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Pay Structure:
Southeastern Oklahoma State University is a growing university that has been characterized with professor and employee turnover rate. Since the rate is becoming a major concern, the institution is currently working on their pay structure in order to overcome this challenge. Notably, one of the major concerns for the institution is whether to conduct a survey when developing the pay structure. The need for conducting a survey is a crucial concern for the institution given that every organization must develop its own pay policy line, which is a trend line that best represents the value of jobs that are considered to have specific worth (Henderson, 2006, p.266).
Similar to many organizations, Southeastern Oklahoma State University should conduct a survey since the procedure for establishing a trend line or pay policy involves identifying the market rates for various benchmark jobs that cater for the whole pay spectrum of pay rates. One of the reasons for professor and employee turnover rate at the university is the lack of competitive compensation policies and practices. Therefore, the university will address this challenge by developing and establishing competitive pay structures. The process of developing such pay structures not only requires recognition of the institution's worth but also requires evaluation of market value or worth.
Through conducting a survey, Southeastern Oklahoma State University will determine the market value or worth of every job, which will help in developing competitive pay structures. However, the institution needs to consider and address various issues in order to enhance the validity, reliability, and usefulness of data obtained from the survey ("Developing a Competitive Pay Structure," n.d.). These issues include defining its labor market, choosing institutions that it competes with, and determining the standard rate of participation.
References:
"Developing a Competitive Pay Structure." (n.d.). Fox Lawson & Associates LLC. Retrieved
November 11, 2013, from http://bookstore.icma.org/freedocs/mlgs/foxlawsonarticle.pdf
Henderson, R.I. (2006). Designing a Base Pay Structure. In Compensation management in a knowledge-based world (10th ed., Chapter 11, pp.264-293). Upper Saddle River, NJ: Prentice Hall.
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