Part 1: Salary surveys serve many purposes, ranging from wage determination to c
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Salary surveys serve many purposes, ranging from wage determination to competitiveness in the marketplace to internal salary equity concerns as they arise. Salary surveys are conducted with numerous employers to determine pay levels for specific job categories and are generally done either by region, sector, or job classification for comparability. In conjunction with other tools, salary surveys can provide useful information to attract, support, and retain employees within the context of an overall HR and organizational plan. When designed and used correctly, salary surveys can provide useful benchmarking information for comparing salaries and benefits.
Book: The World at Work Handbook of Compensation Benefits & Total Rewards by World at work
Part 2: https://youtu.be/CnBsWsY6O7k Now, based on the video’s information and discussion, you get to decide 3 important factors (or take-aways) you want the executive team to know about pay structures. This is the executive team, not regular managers, so be sure your factors are well thought-out and high-level.
Please view the following video in its entirety:
In the video, base pay and variable pay are discussed. What are the main differences between each? How would you used variable pay to drive organizational performance? Be specific.