External Job (Market) Alignment, Benefits and Project Summary.Find out how the job fits into the external or market structure (i.e. detailed salary, benefits, etc.) Discuss how your subject’s compensation and benefits compare to the market rate from a salary and benefits package perspective.

QUESTION

1) Job Case 3 – External Job (Market) Alignment, Benefits and Project Summary – 30 (thirty points) – 3-4 Pages – Due June 17th by 11:00 p.m.
a) Find out how the job fits into the external or market structure (i.e. detailed salary, benefits, etc.) Discuss how your subject’s compensation and benefits compare to the market rate from a salary and benefits package perspective. This is basically a market pricing exercise where you will take the information provided to you by the Interviewee and compare their information to what is available for that specific position via the market and sites that were provided for the earlier compensation comparison exercise:
• What information did you gather, and how, to describe their place in the market?
• Conduct outside research to support your analysis and make sure to cite appropriately. Again, include any supporting documentation used in your analysis with this step, including citing internet resources used.
• What sources did you use to determine market rate and market pricing?
• NOTE: If you are interviewing an immediate family member, they may be unwilling to share exact specifics of their compensation; this is understandable and acceptable. You will still need to market price the position and then ask them if their salary lags, meets or leads the market.
b) Ask your subject to describe the benefit and pay mix at their place of employment. For example, do they have multiple health plans to choose from, relative contribution of the employer/employee for various benefits, retirement plans, childcare, incentive pay, etc… In your interview, try to identify all of the relevant features of the benefit. For example, for a retirement/pension plan (if there is one) include the precise type of plan, eligibility, vesting retirement age, any supplemental plans, the relative financial strength or experience of the plan, investment options, and other design issues. If there is no pension plan, what options exist-detail these options, e.g. does the employee have a 401(k) and what is their contribution level; is there an employer match, etc. Discuss the organization’s vesting schedule. Be sure to discuss key benefits such as life insurance, tuition assistance, PTO, wellness, etc.
• If relevant, describe the role that membership in a union might play in this analysis.
• Describe how the subject, as well as you, perceive the benefit and pay mix considering the previous steps completed (e.g. place in the internal structure and external market.) Would you say that the compensation and benefits packages lag, match or lead the market? Is the answer different for compensation than it is for benefits?
• Include any supporting documentation or research used in your analysis.
c) If you wish, you may also address if and how recent market conditions impacted their overall total compensation package

ANSWER

External Job (Market) Alignment, Benefits, and Project Summary: Analyzing Compensation and Benefits in a Specific Position

Introduction

This report aims to analyze the external job alignment, benefits, and compensation package of a specific position. The research will focus on gathering information about the subject’s place in the market, comparing their compensation and benefits to market rates, and discussing the benefit and pay mix at their place of employment. The findings will shed light on how the subject’s compensation and benefits package align with the market, and whether they lag, match, or lead the industry standards.

 Market Alignment

To determine the subject’s place in the market, several sources were utilized, including the information provided by the interviewee and external research. The interviewee may not disclose specific compensation details, which is understandable. In such cases, market pricing for the position was conducted using available market data and salary comparison websites. The goal was to assess whether the subject’s compensation lags, meets, or leads the market rate.

External research involved examining industry reports, salary surveys, and job market analysis. Relevant sources were cited appropriately to support the analysis. Internet resources, such as reputable salary comparison websites and professional networks, were also utilized to gather comprehensive market data.

 Benefit and Pay Mix

During the interview, the subject was asked to describe the benefit and pay mix at their place of employment. The focus was on identifying various features, including health plans, retirement plans, childcare benefits, incentive pay, and other relevant benefits. Specific details about retirement/pension plans were obtained, such as plan type, eligibility, vesting, supplemental plans, investment options, and design elements. The role of union membership, if applicable, was also considered in the analysis.

Considering the previous steps, the subject’s perception of the benefit and pay mix was assessed. Additionally, the researcher’s analysis was integrated to determine if the compensation and benefits packages lag, match, or lead the market. A comparison was made between compensation and benefits to understand if there were any differences in alignment with market rates.

Supporting documentation, including research materials and relevant data, were included to strengthen the analysis.

 Impact of Market Conditions on Compensation

If applicable, the report also addressed the impact of recent market conditions on the subject’s total compensation package. This aspect aimed to highlight any changes or adjustments made to the compensation package due to evolving market conditions. Factors such as economic trends, industry performance, or changes in labor market dynamics were considered to understand how external factors influenced the subject’s compensation.

Conclusion

In conclusion, the analysis of the external job alignment, benefits, and compensation package provides valuable insights into the subject’s position in the market and their overall compensation and benefits mix. By conducting market pricing exercises and comparing the subject’s information with market rates, an understanding of the subject’s market alignment was established. Additionally, a comprehensive examination of the benefit and pay mix, including the role of union membership, contributed to assessing the subject’s perception and the researcher’s analysis of their compensation and benefits package. The report also considered the potential impact of recent market conditions on the total compensation package. Overall, the findings provide a comprehensive understanding of the subject’s compensation and benefits in relation to the external market.