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Shape of Future Compensation Professionals’ Work

            The basic principles of staff compensation and benefits programs, as well as their constituent parts and structural features, are the subject of strategic compensation. Beyond the basics, there are many other factors to consider. The epilogue of our textbook looks at important problems that have posed ongoing difficulties for those in the HR and compensation fields (Martocchio, 2020). These concerns have shaped and are going to influence the narrative around the design and implementation of compensation systems. Executives and managers of compensation must determine how these problems affect their firm and competitiveness.

Appraisal Tendencies

            Despite some businesses moving away from conventional performance evaluation techniques, these strategies are still widely used today. According to a poll, around 90% of firms utilize performance ratings globally. Numerous businesses combine quantitative and qualitative rating methods (Martocchio, 2020). All performance measurements must be agreed upon by the evaluators and those being assessed. Employee support is necessary for the quantitative section’s evaluation technique, performance evaluation criteria, and assessors to continue to be successful. Employees who accept the performance system are likely to deliver the needed results. However, traditional systems will still have outdated performance metrics but maintain some levels of achievement (Hassanpour et al., 2022). There are some more critical elements compensation managers must face along with appraisal measurements.

Federal Wage Rate Concerns

            Reduced turnover is frequently a result of higher wages. Some analysts think raising the minimum wage via legislation won’t affect the economy. Based on supply and demand theory, many contend that raising the minimum wage will harm the economy. By balancing rising salaries, companies may increase the cost of their products and services. The likelihood of people buying less reduces when products and service prices rise. Therefore, profits could be negatively impacted by decreased demand for products and services and result in job cuts. Our texts state that 85 percent of studies on the subject show conclusive proof that minimum wage legislation has a detrimental impact on employment (Gallagher et al., 2021; Martocchio, 2020). Additionally, measuring technological changes shows a significant impact connected to pay gaps.

Productivity & Pay Breaches

            Improvements in science and technology, capital expenditure, maximizing the use of products, increased managerial abilities or production organization, and enhanced worker skills are just a few of the many potential factors that could have an impact on labor productivity growth. However, pay has not been able to keep up with production in the United States (Martocchio, 2020). Also, the earnings of women are significantly lower than those of men. There has been a gender pay disparity for more than 150 years. The gender pays gap’s magnitude has been trending upward, according to our textbook. Even while the salary disparity has shrunk over the past several decades, it continues to be very large and will likely continue (Williams, 2022).

Financial Truth

            One can imagine that pay transparency is not a preferred function in companies that are not paying fairly. Pay transparency is the degree to which businesses disclose information about any number of elements of the pay structure, such as the payment of all employees or the formula used to determine all contribute choices, salary levels, and ranges, and the methods and standards used to determine the starting salary and pay increase amounts (Martocchio, 2020). With the major concerns of productivity pay and gender pay gaps, pay transparency would indicate the gravest concerns to combat all unethical and immoral compensation decisions within a company.

Biblical Integration & Conclusion

            Transparency is the foundation of success. First, one must admit they have a problem. Transparency is achieved through humble recognition of the problem. Therefore, financial transparency is the most important element within these compensation issues. Humility breeds a culture of integrity (Joh, 3:19-21, NIV, 2022). Following a transparent path builds a bright light into the future against all forms of evil (Joh 8:12, NIV, 2022). Accepting financial transparency and the greatest need creates an impenetrable force against all the other issues brought forward by our textbook.

 

References

Gallagher, S., Roy, A., Domeracki, S. J., Mohrmann, T., Missar, V., Jule, J., Sharma, S., & DeWitt, R. (2021). The low-wage essential worker: Occupational concerns and needs in the COVID-19 Pandemic—A round table. AAOHN Journal, 69(4), 154-160. 
https://doi.org/10.1177/2165079920988682
Links to an external site.
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Hassanpour, N., Shaemi Barzoki, A., Moshref Javadi, M. H., & Safari, A. (2022). Designing employee performance evaluation model in isfahan municipality: An interorganizational experience. International Journal of Productivity and Performance Management, 71(6), 2558-2581. 
https://doi.org/10.1108/IJPPM-08-2020-0411
Links to an external site.
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Martocchio, J. J. (2020). Strategic compensation: A human resource management approach (10th ed.). Upper Saddle River, NJ: Pearson ISBN: 9780135175910.

New International Version (NIV) Bible. (2022). BibleGateway.com. 
http://www.biblegateway.com/
Links to an external site.
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Williams, M. (2022). Is there a gender gap in our responses to a gender pay gap? an experiment. Applied Economics Letters, 29(4), 346-350. 
https://doi.org/10.1080/13504851.2020.1869149
Links to an external site.
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