Factors affecting pay rate
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Just looking for a few paragraphs to get a discussion going: What are some reasons employees in the same job title or pay grade could have different pay rates? Illustrate your reasons with examples. (Be sure to support your responses with appropriate material from readings or websites.)
Review the Pay Factors (below) we used in a previous assignment for ideas but think creatively as well.
Pay factors:
1. Knowledge and skills required
2. Kind of business
3. Union-nonunion
4. Capital vs labor intensive
5. Size of business
6. Philosophy of management
7. Total compensation package
8. Geographic location
9. Supply and demand
10. Profitability of the firm
11. Employment stability
12. Gender differences
13. Employee tenure and performance
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Solution Summary
A review, with examples, of why two people in the same job may have different pay.
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Here are a few:
Rate of pay differences for same job:
Experience and skill : This makes a difference. If Paul has been working in sales for 25 years and Jed has been working in sales for 4, then Paul usually has a bigger network and understands the industry and companies better. He also has a larger pool of associates within the industry to call on for help with making sales calls or finding a way to get into a new company. Paul will be paid more for his experience.
In the same vein, John and Joe both run an NCR machine in the machine shop. Both work on the same parts. However, if the machine breaks down, John has more experience with repairing the machine and keeps up with the latest technology, making him more valuable to the company. Even if both men had the same years of experience, John's knowledge of machine repair means he gets more money.
Education: Education often earns more pay for an ...
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