Assignment: Determining Pay Mix and Pay Levels in a Competitive External Environment
If, workers are leaving their jobs in record numbers, and they are leaving in droves to seek more money, how can companies be competitive in the labor market? If they have to create a pay system that is better than their competitors, what is the cost to their bottom line? Is it always best to match the pay rates of the competition or are there benefits to setting the pay rate higher or lower? Are salary surveys the best way to determine the correct pay level and pay mix relative to competitors and company resources?
Do people choose to work for a company solely based upon base salary? Are there other factors, outside of salary or base pay, that will shape employee behavior and attract qualified, eager potential employees? What role does the stock market have in salary decisions? As you can see, there are many factors to be considered when establishing pay levels, pay mix and their influences on employee attitudes and work behaviors.
Review the attached resources and other resources you have found online, then respond to the following bullet points in a 3- to 4-page paper:
- Analyze three factors that shape an organization’s external competitiveness.
- Examine the difference between lead, lag, or match policies when determining pay level policies.
- Research a company of your choice and examine why you believe the company uses its current pay level policy. Considerations should be given to a company with the ability to attract or retain employees, labor cost containment, pay dissatisfaction, and productivity increases. A popular and well-designed website to use could be the following:
- U.S. Securities and Exchange Commission. (n.d.). EDGAR. Company filings. https://www.sec.gov/edgar/searchedgar/companysearch.html
- To find a particular company’s Form 10-K filings, use the Company Search for the SEC’s EDGAR database. On the returned listing of filings for the company, enter “10-K” in the Filing Type box near the top of the page to filter for only 10-K forms that have been filed.
- Examine factors that determine the relevant market for conducting a survey.
- Outline the steps organizations should take if they discover discrimination as a factor in their pay policy.
- Explain why a company would conduct a job evaluation and not simply use market pricing
Sources:
Gerhart, B. & Newman, J. M. (2020d). Defining competitiveness. In Compensation (13th ed.) (pp. 209–256). McGraw-Hill Education.
Gerhart, B. & Newman, J. M. (2020f). Designing pay levels, mix, and pay. In Compensation (13th ed.) (pp. 257–302). McGraw-Hill Education.
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