Wages Issues faced by FastCat company : Report
Added on -2020-07-23
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REPORT
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3Pay level.......................................................................................................................................3Pay mix........................................................................................................................................3Benchmarking jobs......................................................................................................................43.3 Companies selected for comparison..........................................................................................53.3.1 Update of survey data.........................................................................................................53.3.2 Pay forms............................................................................................................................63.3.3 Metrics for comparison.......................................................................................................63.3.4 Comparison results with other companies..........................................................................73.3.5 Overall results analysis.......................................................................................................83.4 Integration of internal and external structures...........................................................................93.5 Proposed grade and range (or “Band &Zone”)structure..........................................................103.6 Strategic map...........................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONIn the present report there has been analysis based on the issues faced by FastCat interms of wages or consideration payable to their employees as well as application of ROAtechnique in the financial disclosure. Therefore, in accordance with the overbalance changes tobe made in the firm the union and managers will make their mutual understanding over thevariations in the jobs and duties assigned to them. There has been various debates over theaverage global revenue rates and the increment in the salaries of the employees. There will beconsultancy based on retaining the employees in most favorable manner as compared with theother competitors of business. There will be allotment of the grade and rates of compensationwhich will be payable to the managers in consideration with making the adequate improvementsin the operations of business.Pay levelThere are some of the issues that are observed in case of the business firm as union andmanagement are in front of each other in respect to salary issue. It can be observed thatmanagement is giving less amount of salary to the employees and it is considering such kind ofthings right. On other hand, Union members have common belief that in comparison to marketrate less amount is paid to them and due to this reason they are entitled to received increasedamount on their salary and wages. Both entities are stand on their point of view and due to thisreason conflict arises between them. In current time period it can be observed that business firmis on growth track and it is earning profit in its business but there are some of the debtobligations that firm have to pay in its business (Chen & et.al., 2016). Due to this reason it isfollowing cautious approach and under this it is planning to make payment to the creditors andwhen all dues will be paid hike will be given to employees on their current salary amount.However, from such kind of plan union members are not satisfied and due to this reasonmanagement of the firm decide that attractive amount of incentive and cash reward will be givento the employees so that they receive additional income and feel motivated at workplace to workhard in interest of the business firm (Ismail & et.al., 2016). Thus, it can be said that firm prepareperfect plan and it identify middle path to handle such kind of complex problem. Pay mixPay mix refers to the situation where combination of salary and extra benefits aredetermined which is given to the employees working at different level of management (What is3 | P a g e
pay mix in sales compensation, 2017). It must be noted that employees working at varied level ofan organization have different salary structures and according to position they have in thecompany specific amenities are also received. Hence, it can be said that pay is not same for allemployees and way in which aggregate amount computed will include different elements withchange in position in an organization. Fast cat is planning to give same salary to the employeesas it earlier give at workplace and additionally it will give incentives and other benefits to theemployees (Merriman, Turner, Galizzi & HaynesBaratz, 2016). All these things will motivateemployees to work hard at the workplace. This is because they are received fixed amount ofsalary on doing work that they already done in pastime period. Now for earning more in the firmand delivering excellent quality product and service employees make their maximum effort. Allthese things lead to increase in revenue of the business firm. It can be said that pay mix have dueimportance for the firm because it help it in making adjustment in its cost structure (Perez &Juan, 2017). Thus, firms must after considering number of factors must make adjustment in theirpay mix in such a manner that employees get satisfied and employee cost remain in control in thebusiness.Benchmarking jobsFastcat job TitleSurvey job titleJE PointOffice AideOffice Support 190Data ProcessorOffice Support 2110Administrative Assistant IIOffice Support 3135Administrative AssistantOffice Support 4170Executive Staff AssistantOffice Support 5180Office LeaderOffice Support 6250Marketing SupportMarketer 1150Field Marketing RepMarketer 2220Business Solutions ConsultantMarketer 3270Business Account LeaderMarketer 4320Technical Marketing ConsultantMarketer 5400Visionary ChampionMarketing Manager 3475TechnicianTechnician 1100Technical Analyst ATechnician 2150Technical Analyst BTechnician 3160Senior TechnicianTechnician 4220Usability EngineerEngineer 1190Software Development EngineerEngineer 2250Software Interface DesignerEngineer 3330Software User Interface ArchitectEngineer 53904 | P a g e
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