Eight Crossing, a transcription services company, faced pressure to cut costs when a major client demanded lower fees. The company's pay structure previously paid 5% above average and varied based on complexity and hours worked. To cut payroll while retaining its skilled workforce, the company reduced pay by 5% but continued paying the same rates. Employees understood given other companies paid the same. Communicating electronically was effective with workers located across 22 sites, though a video from the owner may have personalized the important message more. The pay structure before better suited objectives by motivating high performance through varied pay, but the changes allowed keeping talent at market rates during difficult times.
In this presentation, we will understand the process of wages and salary administration, job evaluation for administering wages and salary, designing a salary structure, determination of pay and salary administration of top executives.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
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In this presentation, we will understand the process of wages and salary administration, job evaluation for administering wages and salary, designing a salary structure, determination of pay and salary administration of top executives.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
Compensation And Benefits (Pay structure)Faisal Anwar
Learn about Compensation And Benefits (Pay structure) in Details but rapidly. A great source of information for those who really want to learn or establish their careers in this area
Chapter 11 establishing rewards and pay plans prepared presentationabdul rauf
Chapter 11 Establishing Rewards and Pay Plans
Fundamentals of Human Resource Management Tenth Edition
David A. DeCenzo
Coastal Carolina University
Conway, SC
Stephen P. Robbins
San Diego State University
San Diego, CA
Tenth Edition Contributor
Susan L. Verhulst
Des Moines Area Community College
Ankeny, IA
Compensating the workforce is a day to day operation essential for keeping the workforce. explore the slides to understand the structure, essentials and fundamentals of compensation.
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• Scarcity of skilled talent. Experienced recruiters know there is always a limited supply of qualified high performers available to fill skilled jobs at the salary companies want to pay them. This skill shortage is growing due to the increasing complexity of jobs, decreasing birth rates in many countries, and more intensive competition for talent around the globe.2 Do not be fooled by overall unemployment statistics. There may be more people available in the job market in general, but that does not mean they are people who have the skills and competencies needed to support your company's strategies.
• Cost of labor. As the supply of skilled labor decreases, its cost increases. Companies cannot afford to make hiring mistakes given how much it costs to bring people into the organization. There is also the insidious problem of hiring marginal performers and having them stay. In many countries, it is both difficult and costly to fire someone for underperformance.
• Importance of human capital. The past thirty years have seen a steady shift from a resource-based to a knowledge- and service-based economy. In today's market, competitive advantage depends less on what companies own and more on whom they employ. Your company's ability to hire skilled, high-performing employees simultaneously supports the goals of your business while depriving your competitors of the talent they may need to compete against you.
Recruiting was once seen as a back-office function that was often outsourced as a commodity service. It is now becoming a key differentiator in the emerging war for talent. Winning this war requires rethinking key questions around what makes a good recruiting process.
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Establishing a pay structure
1. Changing the Pay
Level at Eight
Crossing
Establishing a Pay
Structure
Archana Nand S11117109
Ashna Prasad S11098189
Fareen Bi S11126645
Priya Darshani S11120050
Shayal Davi S11119756
2. Introduction
Background of the case study:
Darren
Dahl
He discussed about 4 entrepreneurs- who
made bold changes in the way they think
about compensation- where the situation
of cost cutting encountered by Meher was
also discussed
3. Business Background
Launched- 2001
Core function- allows doctors, lawyers, hospitals, authors to
outsource its administrative functions by providing transcription
services.
Location – Sacramento, California
Employees- 85 transcribers
Annual income: $20,000 to $70,000
Transcription:
It is converting of voice recorded reports as
dictated by professionals into text format
4. The Case Study
Eight Crossing allows its employees to work from home- work-life balance
Improvement in Voice Recognition Software- “automation could take over
some of the processes that have been handled by transcribers”
Maher’s client began pressuring him to reduce his fees
Nearly all its costs are related to labor. Cutting fees, meant cutting payroll.
The Pay: - 5% above the average of the industry
- this pay strategy acted as an advantage in recruiting and keeping
best transcribers
- pay was according to the number of lines per text, hours worked
and how complex the task was
6. Question
1
How did the change in pay level at
Eight Crossings affect the ability to
attract and retain a high-quality
workforce?
7. Question
1
There was no effect on the ability to retain
the high-quality work force.
The employees expressed understanding
and they did not wish to move to any other
company as the other companies would pay
the same rate as Eight Crossings are paying
them, so the pay level cut did not affect the
companies’ ability to retain their workforce.
Maher could have outsourced his work but
decided to bring the pay to the market rate.
The ability to attract the high-quality work
force is still to be determined.
Only time will tell if the company will
continue to attract the potential high-quality
workers.
8. Question
2
Do you think the company’s pay
structure was better suited to its
objectives before or after the
reduction in the pay level? Why?
9. Question
2
The company’s pay structure was better suited to
its objectives before the pay cut because the pay
varied on the complexity of the job but also giving
more motivation for the employee to get more work
done because of receiving on average a 5% bonus
per assignment.
Being that Maher was still seeing profit this is an
effective way of attracting the best-qualified workers
and retaining them.
The pay was varied from the complexity and length
of each assignment, the more skilled was the
employee, and took on tougher task, received higher
pay. “A very effective pay structure”
10. Question
3
How would you evaluate the
company’s method of
communicating the change in pay
level? What improvements to that
process can you suggest?
11. Question
3 The company’s method of communicating
the change of pay as effective.
Given that the reaction of the employees
was positive instead of being angry after
receiving news of a pay cut.
The workers are located in 22 locations
and many of them work from home so most
the communication between the staff was
through email and telephone this was an
effective way to communicate the change.
12. Question 3 Suggestion
Delivering such big news like a pay cut is a very
sensitive piece of information.
A companywide conference call or conference
meeting over the web would have been a better
alternative. Email is not as personal as hearing a
voice or seeing the person delivering the news. It
shows more interest and gives the perception that
one cares more when making it more personal.
A video tape of Maher to his employees is also a
good mean of communicating of such a information.
13. Conclusion
The pay structure before the reduction was very
effective
However, the amendments was important
14. Maher
ensured…
Best
communication
method to be
used to deliver
the news
No workers
laid off
No workers
should leave
the firm by
paying at
market rate
No
outsourcing to
India for low
wage labor
No software
investment; it
has its own
limits
Customer
satisfaction
Make profit
15. Bibliography
Dahl, D., 2010. Special financial report: Employee
compensation, New York City: Inc. Magazine.
Noe, R. A., Hollenbeck, J. R., Gerhart, B. & Wright, P. M., 2016.
Fundamental of Human Resource Management. 6th ed. New
York: McGraw Hill .