Endothon Compensation Strategies (Essay Sample)

Compensation and Benefits: Endothon Task Course Code: C236 Student Name: Student ID: Date: Program Mentor Name: A. Revise the following to include the three new positions and their salaries, as well as to show any changes to existing salaries. Position Title Current Pay Rate Partner 1 $150,000.00 annually Partner 2 $150,000.00 annually Partner 3 $150,000.00 annually Lead software designer 1 $120,000.00 annually Software designer 1 $117,220.00 annually Software designer 2 $90,100.00 annually Software designer 3 $90,000.00 annually Software designer 4 $85,000.00 annually Brand manager $85,000.00 annually Human resources manager 1 $75,900.00 annually Software designer 5 $75,897.00 annually Software designer 6 $70,000.00 annually Operations supervisor 1* $55,000.00 annually Sales Representative (Product Sales) $75,000.00 annually Customer service representative 1 $32.50 hourly IT technician 1 (help desk) $25.75 hourly Administrative assistant 1 - billing $24.50 hourly Sales Representative (Technical Sales) $18.00 hourly IT technician 2 (help desk) $21.10 hourly Administrative assistant 1 - general $19.65 hourly IT technician 3 (help desk) $15.50 hourly Customer service representative 2* $15.38 hourly Customer service representative 3 $11.50 hourly A1. Justify the placement and salaries of the three new positions. 1 Brand Manager: The brand manager plays a crucial job in any organization considering the roles and responsibilities they handle. At Endothon, plans are underway to expand operations, which implies the need for personnel who can help the company to advance. The primary role of this individual in a company is to cultivate new client relationships and expand existing relationships (Li et al., 2023). One of the critical responsibilities of the brand manager is planning and conducting market research to identify opportunities for increased sales. Furthermore, considering the company wants to double in size within the next six months, it must incorporate the brand manager role. Attracting new customers and maintaining existing ones is essential as it contributes to increased revenue within the company. Furthermore, the individual is tasked with developing and executing marketing programs to achieve stated objectives. Based on the current 20 job positions in the company, there is no personnel to interact with the firm’s customers and provide relevant feedback regarding the experience with the company’s product. It is also noteworthy that Endothon is implementing a new software program that will hopefully attract new clients and provide higher value for the existing ones. Considering that the brand manager position is unique in the firm, the salary of the individual in the position should match what is being offered in the market. Based on this consideration, the wages provided for brand managers in the U.S. market are between $60,000 and $ 120,000 annually. Besides this aspect, it is also evident that the firm is located in California, where the job market is ultra-competitive. Based on this consideration, the brand manager will receive a salary of $80,000 for a start, and within two years, the compensation will be increased to $100,000 per year. 2 Sales Representative (Product Sales Representative) The first position that will be open will include a product sales representative, who will be responsible for promoting and selling the company’s products and services. This position is essential, especially considering that Endothon is currently developing new software to be launched on the market. Considering the products sales position, the first representative will be an inside sales representative responsible for conducting sales over the phone and partaking in online communication. This position is vital, especially considering that the employee will be responsible for providing relevant information about the new software to the clients. Furthermore, one of the critical roles that the employee will play in the company is to develop new streams of consulting revenue through new and existing sales. It is also noteworthy that within the first three months of Endothon launching the product, it will partake in representing the company at industry trade shows and conferences. Based on the key roles and responsibilities the product sales representative will play, their hourly salary will be. They will receive a compensation of $21 per hour, considering the nature of the responsibilities they will handle in the company. Some key considerations for this pay structure include the product complexity and the possibility of limited sales opportunities within the first stages of the product launch. 3 Sales Representative (Technical Sales Representative) The third placement in the company will be of the technical sales representative, comprising an individual with vast technical knowledge about the product that Endothon intends to release. Besides having technical expertise on the products, it is also vital that the employee understands how to communicate the functions and use of the products to the customers in ways they can understand (Zorzetti et al., 2022). Furthermore, they will partake in such responsibilities as the ability to execute initiatives and business development skills. Considering the limited roles of this position, this employee will also be salaried at an hourly rate. Their remuneration will comprise $18 per hour, which will be revised depending on the increased responsibilities. The maximum pay for the employee will be $32 per hour, which will be implemented within the last phases of the product launch. B. Using the 23 positions, create a pay grade and ranges table. Pay Grade Positions Minimum Midpoint Maximum 5 Partners (1, 2, 3) $140,000 $170,000 $220,000 4 Lead Software designer, Software Designer 1, 2, 3, and 4. Brand Manager $90,000 $110,000 $130,000 3 Human resource manager 1, software designer 5 and 6, and $70,000 $80,000 $85,000 2 Operations supervisor 1, customer service representative, products Sales representative 1, Customer service representative 1, IT Technician 1 (Help desk), Administrative Assistant 1 (Billing) $30.00 hourly $35.00 hourly $40.00 hourly 1 IT technician 2 (help desk), Administrative, IT technician 3 (help desk), customer service representative 2, customer service representative 3, Technical sales representative. $15 $20 $28 hourly B1. Describe a strategy to address original salaries now found outside the proposed ranges. Note: If the original salaries are not outside the proposed ranges in your pay grade and ranges table, describe a strategy that you would use if they were (green and red circle rates). Strategy: Endothon is planning to make significant changes in its work operations, which implies the need for revise its pay grade across all departments. As it intends to introduce a new product in the software market, the key implication would be higher responsibilities for employees under the company and new positions as well. While it is critical for Endothon to ensure that all employees are well compensated, it is equally vital for the company to ensure effective resource management in terms of providing equitable compensations. Therefore, the factors considered in the changes made in the salary grades are mainly based on the aspects of skills and level of responsibilities. Overall, this strategy would ensure that Endothon’s compensation structure are competitive in the market, and more so, encourage employees to meet the goals set in the realization of the goals set in the rolling out of the new software product. B2. Justify your pay grades and ranges, commenting on attraction and retention strategies. The use of performance evaluation and levels of skills and experience in determining new salary grades is essential as it encourages professional development at Endothon. Setting reasonable business targets for the workers to achieve and providing incentives if these targets are met is an effective method of revising the pay grades (Rath & Deo, 2023). Furthermore, allocating higher pay for employees who meet the set targets will likely attract top talent in the industry. Based on previous research, more people are attracted to companies that offer opportunities for professional development. Furthermore, this approach will allow employees in the firm opportunity for higher pay scales, which is essential in improving employee retention within the organization. C. Recommend one distinct variable pay option for each of three pay grades, including a justification of why each recommendation would motivate individuals in that pay grade. Recommendation 1: $90,000-$123,000 for the brand manager Justification 1: Although the typical pay scale for a brand manager is between $60,000 and $130,000, it is imperative to consider other relevant factors that contribute to the variability in the pay scale. First, because of where the company is located, California, the job market is highly competitive, which implies that the company must allocate more resources towards securing its workforce. Therefore, it is vital to start the brand manager on a pay scale 30% higher than the lowest salary level in the market. Furthermore, it is notable that most companies will likely offer new employees the lowest pay within the pay scale and increase the amount with time....