Market Compensation Research Paper

4932 words - 20 pages

Market CompensationApril 4, 2011Market CompensationIn a free society, it is advisable to look first at markets when seeking guidance in commercial decision making. Looking at markets means, simply, finding out how other people-large numbers of them-are handling exchanges of goods for goods and goods for labor. When we look at our markets, we discover prominent characteristics of modern-day work; the job is the basic unit of employment, the market - whether expressed in a help-wanted ad or an organizational chart clearly reveals that we think of work as a grouping of related tasks that together add up to a job, usually with a title most people can recognize and understand. Employers make a conscious effort to match their pay rates to those of their local competitors for labor. They are engaged in a sort of auction, making constant pay adjustments to avoid losing good workers to higher-bidding competitors, while at the same time keeping their own payrolls under control. The value added by an individual employee tends to increase with the passage of time, and employers recognize and reward employees for the resulting gains in productivity with periodic pay raises, (BLR, 2008, p. I-6). This paper focuses on evaluating the compensation strategies for executives, and for sales forces and contingent workers. Also analyzing the ethical issues in compensation management, examining internal controls utilized in compensation management, and discussing how the compensation of executives, sales forces, and contingent workers relates to the Fair Labor Standards Act and prevailing wage laws.Executive Compensation Strategies:The Francis E. Parker Home is a non-profit healthcare organization that provides various long-term care services to the community. This company has over 100 years of history and continues to explore its horizon by establishing various services. Parker Home continues to expand and currently has over 320 employees. Parker Home's intent has always been to provide employees with a highly competitive monetary and benefit package. Parker's initial salary offers are based on the years of experience of the candidate and the salary range. Salary ranges are obtained from market place data and revised regularly. Once hired, employees' annual increases are based on their performance review. Employees also receive pay increases on annual basis based on the employee's December performance evaluation. This pay increase is considered a merit/performance based system. The funding available for increases is determined annually, in December, by the Board of Trustees. Individual employees' percentage increase is determined by the sum of their evaluation and by the amount of funds available.Employees who come to the top of the range only receive increases as the range moves. Employees who are at or above the maximum of their range receive an increase based on their performance evaluation score. Parker's management decides if the employee's increase should be...

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