Compensation Pay Structure Coursework Example

Compensation Pay Structure Name Institution 1. According to the O*NET (2016) website, the average pay for the following jobs is as follows: Janitor- the median wage as per the 2016 structure is $11.63 per hour total to $24, 190 annually. Accountants – the median wage is $32.76 per hour, a total of $68,150 annually. Human resource managers- the median wage is $51.40 per hour and a total of $106,910 annually. Radiologist- the median wage is $99.48 per hour total to $206,920 annually. Bricklayer- the median wage is $23.68 working hourly and a total of $49,250 annually. Chief executive officer- the median wage is $87.12 hourly and a total of $181,210 annually Pharmacist- the median wage is $58.77 hourly and a total of $122,230 annually. 2. Compensable factors percentage Degree Points 1.Education required Less than high school diploma High school diploma College Bachelor’s Degree Master’s degree Doctoral degree 50 1 2 4 5 5 6 250 15 20 30 45 60 80 2.Contact with others Face to face contact Telephone communication Providing instructions 30 1 2 3 150 30 55 65 3. Time pressure Less than normal working hours Normal working hours Working overtime Work at any time required 20 1 2 3 4 100 10 20 30 40 Total points 500 3. Drawing The lag approach of pay is used when the employer has established the rate of pay throughout the year that is less than the pay dominating the marketplace. 4. The base salary is the lowest pay to the workers, and it factors in the compensable factors like education required, contact with others and the time pressure. 5. The top salary is the highest level of pay workers receive. The will be determined by the compensable factors and the market pay. 6 The promotions within the pay grades should be done by merit where the performance of the individual worker is put into consideration. By examining the merit of the worker based on the performance, the duties, goals, and objectives of...