Your Week 2 Assignment is a 300400 word essay on a topic cov

Your Week 2 Assignment is a 300-400 word essay on a topic covered in your reading this week. Your essay should:

Have an introduction, body, and conclusion

Have a minimum of 2 sources (your text and at least 1 additional internet source)

Sources should be cited and referenced in APA style

Essay Topic:

Compensation data for numerous jobs are more available due to the existence of various websites. The website of www.salary.com provides pay data for numerous jobs in different companies in different industries in different cities throughout the U. S. This case challenges students to apply their understanding of the key concepts of internal alignment and external competitiveness to actual pay rates for specific jobs.

2. Do the jobs have different bonuses as a percentage of their base salaries? What could explain these differences?

3. How could you use this information while negotiating your salary in your job after graduation? What data would you provide to support your \"asking price?\" What factors will influence whether or not you get what you ask for?

Solution

Understanding Key Concepts of Internal alignment & External Competitiveness

As rightly said, we are here to earn and contribute to the society and world at large.

Each business corporate comes up with their unique style of functioning to build an organization which adds value to the society and benefits them by profit making.

Internal alignment refers to the policies and principles of the organization which vary in terms of their strategies, policies and systems. They are also the relationship between jobs, skills and competencies in the organization.

Primarily all competitors would match their Pay Structures in line with the current prevailing market salaries. The designing of Pay Structures is a Strategic Choice of the organization as a part of their Compensation Strategy

External competitiveness refers to competitor salaries, benefits etc to their key employees.

Like Facebook and Google also provide Valet/ Laundry etc services to save time and make employees for comfortable. The services added are also key factor to employee decision making of joining the organization.

Important part of the year is Bonuses for employees

As mentioned by By Kat Boogaard in her article “Employee Bonuses: Everything to Consider Before Cutting the Checks”

Bonus is:

Something given or paid over and above what is due.

Bonuses vary from organization to organization based on overall attitude of management towards employee retention and recognition. Most good organizations use this tool for long term employee satisfaction and gracefully reward the deserving stakeholders.

Bonuses are primarily of 3 types:

1. Performance Bonus-Directly related to sales/ growth/ development in any project or ongoing business. The performance bonus is basically given in form of:

2. Non Performance bonus- Rewards- Longevity, milestones, acknowledging loyalty and sincerity. This type of bonus might not be very financially rewarding.

3. Non Monetary Bonus-Gifts vacations/ awards. This is primarily to acknowledge the contribution of employee to the overall growth and well being of the organization.

To sum it it’s an end of year thank you from the management in form of tangible and non tangible benefits.

As soon as we finish our degrees we can catch an interesting offer on various job portals which will give you comparative study of the available options with the salary and other benefits. Most good portals also give you benefits comparison across cities and profiles.

I have taken an example from www.salary.com which indicates profile for a Management graduate with the available package in New York.

Job Title: Associate Dean

Experience: 0 to 3 years

Typical Education Level: Master\'s Degree or MBA

Salary: 116000 to 175000 USD (approximate)-Data shared from www.salary.com

Job Description

Assists Dean with the management of administrative functions of the college of education. Collaborates with Dean on planning college strategic initiatives and supports on college fundraising. Provides administrative leadership in areas of curriculum development, institutional assessment and improvement, human resource, faculty development and performance appraisals, budget and finance, and facilities planning and management. Typically requires an advanced degree. Typically reports to a Dean. Typically manages through subordinate managers and professionals in larger groups of moderate complexity. Provides input to strategic decisions that affect the functional area of responsibility. May give input into developing the budget. Capable of resolving escalated issues arising from operations and requiring coordination with other departments. Typically requires 3+ years of managerial experience.

To sum the discussion we can be vigilant in our choice of city versus cost of living. The job profile will define our future growth opportunities. The initial years will add to your experience and should make you a sought after employee. Knowledge of market scenario, job opportunities, prevailing salary will make it easier to negotiate a good package.

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