What factors do you think influence the compensation package?
In my organization, some factors that influence the compensation package are as follows:
Years of Experience: More experience results in higher pay. For example, if a position needs someone with a certain amount of years experience in a particular occupation, if the applicant does not meet this requirement, they may be placed at the lower end of the pay scale.
Qualifications: Certain qualifications, especially a first degree, is very important for an entry level position in my organisation. Earning a degree from a well recognized institution has a positive influence on pay, while earning a degree from a school that is considered weak in a certain field may affect a worker’s earning potential.
Appraisals: In my organization, appraisals play in big role in compensation. My job deals with meeting targets and these targets account for about 80% of appraisals. Most employers today base their pay decisions at least partly on individual performance, which has become an important variable when being considered for a pay increase or promotion. Even when applying for a new job, this information may be important to your prospective employer, as it gives a more complete picture of your abilities.
Position: Different positions at my organizations have different pay scales or grades. Secretaries, tellers, supervisors and managers fall in different categories of pay scale.
Unions: Very often when there is a breakdown in wage negotiations between staff and management, the union representatives are the ones who liase with management in order to find amicable solutions surrounding wage negotiations.
Bonus: My organization is spread throughout the Caribbean. If the target that is set for the year is met by each jurisdiction then based on the standard set by the organization, a percentage is paid out as bonus to staff at the end of the financial year.
Overtime: Overtime is paid once it can be justified...