Compensation custom essay

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Identify two healthcare organizations that are similar in mission and size. For example, you may select two medical group practices, two medium sized community hospitals or two nursing homes of similar size. Choose two organizations in the same geographic area and labor market or two that are in the different markets. The task is to compare the two healthcare organization’s compensation system and summarize their compensation philosophy, system, design, decision making process, policy, and practices in the organization and write a report on the similarities and differences between the two compensation systems. Questions to guide this 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 particular labor market? 2. Does the organization have 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? Examples include (but are not limited to) sign-on bonuses, retention bonuses, paying above market rates, and employee referral programs. 3. How does the organization evaluate jobs- that is, how does it “price” jobs? Does it conduct a formal job evaluation process? If so, how often and under what circumstances? Are there certain jobs where the market dictates salary, rather than the salary being the result or a job evaluation process? 4. Does the organization face any of the following problems? If so, how does the organization address them? – Wage compression – Employees “topping out” of the salary rang – High prevalence of employee departures because of compensation related factors – Perceptions among employees that aspects of the compensation system are unfair

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