You were hired to work as a HR Consultant for a small local hospital, with the task of expanding the workforce of certified medical assistants. Looking at the current three employees, you find a discr

Running head: Compensation evaluation 0

Compensation Evaluation
Jeannette Stanley
Total Compensation/HRM 324
August 26, 2019
Jerry Davis

Pay Discrepancy

Workers in all conglomerates are always on the lookout to see what they will get since they invested their skills as well as their services at their workplaces. Well in the end-run, the proprietor ought to meet the contract agreement. The diversity of workers in the organizations cannot go unnoticed as their ranking diversifies from their skills, experiences as well as the positions they occupy. Well with the diversities, depicted workers are seen to bear different payrolls or wages. The reason for the diversification can mainly be attributed to either education or their working experience. The higher of either education or experience, the higher the pay. Skills also attribute to the discrepancies in the wages take for instance worker with the desired skill and another who fails to meet the desired skills, having the desired skill differentiates one from the rest and thus the proprietor will be willing to dig deeper to satisfy the worker other than those that lack the skill. Having skills is a plus advantage especially to employers. Sometimes workers are discriminated by the employer especially due to their ethnic groups whereby the employer fails to pay them based on their true value.

Internal Correction Strategy

Policies to counter wage discrepancies should be rolled out especially on individuals performing the same roles in the companies. Reviewing worker experiences while placing them on a wage scale I a bid to match their experiences. Well, the policy will be in a bid to avoid incidents where workers get less than they deserve. Supervisors should avoid being biased especially during payment of salaries where the worker's affiliation or background does not affect their pay results. In a bid to counter the internal wage differences discrimination should be done away with for cases that workers are unable to negotiate about their wages compensation as well as allowances should come in handy (Judge, 2010).

External Correction Strategy

This is a situation whereby diverse conglomerates offer different wages for workers ‘in the same field of work." Typically, employers do this to increase their revenue while reducing labor costs. In a bid to correct external equity issue labor decrees should be advocated for whereby a limit will be set for instance standard salaries. With the standard wages in place, trade unions should also be fostered to negotiate uniform wages for the diverse jobs for the members affected. These initiatives will come in handy in ensuring that all workers will receive their due pay in full thereby the employer does not cut the labor costs to increase their revenues.

Equitable Pay among New Hires

In the event an employer intends to increase the number of staff, he or she will go for the best of the best in other terms those that portray the most desired characteristics. With the new talent, the employer in most cases tries to minimize the labor cost with each new talent. This being the case the new employee will have a hard time adjusting as he or she is not paid his or her full pay. Well to avoid this the new worker needs to a member of a trade union where the union will negotiate his pay as well as follow up on his or her working condition to avoid them being exploited. The worker should not rely on this alone however they should ensure that the labor decrees, as well as employment acts, govern their new employer in a bid to avoid any case of discrimination while at work (Chng, 2012).

Total Compensation and Financial Operations

Compensation strategies tend to have positive effects on conglomerates that adhere to them. Well, the conglomerates ensure fairness especially inters of wages to their employees. In so doing, a good public image is created not to mention the advancement of the conglomerate as the workers feel well compensated or motivated while working under the firm in return the conglomerate gets better returns. While the workers work at their optimal level, the total production costs are surpassed by the gains. Because of the conglomerate good payrolls, more skilled individuals will be attracted to the firm as they are aware that the company will pay them quite well. Workers will maintain their optimal work rate to avoid replacement by the management (Bamberger, 2014).

References

Bamberger, P. A., Biron, M., & Meshoulam, I. (2014). Human resource strategy: Formulation, implementation, and impact. Routledge

Chng, D. H. M., Rodgers, M. S., Shih, E., & Song, X. B. (2012). When does incentive compensation motivate managerial behaviors? An experimental investigation of the fit between incentive compensation, executive core self‐evaluation, and firm performance. Strategic Management Journal, 33(12), 1343-1362.

Judge, T. A., Piccolo, R. F., Podsakoff, N. P., Shaw, J. C., & Rich, B. L. (2010). The relationship between pay and job satisfaction: A meta-analysis of the literature. Journal of Vocational Behavior, 77(2), 157-167.