Hrm598 Case Study 2 Essay

2241 Words Nov 16th, 2012 9 Pages
HRM 598

Case Study: Getting and Using Compensation Information

“Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction. Compensation is a tool used by management for a variety of purposes to further the existence of the company. Compensation may be adjusted according to the business needs, goals, and available resources.” The three careers I chose for this case study are Public Relations Specialist, High School Teacher, and
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Location is one of the biggest reason I can say as to why the pay grades are higher here in Chicago. Some factors that play a part in location that effects pay could be, but not limited to; crime, taxes, cost of living, and environmental conditions. With the public relations specialist, and program coordinator positions, their pay is 7% higher in the city of Chicago. Teachers in Chicago on average make $14,670 more than the average stated on the websites. These findings really weren’t surprising at all, they were sort of expected.
Question #6 The information on this site would be very beneficial to a graduate fresh out of college doing their contract negotiations. I would use the information in my negations by starting off with getting a clear understanding of my duties going off the description set forth by the website. The website gives good information to start a salary negotiation, because it gives you a median to start your negotiation off with. When doing these negotiations I would show the median numbers for the task set forth by the description giving. A few factors that might have a bearing on the salary could be but not limited too; location, the company’s’ revenue intake, years of experience, and education level just to name a few.
Question #7 The labor markets for these particular jobs are large in the sense of the fact that these careers have markets all over the world and in many different fields. When talking about labor markets you have to

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