For Ogletree, the point system could be used. There are eight steps in the design of a point plan: conduct job analysis, determine compensable factors, scale the factors, weight the factors according to importance, select criterion pay structure, communicate the plan and train users, apply to non-benchmark job and develop online software support (George Milkovich, 2014, p. 145). If you look at Associate, which is equal to a lawyer, in order to determine the compensable factors, you have to ask what value does the job bring or what about the work of an Associate adds value to the organization. For a law office, behaviors or actions required to meet the strategic direction might include originating new clients, creating new practice areas,
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How much will Ogletree pay their employees in comparison to how other similar firms pay their employees. Based on data from 2014, the median wages for a lawyer are around $114,970, annually, with a lawyer in South Carolina making anywhere from $47,540 to $187,200 (O*NET OnLine, 2015). These differences can include the competitiveness of the market or the competitiveness of the service (demand for) or uniqueness inside the organization (i.e., services a niche market and requires unique skills). Regardless of supply and demand, the firm, over time, must be profitable enough to cover the expense of its labor. It must also determine if it wants to be the top payer, be similar to other firms or to be the follower and strategy is involved in all of those decisions. For example, the firm may choose to be equal in pay to those that are similar, but offer other benefits that employees desire that will still attract them to the firm. Today, most firms offer benefits in a one size fits all approach (Dinkin, 2015). However, it is possible to offer multiple packages to meet the ever diverse needs. It is not only feasible, but can help with containing costs and lessening administrative burden. You could actually offer different structures for different pay lines or business units. In addition to pay level, the firm must also decide on pay mix or the total return. Base pay, healthcare, bonuses, 401K matches, vacation time, stock options and work/life balance are all examples of part of a total compensation package. In today’s world, it is not uncommon to see benefits include on-site child care, domestic partner benefits, on-site workout facilities, dry cleaning, parking and parental leave. Once all the competitive data is received and analyzed, the firm must determine the pay levels for their structure that balances competitiveness with the internal alignment, which results in a pay policy line,
How much will Ogletree pay their employees in comparison to how other similar firms pay their employees. Based on data from 2014, the median wages for a lawyer are around $114,970, annually, with a lawyer in South Carolina making anywhere from $47,540 to $187,200 (O*NET OnLine, 2015). These differences can include the competitiveness of the market or the competitiveness of the service (demand for) or uniqueness inside the organization (i.e., services a niche market and requires unique skills). Regardless of supply and demand, the firm, over time, must be profitable enough to cover the expense of its labor. It must also determine if it wants to be the top payer, be similar to other firms or to be the follower and strategy is involved in all of those decisions. For example, the firm may choose to be equal in pay to those that are similar, but offer other benefits that employees desire that will still attract them to the firm. Today, most firms offer benefits in a one size fits all approach (Dinkin, 2015). However, it is possible to offer multiple packages to meet the ever diverse needs. It is not only feasible, but can help with containing costs and lessening administrative burden. You could actually offer different structures for different pay lines or business units. In addition to pay level, the firm must also decide on pay mix or the total return. Base pay, healthcare, bonuses, 401K matches, vacation time, stock options and work/life balance are all examples of part of a total compensation package. In today’s world, it is not uncommon to see benefits include on-site child care, domestic partner benefits, on-site workout facilities, dry cleaning, parking and parental leave. Once all the competitive data is received and analyzed, the firm must determine the pay levels for their structure that balances competitiveness with the internal alignment, which results in a pay policy line,