining the company. The difference in
percentage of bonus is simply identifying the importance of the position and some
additional changes on higher side in bonus also motivate the professional to perform the
required task more effectively and efficiently. The difference in bonus also clearly stated
that the required position is to be maintained with dignity as well as need actual inputs
with timely corrective action to deal with various issues or matters concerns.
3. Do the data include the value of the stock options? What are the implications of this?
Depending upon the requirement of the job and according to the nature and
responsibilities of the position the stock options is offered to very senior level profile like
CEO or COO or CFO where in a person is to maintain the corporate culture and respect
and have to continue the success momentum or need to develop a strategy which helps in
moving ahead and clearly define goals for company showing right direction and to
achieve success in its operations. Stock options is also offered when the performance of
the individual force management to promote then to the Sr. Management position and
based on the HR policies as per the new role if stock options is to be offered for this
position it should be offered or if a person as sated above is joining at very senior level
then this exercise is applied. Offering a stock option as compensation is risky some times.
An employee is getting the benefits of stock options will also have certain implications
on the same. If employees dispose of their stock option rights to the employer for a cash
payment or other in-kind benefit (cash-out payment), the employer can deduct the cashout payment
4. Read the job descriptions. Are they accurate descriptions for jobs that you would be
applying for? Why or why not? Are there jobs for which you cannot find an appropriate
match? Why do you think this is the case?
Based on the criteria for searching job on portal with results one thing is very
clear that the accuracy of the jobs is limited to the initial some job position displayed in search result. Even the job description of the particular job is not accurate in some of the
position. This is happening because of the simple fact when we search the search engine
used in job portal works of the specify words and where ever it matches the words the
result gets displayed. At the same time if a person is having certain level of experience in
specific field may be the result displayed is not satisfying his needs at the same time the
same result may be useful for some person who respectively is having less exposure in
field. While searching for the opportunity on job portal this happens quite a number of
time the result displayed were not appropriate this is happening because of the poor
selection of the words based on which the result is displayed to the end sure. This is
simply the case of mismatch of the required details as search engine on the portal act as
per the words we select of parameters which matches with the required filed and finally
result is displayed.
5. Check out pay levels for these types of jobs in your school's career office or other local
or regional source. How does the pay for jobs advertised in your career office or other
local or regional source differ from pay levels on www.salary.com? Why do you think
these differences exist?
As per the market research and result displayed on different job sites like
www.monster.com and even in the market as well the pay level of the jobs based on the
following parameter designed by the HR department of the company:
Qualification
Experience level
Understanding of the subject
How identical is an individual in handling concern areas.
How fast he could respond to the problem and offer the possible solutions.
Depend of the nature and the responsibility of the Job pay levels are different for
the same job and the level of the pay is also depends on the status of the company in the
market. The offered from the company is generally done through with the help of the local news paper or using internet even at time the same job is offered through campus
placement. So the difference in pay level is according to www.salary.com is different in
other sources since job levels were not of senior in nature where as in other sources be it
news paper or other web portal the job profile identified is of senior level so difference is
definitely exist within the industry.
6. How do you use this information while negotiating your salary in your job after
graduation or when you apply for a different job? What data would you provide to
support your "asking price"? What factors will influence whether or not you get what you
ask for?
Because of the technology today an active job seeker is having lot of options
available to get the desired information about particular job, company or specific
industry. The availability of information helps in finding the reliable source and more
details about the specific job or company. The availability of the information is useful
while negotiating salary with company. When you apply for any job or when you called
for the interview a little research about company and culture while presenting yourself to
company will definitely create interest in your profile because of the simple reason
though homework and preparation for the interview display the individual nature and
build trust that the person is responsible for the particular job. The moment you earn this
confidence you are on the top of the world and could negotiate asked package. The
negotiating process is role of the HR department and since your presentation and
performance is already evaluate during the round of interview. While negotiating pay
package we could simply present the data collected by different source such as internet,
news paper or may be refer any existing employee or employee resigned from the
position. Asking pay package depends on your presentation and how confident you are in
the field and your behavior during the interview process.
7. What is the relevant labor market for these jobs? How big are the differences between
salaries in different locations? Different organizations and different location have different requirement for these
jobs. An accountant job is responsibility may be corporate office is different as compare
to the regional or city office at the same time financial analyst role is different depending
to the location. For example a financial analyst in major metro will be helping very high
net individual in managing their income at the same time he is helping may be middle
class family in managing their income in small cities. Depending on the location and
facilities the pay package also differs. This is one of another reason why the difference in
pay packages. Salaries in metros is may be consist of a component of travelling
allowance or Daily allowance whereas the same component is not added for the same role
and responsibilities for small town or may be at regional office. So difference in salaries
is based according to the location the job and facilities offered.
8. For each job, compare the median salary to the low and high averages. How much
variation exists? What factors might explain this variation in pay rates for the same job?
Since we have identified jobs for accountant, financial analyst, product manager,
stockbroker, or manager compensation manager with compensation details wherein we
have analyzed the difference of the salary is based on various factors such as number of
years of experience, qualification, job location, industry knowledge etc. the average
salary for Accountant is $44174 where as the high figure is not fixed and depending to
the company status it is asking to open for discussion. The one reason which is definitely
figure out is whatever is the compensation offered for the specific level of position if you
are good negotiator the possibilities is to negotiate is higher which ultimately forced HR
department to restructure the package offered.
9. Look for a description of how these salary data are developed. Do you think it provides
enough information? Why or why not? Discuss some of the factors that might impair the
accuracy of these data. What are the implications of using inaccurate salary data for
individuals or companies?
Based on the various search performed on www.salary.com for the different profiles and when evaluate the pay level for different jobs basically salary structure is
developed using different component which include basic, bonus and other component
depending on the level of the position. For reference kindly check the link
http://swz.salary.com/SalaryWizard/Accountant-II-Salary-Details-New-Albany-IN.aspx
Based on the information accessed the salary details offered on different position helps us
in getting all relevant information. Since Salary Structure is based on the different
parameters such as experience, qualification, location and company status so the offered
structure helps in understanding the company status. Like for example Basic+ Bonus
component includes almost all percentage of the salary breakup with some additional
benefits include social security, healthcare, pension etc provide all required information.
At the same time under estimation of the salary package for particular job will demotivate
individual since they will have impression of not getting paid for their efforts or paid less
for their efforts. This impression will also create a bad name of the company in the
market which will have negative impact on the company’s image. So defining the right
salary structure is very important for HR department.
10. With this information available for free, why would you bother with consultants'
surveys?
This is good to have all the required information easily available over the internet
or through other sources like market research or discussing the relevant details with
colleague or friends or getting information from news paper is actually save times in
making decision. But at the same time this is always a good practice to consult the details
offered in regard to the job opening or company status from market. Such activity will
help in satisfying the individuals thinking with respect to the market condition that
ultimately helps in selecting the right carrier opportunity in this competitive world. Since
due to advancement of the technology companies were also looking for the bright
candidate and looking forward to select the best of the talent within the pool of the
applications so applicant also looking forward to join the best places to work for. 11. If you were a manager, how would you justify paying one of your employees either
higher or lower than the results shown on this website?
The salary structure for the particular role is defined as per the various parameters
as discussed above. When an applicant join any organization he was offered X amount of
packages which include some additional benefits as well depending on the level of
position. After joining at the time of appraisals when individual’s performance is evaluate
and based on the ranking some employees were getting higher increments and some were
getting average or below the average hike in the base package. This is justify since the
hike was depending on the ranking of the particular employee at the same time when a
new individual join the company at the same level on which one of your colleague is
working and performing the same set of responsibilities which new joiner will be
involved and offered slightly higher package in comparison to other a manager need to
handle this very tactically because this would create the impression of inability between
the employee which affects the performance of individual. The lower package will not
have very adverse effect where as higher package will always create problems which
could be justify according to the situation as well as considering the situation.
12. In your conclusion, highlight one thing you learned that would help you in the future.
Finally going through with all the concerns and response discussed for the various
areas we have understood to have bright carrier we have to select the best of the options
and when appearing for the interview one should ready with all information about the
company and reply positively to all the queries asked by the interviewer. At the same time
while discussing the salary package we have to play a role of good negotiator to get the
best of the salary package and once joined the company just put our all efforts and always
ready to find the solution of the problem and help management in finding new
possibilities to explore and help in making strategy for the better future.

 

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