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Designing a Compensation Package
[Name of the Writer]
[Name of the Institution]
Designing a Compensation Package
Job Description
Position
HOUSING MANAGEMENT SPECIALIST
Position Description:
The primary purpose of this position is to serve as the Housing Assistance Program Manager to plan, organize, coordinate, and management all aspects of housing assistance.
Salary: $50,598 to $65,778 per year
Full-time work schedule. Occasional travel - May be expected to travel for this position.
Duties and Responsibilities:
Manages all aspects of housing assistance to ensure that housing assistance provided complies with legal and regulatory requirements and meets customer needs.
Exercises management responsibilities and establishes policies and procedures for the housing assistance program.
Performs non-routine studies and surveys to study unprecedented problems and improve the housing assistance program, and participates in the administration of housing management.
Administers a variety of housing interest programs.
Minimum Knowledge, Skills and Abilities:
Knowledge of basic housing instructions, policies, principles, concepts, and methodologies; and of installation housing privatization project transaction documents.
Knowledge of realty practices including management and financing of rental and sale property; and of appropriated fund budget system and contracting provisions sufficient to ensure proper negotiations or commitment of government funds.
Knowledge of the principles, techniques, and methodology related to housing referral and relocation support services.
Knowledge of housing audit or survey requirements and procedures to perform regular or periodic reviews of local housing management operations.
Skill in interviewing to obtain information and to explain housing policies, relocation assistance, and local procedures to military members.
Ability to analyze interrelated issues of effectiveness, efficiency, and productivity, and develop recommendations to solve problems.
Job Evaluation Method
There are a number of evaluation methods which are used to evaluate a number of different jobs at different levels. Here the job evaluation method for my job which is “Housing Management Specialist” is one of those methods. But! There is a list of steps which are needed to be taken when conducting the job evaluation of my job. These steps include gathering the information about the job, developing the most suitable method of evaluation, finalizing the factors to compensate, review the job analysis, and establish an appropriate and fine job hierarchy. “A job evaluation is the process which involves the comparison of jobs in terms of what it value to the organization as well as what the organisation is going to decide to pay for it.” (Mulvey, 2015). Here the main goal of us is to develop an equitable pay structure for the position of Housing Management Specialist.
In short, we have four main methods which we can use to evaluate the job of Housing Management Specialist which are point system, comparison, ranking and job classification. These methods can be categorized to quantitative and non-quantitative methods. Here, the point system and comparison fall in the category of quantitative methods while the other two (ranking and job classification) come in the category of non-quantitative category. Here, we have the options to compare the job of Housing Management Specialist in the organization with other jobs performing by others in the organization which would be done through the comparison methods. While beyond that, we have another methods through the key factors involved in the job can be chosen and measured.
Additionally the method of ranking is common and one of the simplest techniques to evaluate a job especially jobs like mine. So this method will also be used for the job evaluation while comparatively, the method called point system is a complex so this methods might not be used as much as other methods. While it can be bring into use when we are in need of it otherwise not focusing on point system would be a part of the decision regarding job evaluation method (Mulvey, 2015). Furthermore, we will mainly looking at the factors such as required skills level, efforts needed, working conditions, and responsibility when evaluating the job of Housing Management Specialist. In short, Ranking and Comparison method will provide the better, in-depth, and complete overview of the job so, these two methods will be used for evaluating the job.
Intrinsic and Extrinsic Benefits
Intrinsic benefits of a jobs include all of the benefits that come from an individual or person associated with one’s job. These benefits include all emotional rewards which lead to motivation while the benefits that come from external sources or entire organization are considered as extrinsic benefits and they lead to extrinsic motivation (Joshi, & Bisht, 2016). These are the ways through which the benefits of one are received in different forms. Hence, the benefits which are associated with the person emotionally are known as intrinsic benefits. While on the other side, the extrinsic benefits are those which have physical presence and come to an employee externally.
Here the benefits of the job under analysis (Housing Management Specialist) include both intrinsic and extrinsic benefits. The intrinsic benefits here include all benefits which would be given and received by the Specialist (me) by completion of any difficult or special task(s) assigned by supervisor or manager.
Intrinsic Benefits
The forms in which the intrinsic rewards or benefits include a sense of achievement, word of praise, recognition, autonomy, and feeling of pride. As discussed above, these benefits cane be received by the specialist by completing a difficult task e.g. taking, managing, and finalizing a project with a top level client which cannot be managed by other concerns as effectively as the Housing Management Specialist did.
Extrinsic Benefits
These are the benefits which are ensured by the organisation and employer to the employee. These are the rewards which are highly associated with the job performance and results or productivity of employees. Allocation of extrinsic most of times directly and positively impacts the performance of even every employees at any position. Here for the job of Housing Management Specialist, the extrinsic rewards or benefits are many in number such as financial support, incentives, and bonuses etc. but! These benefits would be provided based on the policies that how when and how the task or job has been performed. In short, the extrinsic benefits would be based or warranted for the job done in a fine way.
Compensation Package
The Housing Management Specialist would be much remunerated by a number of installments bundle as takes under;
The monthly compensation would be provided as monthly bonuses which would be provided based on the overall monthly performance.
He/she can win the title of employee of the month (EOM) and all benefits of the achievement would be ensured.
A time based compensation or reward of $20 would be given for the 8 working hours each day.
In case the specialist ensure the overtime than the actual duty time which is 8 hours, then he/she must be compensated with higher payments. So in such cases, the specialist would be given with $30 per day if he work for 10 a day.
A crisis stipend for the situation or circumstance which might confront the employees amid his or her job.
The provision of this compensation needs to be made for the purpose of ensuring the financial balance of employee. The installments listed above should be made based on the decision of the particular department and the manager or director and the money lead.
Beyond above, it is also important to know and consider that the compensation package must be changing as per the changes in compensation packages in the overall market place. It is also important to note that the jobs of Housing Management Specialist are enough higher in demand as compared to some other jobs in the market. So for attracting and retaining a productive employee for this position requires the organization to set some fruit-able and attractive compensation package (Larkin, Nyberg, & Moliterno, 2019). Besides, it is also crucially important for the organization(s) to consider that there is existence of huge generation gap in the labor or workforce and the compensation and benefits offered by the organizations for attracting each of the generation for the position they are needed for.
Performance Measurement
Performance measurement is the process that provides in-depth and useful details and insights for the purpose of conducting the annual reviews of employees’ managers or other top position holders of the organization. This also assists to now that how the organization performs comparatively to the industry, and all major industry players (companies or organizations). In short, performance measurement also leads to managing the jobs, tasks, duties, and performance of each of the employees in the organization. For the purpose to ensure the job of Housing Management Specialist, a number of ways are there which would be used to ensure an effective measurement of this job. Hence, the organization has to and would be focusing on the administrative concern form the job of the Housing Management Specialist where every aspect of the performance will be examined and analyzed. Here, the performance appraisal would be used the most for measuring performance (Singh, Darwish, & Potočnik, 2016). It would be sued because performance appraisal is the way and technique that provide a detailed and constructive criticism which will utilized to motivate all employees including Housing Management Specialist. they would be motivated to put more efforts, work harder than they usually do, as well as it can be utilized to help employees to overcome the negative behaviors and consequences so that the employees would be back to the work.
Despite above, this tool for performance measurement can also be used to ensure the performance of employees by knowing that do employees meet the performance standards set by the concerned department, or supervisor, manager, or executives while making sure that how the job description and set standards in the job description are met. Furthermore, this technique would be used for performance measurement because it also put some light on how the employees can gain higher rank through promotion in the organization. In this case, the employees would be likely to work harder and put more efforts than they do because everyone prefers to get something better everywhere in his or her life (Aquila, & Rice, 2017). Finally, performance measurement of the Job of Housing Management Specialist also helps to know that when the performer of the job (employee) is not meeting the standards as well as expectation of the management and organization. While this can be best through effective and proper process of performance appraisal.
Why the Compensation package is Appropriate
There are more than a single or two reasons because of that it can be said or stated that the compensation package for the position of Housing Management Specialist in appropriate in this market. Briefly, there are a number of reasons which ensure that the compensation packages is suitable and fine in this market. First, an entry level position holder of Housing Management Specialist’s medium salary packages starts commonly from $50,000 while its ranges till $60,000 to $65,000 while it goes higher as per the level of seniority. With the additional time, and services as well as with the time gaining the experience on the position lead to have increased salary at different times (Singh, Darwish, & Potočnik, 2016). In this market, a number or a variety of jobs are offered by the organizations and Human Resource which include specialist, assistance, manager, director and so on.
Beyond that, the compensation package is appropriate because it also include a number of compensations, rewards, and benefits, while ensure the provision of training, knowledge enhancement, employee development, and other labor and employees relationships. Beyond that, there are some additional factors which decides that is the compensation package appropriate as well as how it is considered appropriate (Larkin, Nyberg, & Moliterno, 2019). These factors include presence of the organization in the industry and market, level of the organization, and its size etc.
Furthermore, the compensation package is considered appropriate in this market because it strongly and fully cover the legal requirements and regulations of the local and federal law and other organizational regulations and policies. Additionally, the compensation package also meet the requirements of the salary packages offered and given by organization for the position of
Compensation Strategy
Several compensation strategies are there which can be used for designing and developing an effective compensation strategy. But it is very important to know that the compensation strategy meets the concerns of the organization such as culture of the organization, business concerns, and HR strategy. Hence the compensation strategy that we have or that the organization should use is the one that fully meets some specific goals and objectives. Those goals and objectives are the attraction and retention of potential employees especially for the position of Housing Management Specialist, ensure motivation and engagement among the employees of the organization, and keep all of the costs associated with the labor in line (Noe, et.al, 2017).
In details, the compensation strategy would be the one that ensure attraction of highly potential and capable employees which would result to effective and successful overall performance and operations of the organization as well as ensured efficient management of organization activities and processes or procedures. So for the purpose, it is important for the organization even for every organization to set a competitive compensation package in comparison to its competitors in the labor market. Motivation and engagement of employees is very crucial if looking for better performance and results (Aquila, & Rice, 2017). So the organization has to use the compensation strategy which ensure these factors.
As mentioned that job of Housing Management Specialist is much high in demand so the organization would need to have a compensation strategy that do not only attract and retain employees such as Housing Management Specialist but it must work as motivator and engager that motivates employees and bring employee engagement in the workplace (Joshi, & Bisht, 2016). So, the better performance, operations, and result would be made sure in this case. Lastly, the compensation strategy is a tool that attract best potential candidates, keep them engaged and motivated while keeping the labor cost inline is another credibleness to consider. So finally, if the organization take care of each of its employees including Housing Management Specialist, then employees would definitely take care of the organization’s success and its customers, and at last, both the customers and employees would stay loyal to the organization (Ganisen, et.al, 2015).
References
Aquila, A. J., & Rice, C. L. (2017). Compensation as a Strategic Asset: The New Paradigm. John Wiley & Sons.
Ganisen, S., Mohammed, A. H., Nesan, L. J., & Kanniyapan, G. (2015). Critical Success Factors for Low Cost Housing Building Maintenance Organization. Jurnal Teknologi, 74(2), 31-40.
Larkin, I., Nyberg, A. J., & Moliterno, T. (2019). Strategic Compensation: A Critique And Research Agenda.
Mulvey, P. W. (2015). Job Evaluation. Wiley Encyclopedia of Management, 1-3.
Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Singh, S., Darwish, T. K., & Potočnik, K. (2016). Measuring organizational performance: A case for subjective measures. British Journal of Management, 27(1), 214-224.
Joshi, P., & Bisht, N. S. (2016). Motivation: The compensation perspective. International Journal of Engineering and Management Research (IJEMR), 6(1), 70-76.
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