Begin by reviewing a discussion of why pay philosophy is a CEO’s best friend.
Source: VisionLink Advisory Group (2016). Why a pay philosophy is a CEO’s best friend. Retrieved from http://blog.vladvisors.com/blog/why-a-pay-philosophy-is-a-ceos-best-friend
You are an HR professional in your private-sector organization. Your 650-employee organization has four facilities all located in the northeastern part of the U.S.
As you sit down to review the wage and salary pay plan your company offers, one thing that stands out is that your wage and salary package no longer matches the core values of your organization. When your physical retail chain organization merged five years ago with a firm that specializes in online apparel retailing, your company had to hire 200+ employees to keep up with growth.
As a result—and what happens with many companies—the base pay plans for both your hourly and your salary employees were not reviewed or revised. Up until the merger your company paid market rate, but once the merger took place the company adopted the merging company’s plan where pay was based 15% below market value. The base pay plan seems outdated and ineffective now for the type of company yours has become, where 45% of your sales are online.
There are so many questions in your mind! How do you set up the pay ranges for each job? Should there even be pay “ranges”? Should the 100% online employees be paid the same as employees working onsite? Should your company pay be based below market value or some variation of market?
Should raises be based on length of service? Should there be across-the-board raises? Should longer-service poor performers receive raises? Should increases be based on performance results? Should there be industry comparisons of compensation, or should comparisons be made of wages paid by other employers in the local area? Should there be automatic cost of living increases? Should internal equity and/or external equity be considered?
You wonder how you will ever come up with a compensation philosophy. But you know you need to buckle down and begin.
You have current job analysis information (job descriptions and job specifications).
What is needed next are the following steps:
You want to begin pulling together information on each of these steps.
Develop a one-page plan on what you should do in each step. Find at least two valid sources of information to include for each step(at least one source should be something not listed in the module; it should either come from the Trident library or from the internet). Citing sources of information in the text as well as in the reference list at the end of your assignment is required. Citation and reference style instructions are available at https://owl.english.purdue.edu/owl/resource/560/10/. Also see Trident University’s Student Guide to Writing a High-Quality Academic Paper.
In the Reference section, provide a short paragraph on each source used that does not come from the module (the one found on your own). In this paragraph, discuss what criteria you used to determine that the source was appropriate to utilize in your academic paper. You will find the following useful as you critique sources:
Cornell University. (2015). Critically analyzing information sources: Critical appraisal and analysis. Retrieved from http://olinuris.library.cornell.edu/ref/research/s…
Cornell University. (2014). Evaluating Web sites: Criteria and tools. Retrieved from http://olinuris.library.cornell.edu/ref/research/w…
Information Literacy Assessed
In MGT301 (Principles of Management) information literacy was assessed at the “introduced level.” Now at this reinforced level, the MGT411 Case 1 takes information literacy a step further by closely examining the sources utilized. In this Case 1, you will find, select, and incorporate the most effective sources of information, giving special attention to the quality of sources utilized.
The skills needed in these assignments build upon each other and aim to offer you the opportunity to enhance and practice your information literacy skills.
The grading rubric for information literacy at the undergraduate level has been developed to measure student success in meeting the MGT411 Case 1 expectations related to information literacy.
Your assignment submission should be 3-4 pages, and will be assessed on:
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