compenstation and benefits

compenstation and benefits






Compensation and Benefits Report
HRM531
Compensation and Benefits Report
With the economy improving it is important for companies to have a sound compensation program in place. According to a survey of by PayScale (2013) top executives expect recent economic growth to continue. In late 2012, many of those executives reported that they grew more than expect and provided raises exceeding previous years. Many executives also expressed a concern over difficulty filling skilled job positions and retaining talent.
To ensure that Clapton Construction is well positioned to succeed during a period of anticipated growth this report covers key compensation topics. Those topics include market evaluation, compensation structure, market position, compensation strategy, and compliance.
Market Evaluation
According to Cascio (2012), determining whether the labor pool has a surplus or shortage of qualified candidates has a significant impact on wages. Over the past six months the unemployment rate has been trending downward. The Bureau of Labor Statistics (2013) reports that, in Arizona, the 12-month change for unemployed construction workers has dropped from over 10% to less than 1% during the period May through October 2013. Despite this trend there are nearly 120,000 unemployed construction workers on record in Arizona.
The following wages were extracted from the Bureau of Labor Statistics’ (2012) State Occupational Employment and Wage Estimates for 2013. Knowing these average wages will help build a pay structure that is consistent with Clapton Construction’s compensation and benefits strategy.


Occupation title
Median hourly wage
Mean hourly wage
Annual mean wage
Construction Managers
$41.76
$45.62
$94,890
Construction and Extraction Occupations
$17.67
$19.12
$39,770
First-Line Supervisors
$27.83
$29.00
$60,320
Construction Laborers
$13.28
$13.98
$29,080
Operating Engineers, Other Equipment Operators
$20.65
$20.85
$43,360...

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