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Salary Survey Research: Salary Worth in the Marketplace

Have you ever wondered or investigated what your salary is worth in the marketplace? That is one thing that compensation managers have to know - what is the "going rate" for particular positions within a given market. I learned this important fact while working in human resource management: each job contains a particular price tag with a low and high range. No matter how hard I work, how much extra time I give, and how good my work is, it is highly unlikely that a company will pay any more for my position than the top of the range for that position in the marketplace. That is what led me to go back to school to earn my masters!

So now it's your turn to do some basic salary survey research. For this assignment, please assist me in:

1. Choosing three jobs that you are considering or considered moving into once you finished your MBA
2. Choose three places in the world that you might like to work each of these jobs
3. Go to, and in the "Free Salary Calculator", enter each job and location for each job. Note that if you want to research a location outside of the U.S., you must click on the International Data link just below the "select a location" field.

With this basic information in hand, please do the following:

1. Describe the three jobs and three markets, and the key differences and similarities you notice among them.
2. Discuss the types of compensation that are most important to you, and that you would look for in one of these positions. Be sure to talk about any differences that would be important to you based on location or on the nature of the work.
3. Discuss the strengths and weaknesses of your current compensation plan (without specific numbers, please).

? Reference any sources that you use in your work.
? Use headings and subheadings to clearly show the structure of your analysis.
? Be sure to include reference page, in addition to the 2 pages of analysis described above.

Solution Preview

Increasing rate of global competition has posed a serious challenge in front of the organizations as well as the human resource specialists (Kleiman, 2000). It is essential for the employee to evaluate their salary plan and compare this with others. This paper is based on the basic salary survey research and comparison of three different jobs in three different countries or market place.

After completing MBA, the three selected jobs and countries are Store Manager in the Retail Industry of New York, Cashier in the Retail and Merchandise industry in Los Angeles and Stock Person in Retain industry in Miami.

All the jobs and industries are entirely different from each other but the positions are linked with each other. All the position need a degree of master's in business administration, so the firms have designed the compensation structure as per the nation's policies.

The compensation and Salary structure for the position of Store Manager includes:
Basic Salary + Incentives + Bonus + Paid Vacations + Convenience Allowance + Discounts

According to the salary in the New York, the Average Based Salary for the Store Manager is $99,883 (Salary Expert, 2009).

The compensation and Salary structure for the position of Cashier includes:

Basic Salary + HRA + Provident fund and Gratuity + Retirement Benefits + Bonus and Convenience Allowance
The salary expert .com has evaluated that the average salary for the position of Cashier in Los Angeles is $32,391 (Salary Expert, 2009).

The compensation ...

Solution Summary

What a salary is worth in the marketplace for three jobs is determined.