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HR Compensation 640: Marketing-Pricing Approach - Essay Example

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The Human Resources department of ABC Corporation has decided to evaluate the job positions within the company and also to finalize a compensation structure based on market data. The main reason for this design of compensation structure is to cope up with the market trends and…
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HR Compensation 640: Marketing-Pricing Approach
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Download file to see previous pages Hence these positions are to be justified by providing fair compensation, close to market rates.
The customer service team has to be motivated and should perform their best, as they face the customers, who are of high value to the company. Hence it is essential to maintain a competitive pay structure as well as an attractive benefits package in terms of bonus. The market survey does not provide information on bonus schemes in pay structures.
In order to resolve these issues, a survey on the market – prices of the jobs is conducted and the results are obtained. These results are then used as the base for designing the compensation structure of the company. In order to develop a pay structure, pay ranges are created based on the survey results and essential measures, such as midpoint, range spread and midpoint differential, are computed and shown in table 1.
The next step in designing the compensation structure is to assign the benchmark jobs to the pay structure developed in the previous section. For each grade, the midpoint is taken as the key measure and the benchmark jobs close to that midpoint are linked to that specific grade. The competitive market rate for that benchmark job is also noted (Flannery et al, 2000). The benchmark jobs are then grouped to the grades as shown in the table 2.
It is the HR department’s decision to either follow the market pay or modify it by including shares and other benefits based on the company’s policies. In order to make the pay structure highly competitive, the HR department should focus on a compensation structure that is slightly higher than the market pay.
In order to address the issue of the non benchmark jobs, the roles and their position in the organizational hierarchy are considered. The values that their roles add to the company are also given high importance (Zingheim and Schuster, 2000).
As the Senior Customer Service Representative is responsible for handling ...Download file to see next pagesRead More
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