More compensation information is available than ever before. Click on the website www.salary.com. This site provides pay data on hundreds of jobs in cities all over the United States in many different industries. Identify several jobs of interest to you, such as accountant, financial analyst, product manager, or stockbroker. Select specific cities or use the U.S. national average. Obtain the median, the low and high base wage, and total cash compensation rates for each job. Then consider the following questions:
1. Which jobs are paid more or less? Is this what you would have expected? Why or why not? What factors could explain the differences in the salaries?
2. Do the jobs have different bonuses as a percentage of their base salaries? What could explain these differences?
6. 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?
9. Look for a description of how these salary data are developed. Do you think it provides enough information? Why or why not? Discuss some of the factors that might impair the accuracy of these data. What are the implications of using inaccurate salary data for individuals or companies?
10. With this information available for free, why would you bother with consultants’ surveys?
11. If you were a manager, how would you justify paying one of your employees either higher or lower than the results shown on this website?
Your responses Must be a minimum of 800 words (in total for all).
Reference these books please if using references.
page 478 of the combined text (or 292 if you are using the compensation text.)
Managing Total Rewards [Custom Textbook] McGraw-Hill ISBN: 9781308430874
1) Martocchio, Joseph, Employee Benefits (5th ed) ISBN: 978-0-07-802948-6 AND
(2) Milkovich, Newman & Gerhart, Compensation (11th or later ed) ISBN:978-007-8029493