Job Analysis Compensation Research Paper Example | Topics and Well Written Essays - 3750 words

Job Analysis Compensation - Research Paper Example Yet, this brings us to another point of concern, which is whether those employees are right for the position or the work that they are being compensated. It is true that there are those who have been promoted as managers even without the proper degree because they have been in these companies for so long and they managed to move from bottom up. In some situations, they own the companies, and for this reason they are being given the preferential option to determine what part of the company they would want to be. In this case, the point of compensation would be in vain because they would not be really compensated with the work they render but rather with the position they occupy. Also, in the years when companies have been shifting from manual to IT based, they have recruited or pirated IT employees (Gullo). Since there were only a few IT employees they were able to demand their price or the ones who pirated them were of course generous enough to give them more than they expect or even deserve. The objective of this paper is to strongly communicate the importance of compensation strategy in the workplace for the benefit of both the company and the employees. This is achieved by presenting related literature on the need for equitable compensation and of course on the question of â€Å"How much is too much?† Review of Literature This review includes articles published from reputable scholarly journals searched from ProQuest and ScienceDirect databases. These articles were selected using the keyword compensation strategy and topics selected for inclusion in this review were based on their content and type – news articles were not included except for those that provide background on the issue. Factors considered in compensation strategy Several articles have discussed factors to be considered in compensation strategy. The usual practice would have been to determine what the company is able to give, what the prevailing rate for the given position and/or what the employee may demand. In the normal hiring process (no pirating or ownership involved), the employee does not usually have the chance to demand for his compensation. However, there are some situations where in the company has the discretion not to follow the given or existing compensations like for instance when they create a new position to address environmental and organizational concerns. It is in instances like these where the compensation process may go wrong - toward overcompensation or undercompensation. The following articles discuss the suggested factors to consider in compensation strategy. Brooks, in his article, presents that compensation should not be seen as a mere company expense. In reality this value changes the behavior of how employees dictating also whether they have the potential to be satisfied or not. As such he suggests that companies should look into these things in determining whether they are paying their employees well: What do the competitors pay ? Meet them or beat them? How much should I pay for performance? What targets should I set? Like in the case of pirated IT employees, in the haste to invite them to the company, most have disregarded how much they should really be paid. Ferracone and Gershkowitz on the other hand focused on those who are in the executive compensation committees of