Getting and Using Compensation Information
Abstract
This paper will explore Getting and using Compensation information. Three (3) jobs will be chosen in which we will compare these jobs and see why the salaries differ. Also, we would look at the type of bonuses, data, and job descriptions each job has. We will compare which jobs are the paid the most and which are paid the least and determine why.
Getting and using Compensation Information
“Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according to the business needs, goals, and available resources.” (www. hr-guide.com/data/G400.htm)
The three (3) jobs that were chosen to compare in this case study is Accounting Director, Total Compensation package $ 187, 490. Product/ Brand Manager, total compensation package $135, 243 and Finance Director, total compensation package $ 355, 950. In this case study, we will compare the different salaries, bonuses, median, and 25th and 75th percentile. We will examine why each job has a different salary range and why.
Question#1
The job that is paid the most is Finance Director. The job that is paid the less is Product/ Brand Manager. In comparing these two jobs, the requirements for Finance Director are higher and the job entails more work. The Finance Director is in charge of the organizations financial policies. Oversees all financial functions whereas, the Product/ Brand Manager has to report to a senior manager and manages, develops, and implement marketing activities to maximize sales of an assigned brand. Analyzes brand performance, brand competitiveness, and product trends in the market place and develops strategies for assigned brands based on research and analysis. (www.salary.com). I expected the Finance Director Job to be paid higher because of the years of experience the employer is asking for and the level of education. On the other hand, the Product/ Brand Manager Job have to report to Senior Management although they are in a management position. Also, the Finance Director Job has a lot of tasks to be taking into consideration a lot more responsibility than that of the Product/ Brand Manager and certain decisions has to be made by the Finance Director whereas, the Product/ Brand Manager still reports to someone about him/ her.
The Factors which could explain the differences in salaries are the responsibilities