14-Hour Through Compensation Studies
Step 3: Raise pay from $14/hour to $18/hour through Compensation Studies
Bill Coleman, a salary.com columnist, published an article promoting fairness in pay and described what most organizations favor, which is a compensation study. Coleman explains how underpay and overpay salaries can determine the value of one’s job by quoting “if you underpay employees, they will eventually look for a better offers…if you overpay an employee, it will cause payroll budget and profitability to suffer. That's why companies use market data to research the value of their jobs. (Salary.com) Compensation studies gives you an idea of the salary offers based on the employment market for a particular staffing position. Reported by the US Bureau of Labor Statistics
Bill Coleman, a salary.com columnist, published an article promoting fairness in pay and described what most organizations favor, which is a compensation study. Coleman explains how underpay and overpay salaries can determine the value of one’s job by quoting “if you underpay employees, they will eventually look for a better offers…if you overpay an employee, it will cause payroll budget and profitability to suffer. That's why companies use market data to research the value of their jobs. (Salary.com) Compensation studies gives you an idea of the salary offers based on the employment market for a particular staffing position. Reported by the US Bureau of Labor Statistics