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Sample Critical Thinking Paper on Employee Compensation

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Sample Critical Thinking Paper on Employee Compensation

Employee Compensation

One fact about compensation is that it should not be below or way above the market range. When the compensation range is below or above the market range, an organization is likely to be at a competitive disadvantage, which is not an objective of any organization.  Moreover, compensation should take into consideration the performance of an employee as well as his or her position within the pay range (Gomez-Mejia et al., 2014). In other words, an employee with an excellent performance should be compensated more than that with an average performance (Bebchuk & Fried, 2004). However, when two employees within different pay ranges fall have excellent performance, then compensation in such a situation also differs. That is to say, it is fair when an employee is given a smaller percentage merit increase because his or her pay falls within the 3rd quartile while another employee within the 1st quartile is given a larger percentage merit increase. The 1st quartile is where the salary of an employee is $25,000 whereas the 3rd quartile is where the salary of an employee is $55,000 (Martocchio, 2013).

The main reason for giving more compensation to employees in lower quartiles as compared to those in higher quartiles is to control employees’ progression through pay ranges. In the example given, if the employee in the 1st quartile was to receive the same pay raise percentage as that in the 3rd quartile, the base-pay rate for the employee in the 3rd quartile would exceed the maximum pay rate for the range more quickly as compared to the base-pay rate for the employee in the 1st quartile (Martocchio, 2013). By exceeding the maximum pay rate range, the organization would be at a competitive disadvantage.

 

 

References

Bebchuk, L. A., & Fried, J. M. (2004). Pay without performance: The unfulfilled promise of executive compensation. Cambridge, MA: Harvard University Press.

Gomez-Mejia, L. R., Berrone, P., & Franco-Santos, M. (2014). Compensation and organizational performance: Theory, research, and practice. Routledge.

Martocchio, J. J. (2013). Strategic compensation: A human resource management approach (7th ed.). Boston, MA: Pearson.

 

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