Establishing Pay Rates

You are required to answer the following questions. You should save your answers in a Word document for submission. Make sure to include your name and student id number as part of the Assignment response. For each assignment, you are expected to answer the assigned questions in your own words. Each assignment paper should be at least 300 words. Papers less than the required 300 words will get zero. This does not mean each question requires a 300-word response; rather, the total number of words for answering the questions must total more than 300 words.

Establishing Pay RatesIdentify a management level position that you would like to hold at some point after graduation (maybe 5-10 years after graduation).  Go online and visit Payscale.com and click "get a free salary report".  Then click "research a job that isn't mine" and insert information for the position.  You can include as much or as little information as you would like.  At the end of the information list, include your email and select a password.  The website will generate a "salary report".  Save the salary report as a PDF file. (You will only be able to generate 1 report for free).  Once you have generated the report:

1. Explain the two items on the report that you feel are the most interesting.  How can this information be helpful to a company establishing pay structures?

2.  Describe how you think this position should receive pay increases over time (consider different pay for performance strategies or seniority based pay increases).  Explain a specific compensation structure that would motivate an individual in this position.