Reviewing a Salary Structure
It is necessary to address the competitive position of a pay policy. As an HR professional, it is important to understand how data is gathered and how to interpret the results. It is also important to keep a broad viewpoint. What does it mean to be competitive and pay a salary that is not only internally equitable but is also externally effective in attracting and retaining the appropriate labor force for your business? It is important that HR professionals consider all the issues that go into that decision-making process.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
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Competency 2: Evaluate the components and implementation of base-pay programs.
Analyze advantages of broadbanding as a salary structure in a compensation plan.
Analyze disadvantages of broadbanding as a salary structure in a compensation plan.
Explain whether or not broadbanding can be successfully competitive in a work environment.
Often a salary structure has ranges—minimum, midpoint, and maximum. Frequently, a market position is drawn from the range midpoint. Another option becoming popular is broadbanding. Each method has advantages and disadvantages. You may wish to look at the salary structure and occupational families presented in the U.S. Office of Personnel Management Salary Table 2019-GS, referenced in the Resources. Notice how broad the bands are for individual jobs.
Complete the following:
Analyze the advantages and disadvantages of broadbanding as a compensation plan.
Conclude your essay by explaining your position on whether you think broadbanding can be successfully competitive in your current or previous work environment, and provide supporting reasons for your position. How might broadbanding help with being successfully competitive compared to alternative salary structure ranges that might be used?
Be sure to use proper APA (6th edition) style and formatting.