Balanced Scorecard and Employee Compensation
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Compare the salaries for the same job in two (2) different geographic locations within the United States. Speculate on two (2) economic influences that may impact the pay difference in the two (2) geographic areas you selected. Propose two (2) ways an organization can respond to these conditions. Justify your response.
What are two (2) strategies that organizations use to combine incentive plans in a balanced scorecard. Provide one (1) example in which the balanced scorecard measures performance linked to a company's short-term goals.
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Solution Summary
This post is a non-exhaustive response on the use of balanced scorecards in presenting modes of employee compensation. The student will be able to understand the reasoning behind organizations using balanced scorecards and how it can help in the strategic planning. 441 words.
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In comparing two salaries for the position of Secretary to the CEO, salary.com found that the median annual wage in Northern Alabama is $67,524 while the same job in Southern Ohio is $68.261. (www.salary.com)
The cost of living varies from city-to-city is one of the biggest economic influences that may impact the difference in salaries for the two locations. Additionally, lifestyles of the area can influence salaries due to tax brackets which consequently affect take home pay. For lower tax brackets, salaries tend to be a little lower as the employee's take home pay would be in line with those in cities with higher tax brackets employed in the same positions. (Sahadi, 2006) It is not so easy to address or respond to these ...
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