External Competitiveness. Comparing the E-Sonic Pay Rates with other Similar Firms. (Essay Sample)
Section 2 shifts your focus outside the company to compare pay rates of positions inside the firm with similar positions in the external market place. The shift to
outside the company will move you away from the previous focus on e-sonic’s internal consistency to external competitiveness. Conducting an analysis of
external market data will support your decisions about appropriate pay-policy mixes for job structures in the company.
In section 2 of Milestone Three, you will be introduced to tools compensation professionals use to allocate total compensation within job structures. Total
compensation includes base pay, benefits, and varied incentives used to attract and retain employees. During the simulation you will use some of these tools to
develop pay policies for each e-sonic job structure.
In order to conduct your external market survey you will use web-based salary sites developed by the US Bureau of Labor Statistics and Glassdoor.com. These
websites develop salary information based off of actual pay data from professionals working in specific jobs and potentially represent the most current pay for
the job titles at e-sonic. Follow the steps outlined below:
Section 2 Outline:
Executive Summary Findings
1. Determine Appropriate Pay-Policy Levels for E-sonic Jobs
2. External Market Review
a) Research market competitiveness using the free salary websites listed above, which provide salary data by title and region.
b) Research trends about cost of living adjustments in e-sonic locations. Apply some discussion around leading, lagging or matching the market to
the salary data you found in your market salary research. Assume that the salary research you are using is similar to benchmark jobs. Also,
discuss whether jobs you researched would match the benchmark jobs or require more or less experience and talent than the benchmark job.
c) Update salary data for inflation using CPI-U.
3. Implement Salary Survey Results
a) Create pay grades and ranges by integrating external market data with internal pay grades.
b) Evaluate and summarize decisions made for each job structure.
Comparing the E-Sonic Pay Rates with other Similar Firms
Executive Summary Findings
The E-Sonic company faces stiff competition from the best performing music stores. The organization's wage rate is the lowest compared to giant companies like Amazon and iTunes. The organization should consider external surveying of wages salaries and benefits offered by the competitors due to remain competitive. Comparing the pay rates between E-Sonic and other competing firms indicates a company that has better wages and that which maintains its employees well. It is additionally recommended for the E-Sonic company to introduce intrinsic rewards in the workplace to motivate the employees and create a conducive workplace for all.
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