Developing Compensation Pay Plans for, Chief Executive Officers, Managing Directors, Professionals, Paralegals, Clerks such as Accounting, Human Resource Officers, Qualified Practical Nurses, Secretaries to CEOs in Exempt and Non-exempted Jobs


Authors : Joshua Wright

Volume/Issue : Volume 7 - 2022, Issue 6 - June

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3bZPjfH

DOI : https://doi.org/10.5281/zenodo.6807360

Developing a compensation pay plan clearly defines how to reward staff members based on their job tasks. The more difficult the job demands the higher the salary should be after the job would have been evaluated accordingly. There are instituted federal laws for a minimum wage payment plan that set the standard and rules for equal pay, child labour, and record-keeping. To make it easy these jobs have been categorised into exempt and nonexempt jobs of which these standards have been set by the Fair Labor Standard Act (FLSA) 1938. Employees who fall under this category of exempted jobs are executives, administrative managers, and professional employees, and they are excluded from the minimum wage and overtime requirements. Whereas, Employees who are categorised into non-exempt jobs are protected by the minimum wage and overtime provisions of the FLSA. They must be paid a minimum wage for the entire hours worked whilst exempted jobs are excluded. Compensable factors and job specifications are techniques used in pricing a job; compensable factors are features of the job elements such as talents, knowledge, effort, duties, and working conditions while job specifications are the skills and knowledge an employee should possess to perform the job. Job evaluation is a formal and systematic comparison of jobs to determine the worth of one job relative to another; it is used to determine the salaries of Chief Executive Officers, Managers, professionals, etc. There are different methods of job evaluation such as ranking, classification, factor comparison and point method all of the above mentioned have similarities and differences. Broad banding saves the time for human resource practitioners in evaluating jobs by slitting jobs into classes or grades of which each of these jobs has its classifiable perpendicular pay rates. This can only be achieved when salaries are paid according to jobs demands which are done through a comprehensive job evaluation, market-competitive pay plan, or both.

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