StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Which Jobs Are Paid More or Less - Case Study Example

Cite this document
Summary
The paper "Which Jobs Are Paid More or Less" highlights that salaries of organizations are based on many factors including the profitability of the firm and the industry, company size, job responsibilities, experience, and education levels of the employee…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER98.8% of users find it useful
Which Jobs Are Paid More or Less
Read Text Preview

Extract of sample "Which Jobs Are Paid More or Less"

Compensation Questions Which jobs are paid more or less? Is this what you have expected? Why or why not? What factors could explain the differences in the salaries? Accountant III is paid an average of $67,507; the financial analyst is paid $79,018 while the product manager is paid $101,426. It is evident that product manager is paid higher than the accountant and the financial analyst. These findings are as per my expectations as the product manager is highly experienced and qualified compared to the accountant and financial analyst (Salary, 2011). 2. Do the jobs have different bonuses as a percentage of their base salaries? Why or why not? What could explain these differences? The bonuses given to the different jobs vary and are not a given uniform percentage of the basic salaries. The explanations that could be given for the differences could be attributed to the levels of education and experience of the professionals. Majority of accountants are bachelor’s degree holders while product managers are masters graduates. Moreover, most managers have a higher experience of between 10-15 years while accountants have only an average experience of 2-5 and 5-10 years. 3. Do the data include value stock options? What are the implications of this? Stock options are offered by firms as means of compensation for lower salaries. Given the above mentioned jobs, companies do not include stock options as benefits on top of the salaries offered. This is because the salaries offered by the organizations are high enough for the professions. 4. Job Descriptions and their accuracy The job descriptions vary for the different professions. Accountant III is responsible for preparation of balance sheets, profit and loss accounts and preparation of other financial reports in the organization. Other tasks include analysis of business trends for costs, revenues, obligations and commitments. The financial analyst is responsible for compiling necessary financial information for an organization. Some of the important information includes preparation of analyses of revenues and expenses projections, reports and presentations to the firm. He/she is also required to prepare financial reports of organizations including forecasting and reconciliation of internal accounts. Product manager in a bank is on the contrary responsible for marketing products of the bank and ensuring that the bank makes profits. These job descriptions are what I expected and once I attain the required credentials, I would apply for the job (Dundon & Rollinson, 2007). 5. Comparison of jobs pay levels with school career office levels The comparison of the compensation at salary.com for the professions with local/regional compensation reveals that the compensation offered by the local career office are lower than the compensation offered by salary.com. The reason for this could be due to lower responsibilities for jobs at the regional level, demotions, working in small companies compared to large multinationals and jobs being offered at the local level could be in a low paying industry. In addition, the organizations could be undergoing less than expected performance. 6. Use of information for Salary negotiation The information on salaries is important for negotiation of one’s salary as an individual seeks employment. In the course of seeking employment, one would have information concerning the job description, responsibilities and salary ranges. Given the responsibilities that the employer would be offering, one is able to compare with responsibilities of salary.com compensation based on responsibilities and thereby argue his/her way out regarding the compensation being offered. 7. Relevant labour market for the professions Chicago iL Washington AR New York Chicago iL Washington AR New York Accountant III Financial analyst III Low Average (25%) $60,704 $45,803 $67,917 $73,192 $53,888 $79,907 Median Salary (50%) $67,507 $50,9333 $75,524 $81,674 $59,618 $88,402 High Averages (75%) $75,113 $56,671 $84,033 $91,278 $65,740 $97,480 Chicago iL Washington AR New York product Manager $74,008 $55,837 $60,708 $101,426 $76,523 $67,507 $121,286 $91,507 $75,113 The saturation of the different labour markets for the professions varies and could be the reasons for the variations of the salaries in different regions. The salaries for the professions are given in the above table for Chicago, Washington and New York. Accountants in Washington earn the lowest of the three cities with accountants in New York earning the highest salaries. This is same for financial analysts. However, product managers in Chicago earn the highest with an average salary of 101,426 compared to their counterpart in Washington and New York that earn $76,523 and $67,507 respectively (Salary, 2011). 8. Comparison of low, median and high averages for the jobs Accountant III Financial analyst product Manager Low Average (25%) $60,704 $73,192 $74,008 Median Salary (50%) $67,507 $81,674 $101,426 High Averages (75%) $75,113 $91,278 $121,286 There is no much variation for the low, median and high salaries for the jobs as the variation could be termed as average. The variations could be explained by various factors such as responsibilities, performance of the industry and the firm, company size and regions of operation. 9. Development of salary estimates The salary estimates are developed by salary.com through interviewing of over 29 million employees that work in different companies in different regions in the U.S. the company reports the compensation levels if the outcome of the salary is consistent with multiple sources of information. This description on the sources of salary compensation is not valid and reliable mainly because the company relies on information from employees only. In order to make the data reliable, employers should be included as sources of salary estimates (U.S., 2006). 10. With the information available, why would you bother with consultants’ surveys? In spite of the availability of the information free, it is important that one compares the figures with consultants’ figures because the consultants’ compensation levels are usually reliable given that they obtain information from both employees and employers (Drake, et al. 2007). 11. If you were a manager, how would you justify paying one of your employees either higher or lower than the results shown on this website? The salary paid to an employee is based on many factors. I could justify paying the employee either higher or lower than indicated figures on various factors. First, if the employee has higher responsibilities, qualifications and experience, he/she will receive a higher salary and vice versa. The level of compensation could also be determined by the size of the firm. A new firm that has just entered the market is likely to pay an employee a lower salary compared to the market leader in the industry. In addition, the industry in which the firm operates matters as a profitable industry would lead to higher compensation compared to a poorly performing industry (Spreitzer, 1995). 12. Conclusion, lesson from the salary estimates From the salary estimates from salary.com, I have learnt that salaries of organizations are based on many factors including the profitability of the firm and the industry, company size, job responsibilities, experience and education levels of the employee. This information is very important for me as a job seeker because it help me to successfully negotiate a favourable salary for my employment. References Drake, R. U. et al. (2007). Empowerment, motivation and performance: Examining the impact of feedback and incentives on non-management employees. Behavioural research in accounting, 19, 77-89. Dundon, T. & Rollinson, D. (2007). Understanding employment relations. New York, NY: McGraw Hill. Salary, (2011). Salary compensation. Retrieved on 17 Nov. 2011 from: http://swz.salary.com/ Spreitzer, G. M. (1995). Psychological empowerment in the workplace:  Dimensions, measurement, and validation.  Academy of Management Journal, 38(5) 1442-1465. U.S., (2006). Employee compensation: employer spending on benefits has grown faster than wages, due largely to rising costs for health insurance and retirement benefits: report to congressional requesters. New York, NY: GAO. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Compensation Case Study Example | Topics and Well Written Essays - 1000 words - 2”, n.d.)
Compensation Case Study Example | Topics and Well Written Essays - 1000 words - 2. Retrieved from https://studentshare.org/business/1584142-compensation
(Compensation Case Study Example | Topics and Well Written Essays - 1000 Words - 2)
Compensation Case Study Example | Topics and Well Written Essays - 1000 Words - 2. https://studentshare.org/business/1584142-compensation.
“Compensation Case Study Example | Topics and Well Written Essays - 1000 Words - 2”, n.d. https://studentshare.org/business/1584142-compensation.
  • Cited: 0 times

CHECK THESE SAMPLES OF Which Jobs Are Paid More or Less

Why Do Women Earn Less Than Men

This assignment "Why Do Women Earn less Than Men" presents data on men's and women's earnings at the national, state, and metropolitan levels based on the 2009 American Community Survey (ACS).... In all 50 states, women's average earnings were less than men's.... hy Do Women Earn less Than Men?... here are many reasons why women on average earn less than men.... any women can only work part-time, and as a result, earn less money ...
3 Pages (750 words) Assignment

A Practical Manual for Job Hunters and Career Changers

Which Jobs Are Paid More or Less?... This paper 'A Practical Manual for Job-Hunters and Career-Changers' will look at the salary data for three jobs of author's choice and compare them in terms of overall suitability and usefulness as career choices.... It really helps to look at compensation surveys about jobs that would interest oneself.... This paper will look at the salary data for three jobs of my choice and compare them in terms of overall suitability and usefulness as career choices....
5 Pages (1250 words) Case Study

Support of President Obama's Jobs Bill

While touring the nation in the recent weeks, President Obama had repeatedly demanded that Congress passing the bill intact; thus, the Senate's vote to impede the measure signified a serious setback and occurred after leaders of his own party had modified the measure to comprise surtax on revenue of not less than $1 million to summarize additional Democratic votes.... Senate Democrats attempted to make the president's bill more acceptable by attaching a surtax of 5....
4 Pages (1000 words) Essay

How Does Paid Employment Affect Your Identity

How Does paid Employment Affect Your Identity?... Name Instructor Task Date How Does paid Employment Affect Your Identity?... paid employment is a central element in defining an individual.... paid employment shapes an individual's sense of self and identity through several mechanisms.... paid employment creates chances for the advancement of different abilities, the recognition and achievement of a person's potential and the growth of interests....
8 Pages (2000 words) Essay

Human Resource Management: Effectiveness as Determinants of Firm Performance

This involves proper recruitment, selection of employees, provision of incentives, compatible and competitive environment and many more.... The innovation of approach to recruitment and selection: New rent will be introduced and according to this employees will be hired for a career at UM for a more diversified job.... Employees related to human resource management jobs help in understanding the psychology of the top managers as well as the subordinates....
13 Pages (3250 words) Term Paper

High Paid CEOs

The paper "High Paid CEOs" would attempt to prove that most CEOs are worth what they are paid for, by putting forward some examples statistics and some thoughts.... Therefore, the liquid cash or variable salary that the CEOs receive is often much less than what we see and hear through various sources (The Economist, 2010).... However, this debate (The Economist, 2010) has become even more ignited by the current recession.... more than 13 percent of the people in the United States are unemployed....
4 Pages (1000 words) Essay

Age Discrimination in Employment in the US

nformation is recorded in the computer where it can be retrieved easily and a large amount of work can be done with less time hence improved productivity.... Most employers view old people as having deteriorating physical and mental abilities and hence unable to perform their jobs effectively even though some old people can perform better than young people.... Most jobs thus require the use of technology as opposed to manual skills held by older people....
7 Pages (1750 words) Research Paper

The Effects of Unemployment for Lower and Middle Class Black America on the Nation

There were more jobs, higher wages, less poverty, more homeownership and life was good.... issues specialized H-1B visas who'll relocate to America in understaffed occupations, working for considerably much less than any American would.... (Muhammad, 2006)Illegal immigrants also impact the problem; they are more docile, easily exploitable, and willingly work for less.... With more than 50% of Fortune 500 companies outsourcing to India, how can blacks compete?...
9 Pages (2250 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us