Resource: Compensation Evaluation
You were hired to work as an 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 earn different salaries. 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 4 page 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 new hires will be paid equitably, both internally and externally.
Explain how an organization’s Total Compensation strategy affects its financial operations and its ability to attract, motivate, and retain top talent.