Establishing Pay Rates

Identify a management level position that you would like to hold at some point after graduation (maybe 5-10 years after graduation). Go online and visit Payscale.com and look for the spot that says "For You" in the upper left hand side of the page. Then click the "Find Out" button under the "Start Salary Survey" section in the upper left hand side of the page. Then click "Select" button under the "Just Exploring" section. Then select "Individual". Then insert information for the position. You can include as much or as little information as you would like. At the end of the information list, include your email and select a password. The website will generate a "salary report". You will need to sign up for a free account (there should be NO cost at all - do not pay anything).

1. Explain the two items on the report that you feel would be the most influential to a company EMPLOYING this position related to the position's compensation. How can this information be helpful to a company establishing pay structures? Describe in detail why these two items would influence the compensation of the position.

2. Describe how you think this position should receive pay increases over time (consider different pay for performance strategies or seniority based pay increases). Make sure to link these to compensation strategies discussed in the text. Explain a specific compensation structure that would motivate an individual in this position