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BHR 3352 Human Resource Management

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BHR 3352 Human Resource Management

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BHR 3352 Human Resource Management

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Course Code: BHR 3352
University: Columbia Southern University

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Country: United States

Question:
Compensation Purpose and Strategy:
The purpose of this assignment is to choose a compensation philosophy that is appropriate for your chosen firm and articulate a rationale for this selection.There are two aspects to this assignment. First, describe the risks and benefits with leading, meeting, and lagging the market in overall compensation and benefits. Next, choose the appropriate strategy (lead, meet, or lag) for your firm, and provide rationale about why this is appropriate.Consider some of the following factors in your assignment:1. Payroll expenses are usually the highest expense at most firms. If you lead the market, this expense can be taxing.2. If you are pursuing top talent in human capital rich industries (e.g., software engineering), lagging the market may keep you from competing for market share against your competitors.3. If you meet the market, paying average will generally not attract top talent, and in addition, you will not have the labor-cost savings of a lag-the-market strategy.
Answer:

Compensation philosophy
The compensation philosophy selected for this case is Specific numbers in the banking industry.  The banking industry utilizes particular numbers to lay out the compensation structure for the employees.  Employees are motivated by compensation, and they tend to look for jobs that suit their talent, creativity and give salary compensation or other benefits (Lueg, 2015).  The level and the type of compensation in the banking industry are determined by strategies, performance, and policies of various banks. Example the industry may decide to use years of experience when giving compensation.   The entry level with no or zero experience working with any bank will earn $ 30,000. After one year, if he or she maintains good performance, the salary will be increased to $ 33,000. The numbers of years that one has while working in the banking industry or another related firm determines the compensation that will be given.  The employee working at the junior level will be satisfied with the compensation that will be given to him or her hoping that in the next year the salary will increase.
Benefits and risks
For instance, philosophy structure is used in the compensation comparison with both external and internal competitors. The following are benefits and risks which are linked to compensation strategies. Benefits to meet the market are; helps the employers in setting pay level which is average or relative to those in the marketplace (Leekha, Chhabra & Sharma, 2014). The organization can also retain and attract employees with top talent through maintaining compensation structure that is competitive. On the other hand, meet the market needs the employers to be a continuous and huge adjustment in the structure of compensation when the labor market is tight.   Similarly, Lead to the market initiates increased candidates supply, enhances the chances of selecting highly qualified applicants and increases productivity in general. The morale of the employees is boosted, and the turnover of employees is reduced.  The risks associated with lead to the market include they only work best for the firms which are situated in areas which have high competition for labor market (Sisniega et al, 2016). The employers also need close monitoring to ensure that the expected profits are realized.   Lag the market assist the employers who have inadequate finances to make high pay rates.  The employees can also be rewarded through nonmonetary means to reduce dissatisfaction as well as turnover. The risks of lead the market is the difficulty in maintaining retain or attract candidates who are highly qualified. There is also employees turn over and low productivity due to poor performance.
Meet the market
For the banking industry, it is good to use meet the market strategy.  The employers will be able to compare the pay level for the same level from other banks.  After comparison, it will be easy for them to set a relative pay level (Wang, Qiu, Gao & Wang, 2017).  The banking industry makes sure that their pay rate is competitive as compared to other financial institutions. In this way, it will be able to attract new and highly qualified applicants.  The existing employees will also be retained or maintained because the compensation structure is competitive.  Meet the market enables the employers to manage their labor cost in a more appropriate ay hence suitable for the banking industry.
References
Leekha, Chhabra, N., & Sharma, S. (2014). Employer branding: a strategy for improving employer attractiveness. International Journal of Organizational Analysis, 22(1), 48-60.
Lueg, R. (2015). Strategy maps: the essential link between the balanced scorecard and action.      Journal of Business Strategy, 36(2), 34-40.
Sisniega, A., Stayman, J. W., Cao, Q., Yorkston, J., Siewerdsen, J. H., & Zbijewski, W. (2016,      March). Image-based motion compensation for high-resolution extremities cone-beam      CT. In Medical Imaging 2016: Physics of Medical Imaging (Vol. 9783, p. 97830K).      International Society for Optics and Photonics.
Wang, T., Qiu, J., Gao, H., & Wang, C. (2017). Network-based fuzzy control for nonlinear industrial processes with predictive compensation strategy. IEEE Transactions on      Systems, Man, and Cybernetics: Systems, 47(8), 2137-2147.

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