Determining the Total Rewards Mix
Wage surveys are an invaluable tool that can be used to establish an externally competitive total rewards package. They can help organizations identify the total rewards their competitors are offering employees. Specifically, they can provide information on base pay, incentive usage and values, employee benefits and retirement plans, overtime use, and perquisites. Wage surveys can be found online, and are conducted by various professional organizations and government entities. When used correctly, the results of these surveys can assist organizations in developing a competitive total rewards system.
In this Discussion, you assess the use of commercial wage surveys. First, conduct research to identify common commercial wage surveys. Then consider how these types of surveys are conducted, and the types of information they provide. Select one of the following two scenarios to consider how you would use the information provided from a survey to determine an appropriate total rewards system.
Scenario 1
A commercially available, national compensation survey from a professional society for engineers indicates that half of all engineering organizations surveyed provide some form of incentive pay. The survey indicates that the average value of incentives reported is $6,500 annually. The median annual base salary for an engineer is $70,000. Your engineering firm desires not only to match its competitors, but to be competitive in the relevant market.
Focus Question: What base salary would you recommend for mid-level engineers in the organization? Explain your rationale.
Scenario 2
You are the Human Resource Manager at a non-unionized manufacturing plant in Indiana in a community that has many unionized workers. The majority of your workforce is composed of semi-skilled positions. You’ve acquired a local wage survey through the commerce department indicating that the local median hourly wage is $23 an hour for semi-skilled machinists. The survey also indicates that, nationally, machinists are employed an average of 41 hours per week. However, for half of the firms in your area the average work week for a machinist is 44 hours.
Focus Question: If your organization plans to exclude the use of overtime wages, what is the appropriate base pay rate to offer a competitive level of base salary? Explain your rationale.
Respond based on readings and research this week that addresses the following:
Assess the use of wage surveys in determining a competitive total rewards system
Briefly indicate the scenario that you have chosen.
Respond to the focus question at the end of your selected scenario. Justify your response to the focus question with references to this week’s Learning Resources.
In developing a competitive total rewards system, how can you determine the relevant external market included in a wage survey?
Why is this important?
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