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Class discussion you will identify wage and salary components of an effective performance appraisal program - Essay Example

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When conducting a wage and salary survey, the factors to consider include the compensation rates paid by competitors within the same area or scope of endeavor; outside sources of data (such as information from the Bureau of Labor Statistics; state and local wage surveys; and…
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Class discussion you will identify wage and salary components of an effective performance appraisal program
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Download file to see previous pages parability Survey and stipulated that prior to conducting the wage and salary survey, “an analysis of the employee compensation system should be based on a thorough understanding of applicable regulations and exploration of the personnel policies and procedures, processes and expenditures supporting an agency’s compensation plan” (Center for Community Futures, n.d., p. 1). Then, the projected level of compensation should be explicitly determined and identified; in conjunction with the resources or funds of the organization. This would enable the decision-makers to gauge the capacities for making the necessary adjustments in pay scale, depending on the results of the wage and salary survey.
It was emphasized that wage and salary surveys are tools which assist in maintaining “internal and external pay equity for employees” (Chapter 9: Managing Compensation, 2012, p. 34). As such, to conduct employer initiated wage and salary surveys, the following crucial steps and factors need to be considered: (1) the appropriate selection of key jobs to be surveyed; (2) a determination of the relevant labor market; (3) selecting organizations to compare current pay structure with; (4) deciding on the information that needs to be collected: wages, benefits, pay policies, and other pertinent data affecting wages and salaries; (5) effectively compiling and using the information that is collected; and finally, (6) determining the wage structure to be paid based on the payment goals that were originally set (Chapter 9: Managing Compensation, 2012, p. 36).
For instance, there is the National Compensation Survey prepared by the Bureau of Labor Statistics which is an area-based survey and collects information based on geographic location; the number of establishments which are representative of each location; all occupations within the identified establishments that are included in the survey; and finally, the wage and benefits given in each occupation. As disclosed, the ...Download file to see next pagesRead More
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