In: People

Submitted By compensation

Words 1264

Pages 6

Words 1264

Pages 6

MARKET SURVEY COMPUTATIONS Company | # Staff | Min | Mid-Pt | Max | Mean actual wage | Compa-ratio | A | 3 | 24,000 | 30,000 | 36,000 | 29,600 | | B | 5 | 27,200 | 32,000 | 36,800 | 31,000 | | C | 8 | 26,100 | 29,000 | 31,900 | 31,000 | | D | 7 | 22,400 | 28,000 | 33,600 | 32,000 | | Median | | | | | | | Mean | | | | | | | Weighted Mean | | | | | | |

CR (Compa-ratio) = AS (actual salary) MP (midpoint of pay range)

Calculate the median wage at minimum, midpoint, maximum and actual.

For each firm, calculate the compa-ratio expressed to 2 decimals.

Calculate the mean salary at minimum, midpoint, maximum and actual.

Calculate the weighted mean wage at minimum, midpoint, maximum and actual.

For each firm, calculate the compa-ratio expressed to 2 decimals.

Below, using the mean actual, show your recommended new salary range with a spread of 15% between min and midpoint and 15% between midpoint and max. Round the salaries to the nearest hundred dollars.

____________ _________ ____________ (Minimum) (Midpoint) (Maximum)

MERIT INCREASE RECOMMENDATIONS

Assume that all salary ranges in your firm are increasing by 3%. As the Compensation Manager, you have created the following increase guidelines to be used by line managers for determining the appropriate salary increase for each employee.

Performance Rating | Compa-Ratio.8 - .89 | Compa-Ratio.9 - .99 | Compa-Ratio1.0 | Compa-Ratio1.01 – 1.09 | Compa-Ratio1.1 – 1.2 | Excellent | 6% - 9% | 5% - 8% | 4% - 7% | 3% - 6% | 2% - 6% | AboveStandard | 5% - 7% | 4% - 6% | 3% - 6% | 2% - 5% | 0% - 2% | Satisfactory | 4% - 6% | 3% - 5% | 0% -2% | 0% - 2% | 0% -2% | Below Standard | 0 - 2% | 0 - 2% | 0 - 2% | 0 - 2% | 0 - 2% |

Assume that the midpoint of the salary range is $35,000. Using…...