Compensation Evaluation – coursefighter.com
Business Finance – coursefighter.com
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 discrepancy in compensation between Susi, a 2-year employee at $28,000, Tom, 5-year employee at $27,000, and Raul, a 10-year employee at $33,000. All are employed as certified medical assistants, yet they all make different amounts of money. According to survey data, all three employees are below the market rate for this job in the local job market. All three employees are also exemplary employees with near perfect scores in their most recent performance evaluation.
Write a 700- to 1,050-word paper that includes the following:
- Explain the discrepancy in pay among the current employees.
- Describe the strategy you would take to correct the internal equity issue.
- Describe the strategy you would take to correct the external equity issue.
- Explain how you will ensure that new hires will be paid equitably both internally and externally.
- Explain how an organization’s Total Compensation strategy affects an organization’s financial operations and its ability to attract, motivate, and retain top talent.
Cite all sources according to APA formatting guidelines.