Compensation Pay Structure Coursework Example

Compensation Pay Structure
Name
Institution
1. According to the O*NET (2016) website, the average pay for the following jobs is as follows:
Janitor- the median wage as per the 2016 structure is $11.63 per hour total to $24, 190 annually.
Accountants – the median wage is $32.76 per hour, a total of $68,150 annually.
Human resource managers- the median wage is $51.40 per hour and a total of $106,910 annually.
Radiologist- the median wage is $99.48 per hour total to $206,920 annually.
Bricklayer- the median wage is $23.68 working hourly and a total of $49,250 annually.
Chief executive officer- the median wage is $87.12 hourly and a total of $181,210 annually
Pharmacist- the median wage is $58.77 hourly and a total of $122,230 annually.
2.
Compensable factors percentage Degree Points
1.Education required
Less than high school diploma
High school diploma
College
Bachelor’s Degree
Master’s degree
Doctoral degree 50
1
2
4
5
5
6 250
15
20
30
45
60
80
2.Contact with others
Face to face contact
Telephone communication
Providing instructions 30
1
2
3 150
30
55
65
3. Time pressure
Less than normal working hours
Normal working hours
Working overtime
Work at any time required 20
1
2
3
4 100
10
20
30
40
Total points 500
3. Drawing
The lag approach of pay is used when the employer has established the rate of pay throughout the year that is less than the pay dominating the marketplace.
4.
The base salary is the lowest pay to the workers, and it factors in the compensable factors like education required, contact with others and the time pressure.

5.
The top salary is the highest level of pay workers receive. The will be determined by the compensable factors and the market pay.
6
The promotions within the pay grades should be done by merit where the performance of the individual worker is put into consideration. By examining the merit of the worker based on the performance, the duties, goals, and objectives of every worker will be considered and measured against the results. Thus, the promotion will be based on the achievement of goals and objectives of the workers in their lines of duties.
References
O*NET (2016): Wages & Employment Trends