Case Study: 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.” The three careers I chose for this case study are Public Relations Specialist, High School Teacher, and Project Coordinator. The reason for me choosing these specific careers was that I’ve held each one at some point in time. In this case study we will examine why each job has different salary ranges and why. Question #1
Doing this research I’ve come to find that out of the three jobs that I selected, a project coordinator is paid the most on average. The project coordinator is paid $89,509 a year on average. I was shocked to find out that out of the three careers chosen, that a public relations specialist is paid the least of all three. The public relations specialist on average is paid $45,931 a year. I expected that the project coordinator position would be the highest paid out of the three, however I did not expect for the teacher to be paid more ($53,447 a year on average) than the public relations specialist. I expected the teacher to be paid the least of all three. Usually teachers are thought to be paid the least when comparison to other professions. Some factors that could play a part in the difference could be number of days worked (teachers usually have a 9 month work year), levels of responsibility the job carries (project coordinators are generally in charge of seeing an operation through from beginning to end) whether or not the company is private or state funded (teachers are usually employees of the state, less money is involved) are some factors that could possibly be the differences in pay just to name a few. Question 2
Different jobs come with different benefit packages, and that’s just how the cookie crumbles. Project coordinators on average make $7,217 on average a year in bonuses. The project coordinators have the highest bonuses out of three companies selected. Next out of the three is public relations specialist. The public relation specialists on average make $532 in bonuses a year. Lastly we have the teachers. Teachers make $0 in bonuses a year on average. Teachers may have the most important job in the public eye, but in terms of bonuses there is no merit to issue bonuses. Teachers are expected to show up and teach the students so that they will do well on the state test. The project coordinator on the other hand makes a nice little penny when it comes to bonuses. Project coordinators have a lot of tasks to accomplish with a short period of time to do so. When deadlines are met or beat certain bonuses may be awarded. Bonuses in this field are performance based. When dealing with public relations specialist it’s tricky to talk about bonuses. Some factors that effect bonuses in this field are, is the company private owned or are you working for a person, what field you are doing PR in just to name a few. Depending on what pay scale the company has in place could affect how bonuses are set up as well. Question#3
Stock options are benefits in the form of an option given by a company to an employee to buy stock in the company at a discount or at a stated fixed price. With the data that was present for these three careers, there was no stock option information available. To me the Teacher is the only professions out of the three that I think aren’t allowed stock options. There are no stocks in public schools, so you can’t earn something that doesn’t exist. Project...