How do you think the physicians in the practice will react to this pla involved
ID: 381168 • Letter: H
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How do you think the physicians in the practice will react to this pla involved in developing the plan, and if so, how should they be invo . Exercise 2 Compare two organizations' approaches to setting salary levels. care organizations that are similar in mission and size. For exam medical group practices, two medium-size community hospitals, or two y of similar size. You may choose two organizations in the same geographic area and First, identify two healsh you may select tw hospitals, or two nursing homes market or two in different markets. Next, identify and interview the senior human resources management executive o the individual who best understands the compensation philosophy, system, design, and decision-making process. The goal of this exercise is to identify the organization's compen sation strategy, including its approach to balancing competing compensation objectives Summarize the compensation philosophy, policy, and practices in each organiza tion and write a report on the similarities and differences between the two compensation systems. Use these questions to guide your compensation comparison: 1. What is the policy of the organization on compensating employees at market rates? is there an explicit policy to pay below market, at market, or above market? Does the approach vary by the type of employee and the particular labor market? 2. Does the organization have a specific strategy for attracting, recruiting, and retaining employees in difficult-to-fill positions? If so, for which positions has this been an issue? What strategies have been used in these circumstances? Please help with questions 1 and 2 thank you!Explanation / Answer
In the context of the given question,
1. I agree that it is essential to have a competing compensation policy so that deserving employees are paid at or higher than market rates so that employee feel satisfied. The new human resource executive must do a thorough analysis of the market, its competitors and businesses across the country. This analysis will reveal a comparison of what existing employees at other companies are being paid, and how this company can provide competing salaries to retain and attract deserving employees to continiue working with this organization. There is no explicit policy to decide market rates, it completely depends on the type of job role, the merit of the employee, labour market and location of the company, and the company's budget on that particular department or project. Of course, a good compensation at or above the market rate is a motivator for employees to perform better and offer their services for a longer duration.
2. Yes, it is true that compensation policies do change depending on how critical it is to find a suitable candidate to fill up a position, or to retain an exisiting employee so that it does not impact the overall business performance. Some of the critical roles, by my experience, have been nucleur scientists, cyber security professionals, heart surgeons etc and these are extremely critical professions and finding suitable people in less time is sometimes a challenge. So organizations prefer to have competitive pay policies to build up their skilled workforce, or to attract candidates working at their competitors by offering higher variable pay like incentives, bonus, company shares etc.
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