Compensation Memo to HR Director Essay

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Total Length: 601 words ( 2 double-spaced pages)

Total Sources: 3

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Total Compenstion Statement Memo

Human resource (HR) policies and decisions play a crucial role in an organization. They serve as a driver of employee productivity as they directly or indirectly affect employee engagement, job commitment, employee satisfaction, and employee retention. An important HR function relates to compensation, which is basically concerned with determining the amount of remuneration and benefits employees get as a result of their input to the organization. Sufficient compensation is crucial for attracting and retaining the right people for the job (Stredwick, 2014). The position of an administrative assistant is without a doubt an important position, underscoring the need for competitive and attractive compensation. As per the U.S. Bureau of Labor Statistics (BLS), an administrative assistant earns an average income of $55,460 per year or $26.66 per hour (BLS, 2017). More specifically, an administrative assistant in the category of "Management of Companies and Enterprises" earns an average income of $60,320 annually or $29 hourly. In addition to salary, the position of an administrative assistant requires a number of benefits, notably social security, unemployment insurance (federal and state), worker compensation, and Medicare. Optional benefits may include medical and/or dental insurance, retirement benefits, a wellness program, as well as paid meals, transportation, vacation, and maternity or paternity leave.

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In essence, the compensation goals for the newly created HR administrative assistant position are to provide competitive remuneration within the national average, the legally required benefits, and attractive discretionary benefits. This will be crucial for attracting and retaining the right candidate for the job.

Similar to any other job, ethical aspects must be addressed in making compensation decisions relating to the newly created position. An important ethical issue in this case relates to equity. It is imperative for employees to feel they are paid fairly (Mello, 2015). The level of compensation offered should adequately match the requirements, responsibilities, duties, functions, conditions, and complexities associated with the job. It is not uncommon for pay to be influenced by demographic aspects such as gender and racial background, which is often a source of employee dissatisfaction and interpersonal conflicts within the workplace. Eventually, this can negatively affect employee commitment, engagement, and happiness to the disadvantage of the organization. Compensation for the new position should be comparable to not only co-workers, but also other organizations. This is referred to as external equity (Stredwick, 2014). Another ethical issue relates to how incentive plans are….....

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"Compensation Memo To HR Director" (2017, February 04) Retrieved April 27, 2024, from
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"Compensation Memo To HR Director" 04 February 2017. Web.27 April. 2024. <
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https://www.aceyourpaper.com/essays/compensation-memo-hr-director-2164536
   

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