Thursday, December 5, 2019
Compensation and Benefits-Free-Samples for Students-Myassignment
Question: Analyze Compensation data that exists for the position of HR Generalist and Bank Manager. Based on the information you gather, recommend the elements you would include in a compensation mix for the role of HR Generalist and Bank Manager. Provide reasons why you chose those elements, and in particular the specific examples you identified as being important in the compensation mix. Answer: The major five elements of compensation mix are basic salary, bonus, incentives, profit sharing and commissions. The following discussion relates these components with the compensation mix of a bank manager and HR generalist. The basic salary of a bank manager is from C$ 47,865 to C$ 86,481 and for HR generalists is from C$ 40,136 to C$ 67,281. After that, the amount of bonus and incentive for the bank manager is from C$ 3,041 to C$ 15,634; and this amount for the HR generalist is from C$ 0.00 to C$ 6,086. The profit sharing portion of the bank manager is from C$ 1.01 to C$ 5,047; and the amount is from C$ 395 to C$ 3,418 for the HR generalist. The bank manager is entitled to get C$ 4500 as commission while the HR generalist is not entitled to get commission. Thus, the total compensation for the bank manger is from C$ 44,053 to C$ 98,706; and for the HR generalist is from C$ 39,134 to C$ 68,552. From the above table, it can be observed that there is a clear difference between the compensation mix of a bank manager and a HR generalist as the compensation mix of the first is higher than the latter. Both the starting range and maximum range of the basic salary for the bank manager is higher than that of the HR generalist. The same trend can be seen for bonus and profit sharing. However, the HR generalist is not entitled for commission where commission is included in the compensation mix of the bank manager. It needs to be mentioned that both the position requires some different set of skills, knowledge and other characteristics to get success and all these aspects create the difference in the compensation mix. The bank managers is responsible for the overall development of the bank and thus, he/she needs to acquire many skills like people management, sales management, money management, human resource management, resource management and others. It implies that he/she should have knowledge and skill in every aspect of the bank. At the same time, HR generalist is responsible for only managing the human resources of the organization. Thus, the required skills are management of employee relation, recruitment, compensation and benefit management, performance management, legal compliance and others. Hence, the job responsibilities of the bank manager are greater than the HR generalist and it contributes to the high compensation of bank manager than the HR generalist (Gomez-Mejia, Berrone Franco-Santos, 2014). The suggested compensation of a bank manager should be C$ 100,000 and C$ 70,000 for a HR generalist. In case of the bank manager, the basic pay should be 50% of the whole compensation that is C$ 50,000. After that, long-term and short-term incentives of the bank manager will be of 20% each of the total compensation that is C$ 20,000 each. Lastly, indirect payment will be of 10% of the total compensation that is C$ 10,000. In case of the HR generalist, the compensation mix will be different as there are three major components. Basic pay will be of 60% of the total compensation that is C$ 42,000. After that, indirect pay will be of 25% that is C$ 17,500; and performance pay will be of 15% of the total compensation that is C$ 10,500. The LTI and STI of the bank manager include cash, shares of the bank and performance right. In case of the HR generalist, the performance payment will depend on the achievement of the target of the HR specialist. In this portion, certain portion of performance pay will depend on the overall achievement of the group target. For both the bank manager and the HR specialist, indirect pay includes certain specific facilities like reimbursement of medical fees, car allowances and other non-cash benefits (Moore Viscusi, 2014). These compensation structures are suggested due to the difference in the job responsibilities of a bank manager and a HR generalist References Branch Manager, Banking Salary (Canada). (2018).Payscale.com. Retrieved 10 February 2018, from https://www.payscale.com/research/CA/Job Gomez-Mejia, L. R., Berrone, P., Franco-Santos, M. (2014).Compensation and organizational performance: Theory, research, and practice. Routledge. Human Resources (HR) Generalist Salary (Canada). (2018).Payscale.com. Retrieved 10 February 2018, from https://www.payscale.com/research/CA/Job Moore, M. J., Viscusi, W. K. (2014).Compensation mechanisms for job risks: wages, Workers' Compensation, and product liability. Princeton University Press.