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Summary As an organization develops a Total Rewards Strategy, one of the primary categories to con

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NURS 6630 Psychopharmacology

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Walden University

As an organization develops a Total Rewards Strategy, one of the primary categories to consider is the compensation category. For a company to maintain a competitive edge, pay adjustments should be made based on job market fluctuations. As such, it is imperative to know where to begin as an HR prof...

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as an organization develops a total rewards strate
one of the primary categories to consider is the
pay adjustments should be made based on job marke
it is imperative to know where to begin as an hr
a

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HRM 533 Week 2 Discussion

As an organization develops a Total Rewards Strategy, one of the primary categories to consider is the compensation category.
For a company to maintain a competitive edge, pay adjustments should be made based on job market fluctuations. As such, it is
imperative to know where to begin as an HR professional.
 Discuss the steps needed to make an informed decision about pay adjustments or to develop a pay structure.
 Identify at least one method for gathering valid market data, at least one decision factor associated with collecting
market data, and at least one data source.
 Discuss how the chosen data align to make organizational decisions, or potentially hinder progress for an organization.
 Share your experiences in your narrative.

Discuss the steps needed to make an informed decision about pay
adjustments or to develop a pay structure.

Having and maintaining a strong pay structure is imperative for any
business, if a pay structure goes astray with the labor market a business may
find itself paying their employees
too much and increasing operating costs or the opposite and underpaying and
losing employees and having trouble attracting new talent. Since internal job titles
and job descriptions don’t always align with the market, knowing what each job
entails and the value to each business will help establish pay more efficiently.

 To start developing a pay structure a job analysis needs to be
conducted. Getting job descriptions outlined with duties, requirements,
and qualifications for each position, and conducting a job evaluation. With
the help of senior leaders determine the value of positions by comparing
each position to one another under criteria such as skills, knowledge, level
of responsibility, workload, and impact on revenue. At this stage to
help avoid biased decisions an external observer can help
distinguish jobs from employees.
 The next step is to determine the form of the pay structure by either
benchmarking or pay grades or using both methods. With benchmarking,
each job is assigned a pay range. By benchmarking pay can be more

, HRM 533 Week 2 Discussion
competitive and paying higher than the market can result in hiring and
retaining top talent. Pay grades are groups sorted by a function that a
similar in nature or value that demands the same skills, education, or
responsibility, so the pay would be the same grade and would fall
anywhere between minimum and max range.

As market conditions change and unemployment fluctuates pay structures
will need to be updated and revised at least annually and see if the pay is
competitive, are the new positions that need to be placed in the pay structure, is
there room for pay raises for the employees, is
the pay aligned with the organizational levels, is the pay structure in sync with
succession and career development plans, and do the employees view are pay
structure fair ( Bika, 1).

Identify at least one method for gathering valid market data, at least
one decision factor associated with collecting market data, and at
least one data source.

One factor used in gathering market pay research according to location
and industry is using websites such as PayScale, Salary.com, and the Bureau of
Labor Statistics. PayScale and Salary.com collect data through purchase
compensation surveys and information from HR staff then use analysis software
to determine a range of compensation based on pay practices of all businesses in
the country (Farrington, 2). The U.S. Bureau of Labor Statistics also uses a
program called the Wage Records Program (WR) to compile wage data to
support analysis. As part of the Unemployment Insurance (UI) program, states
are required to collect information related to wages to provide unemployment
benefits to eligible workers. An important source of information for
understanding the labor market is wage records. Data containing an individual's
employer and total wages are collected through the Wage Records Program to
create a workforce database (U.S. Bureau of Labor Statistics, 3).

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