Introduction
This section of the report covers market competitiveness analysis for e-sonic encompassed with to determine deserved pay-policy mixes, conduct external market analysis, generate pay grades and ranges for each job. The new business venture requires hiring personnel in all business disciplines, aimed to recapture the market, using market competitive compensation strategy.
Market Competitiveness Strategy
In order to determine the market competitive package for 15 positions under consideration, it is important to first define the pay policy mix, conduct analysis of the external market, and generate pay ranges and grades for each job position.
Administrative Assistant
Pay-Policy Mix
The pay policy mix for the administrative assistant job is as follow:
(Adapted from Payscale, 2016a)
External Market Analysis
Administrative assistant is responsible to respond to inquiries, maintain records, and prepare invoices. From the past few years, job market of administrative assistant is expanding and revamping drastically and over the years, it has been amended and expanding into the further jobs of administrator.
According to the Bureau of Labor Statistics (BLS), the position of administrative assistant is expected to grow by 13.2% by the end of 2020 (BLS, 2013). As new technology is introducing, the role of administrative assistant is growing and its role is being expanded into web related responsibilities.
Pay Grades and Ranges
The pay grades and ranges for the administrative assistant job are as follow:
(Adapted from Payscale, 2016a)
Executive Assistant
Pay-Policy Mix
The pay policy mix for the executive assistant job is as follow:
(Adapted from Payscale, 2016b)
External Market Analysis
Executive assistant delivers administrative support and responsible to schedule appointment, meetings and travel planner. As per 2015 the average salary for the position of executive assistant is recorded as $50,390 (Payscale, 2016b). However, Amazon.com Inc is paying more than $70,000 with different incentives and bonuses for the position of executive assistant (Payscale, 2016b).
The role of executive assistant is changing with the change in technology and market competition. Market is seeing themselves with extraordinary skills with project management and a critical thinker with the variety of skills. With the changing trend of the market, the role of executive assistant is also increasing.
Pay Grades and Ranges
The pay grades and ranges for the executive assistant job are as follow:
(Adapted from Payscale, 2016b)
Office Manager
Pay-Policy Mix
The pay policy mix for the office manager job is as follow:
(Adapted from Payscale, 2016c)
External Market Analysis
Office manager plans and arrange the administrative functions and responsible to pool resources. The role of office manager differs from job to job. Market trend of office manager is moving towards inclination and he/she must be well aware of financial activities. The average salary for the position of office manager is $43485 per year including commissions and profit sharing. The pay rate of San Francisco is more than other cities (Payscale, 2016c).
It has been indicated that around 1.4 million people work as administrative support workers and it is expected to be increased by 1.7 million by the end of 2022 (Learn.org, 2016).
Pay Grades and Ranges
The pay grades and ranges for the office manager job are as follow:
(Adapted from Payscale, 2016c)
Copy Writer
Pay-Policy Mix
The pay policy mix for the copy writer job is as follow:
(Adapted from Payscale, 2016d)
External Market Analysis
Copywriters are responsible to create advertising related content for the promotion of the company. They must be creative and should bring innovative ideas for advertising. Copywriters earn an average salary of $46000 annually. Today, most of the copywriters are working as a freelancer and earning more salaries than the copywriters working in organizations.
Pay Grades and Ranges
The pay grades and ranges for the copy writer job are as follow:
(Adapted from Payscale, 2016d)
Creative Director
Pay-Policy Mix
The pay policy mix for the creative director job is as follow:
(Adapted from Payscale, 2016e)
External Market Analysis
Creative director involves in making the company’s designing. They guide and oversee the work of copywriters. Creative director develop and manage the teams for the promotion of product and to enhance the business. Creative directors receive an average of $83429 per year (Payscale, 2016e).
Pay Grades and Ranges
The pay grades and ranges for the creative director job are as follow:
(Adapted from Payscale, 2016e)
Marketing Director
Pay-Policy Mix
The pay policy mix for the marketing director job is as follow:
(Adapted from Payscale, 2016f)
External Market Analysis
Marketing directors are responsible to handle marketing tasks. They manage different marketing campaigns and communications with the clients. The median salary for the position of marketing director is around $81,000 with different incentives and bonuses (Payscale, 2016f).
Pay Grades and Ranges
The pay grades and ranges for the marketing director job are as follow:
(Adapted from Payscale, 2016f)
Software Testing Specialist
Pay-Policy Mix
The pay policy mix for the software testing specialist job is as follow:
(Adapted from Payscale, 2016g)
External Market Analysis
As the world is moving towards more technology, the more software specialist can be needed of the organization. The median hourly rate is $24 and annual rate is $60876 and it is expected to be increase in the near future (Payscale, 2016g).
Pay Grades and Ranges
The pay grades and ranges for the software testing specialist job are as follow:
(Adapted from Payscale, 2016g)
Software Engineer
Pay-Policy Mix
The pay policy mix for the software engineer job is as follow:
(Adapted from Payscale, 2016h)
External Market Analysis
The demand of software engineers in the job market is moving towards inclination. According to BLS, the median salary for the position of software engineer is around $90,060 (BLS, 2013).
Pay Grades and Ranges
The pay grades and ranges for the software engineer job are as follow:
(Adapted from Payscale, 2016h)
Software Project Manager
Pay-Policy Mix
The pay policy mix for the software project manager job is as follow:
(Adapted from Payscale, 2016i)
External Market Analysis
Software project managers are responsible to manage software related things and to qualify for this position; he/she must have relevant experience in software industry. People usually started their careers after getting software related skills and qualifications. Their salaries differ from sector to sector but they have worth in music industry. The average salary is around $83584 annually (Payscale, 2016i).
Pay Grades and Ranges
The pay grades and ranges for the software project manager job are as follow:
(Adapted from Payscale, 2016i)
Director of Software Development
Pay-Policy Mix
The pay policy mix for the director of software development job is as follow:
(Adapted from Payscale, 2016j)
External Market Analysis
With increasing market trend of software and technological changes, the demand in the market for the position of software development is moving towards increasing. Software development directors are usually like work for long term for any business. The average salary for software development director is around $133910 annually (Payscale, 2016j).
Pay Grades and Ranges
The pay grades and ranges for the director of software development job are as follow:
(Adapted from Payscale, 2016j)
Customer Service Agent
Pay-Policy Mix
The pay policy mix for the customer service agent job is as follow:
(Adapted from Payscale, 2016k)
External Market Analysis
Customer service job is mostly uses by the companies and service sector accounted to more than half in customer service. According to BLS, the median salary of customer service agent is $30,580 (BLS, 2003). There is a strong perception in the market that majority of people usually do not work for a long term as customer service agent.
Pay Grades and Ranges
The pay grades and ranges for the customer service agent job are as follow:
(Adapted from Payscale, 2016k)
Director of Customer Service
Pay-Policy Mix
The pay policy mix for the director of customer service job is as follow:
(Adapted from Payscale, 2016l)
External Market Analysis
Job responsibilities of director of customer service are to manage the entire customer service agent and lead them in a best way for the company’s goal accomplishment. They must have strong management skills and supervise the customer service agents, which they respond to customer queries and hence, it covers a huge market share. The median salary is around $8700 per year (Payscale, 2016l).
Pay Grades and Ranges
The pay grades and ranges for the director of customer service job are as follow:
(Adapted from Payscale, 2016l)
Market Research Analyst
Pay-Policy Mix
The pay policy mix for the market research analyst job is as follow:
(Adapted from Payscale, 2016m)
External Market Analysis
Job description of market research analyst is to conduct research and check the behavior of customers for the business development. The median salary of his position is recorded as $49822 per year (Payscale, 2016m). They engage in different marketing activities at local and regional level. They must have strong concepts of marketing.
Pay Grades and Ranges
The pay grades and ranges for the market research analyst job are as follow:
(Adapted from Payscale, 2016m)
Director of Market Analysis
Pay-Policy Mix
The pay policy mix for the director of market analysis job is as follow:
(Adapted from Payscale, 2016n)
External Market Analysis
They have to oversee the work activities of market analyst. The salary range for the position of market research director ranges between $67000 and $174,000 (Payscale, 2016n). Job responsibilities are increasing, as the competition is increasing.
Pay Grades and Ranges
The pay grades and ranges for the director of market analysis job are as follow:
(Adapted from Payscale, 2016n)
Artist Relationship Manager
Pay-Policy Mix
The pay policy mix for the artist relationship manager job is as follow:
(Adapted from Payscale, 2016o)
External Market Analysis
Artist relationship manager are well aware of business activities and secure leading role in music industry. They must have negotiation capabilities. The market trend of this position is swelling and they earn handsome salary with the median salary $67319 per year (Payscale, 2016o).
Pay Grades and Ranges
The pay grades and ranges for the artist relationship manager job are as follow:
(Adapted from Payscale, 2016o)
Conclusion
References
BLS. (2013). Occupational Employment Projections to 2022. Retrieved April 14, 2016, from http://www.bls.gov/opub/mlr/2013/article/occupational-employment-projections-to-2022.htm
Learn.org. (2016). Office Manager: Career Summary, Employment Outlook, and Education Requirements. Retrieved April 14, 2016, from http://learn.org/articles/Office_Manager_Career_Summary_Employment_Outlook_and_Education_Requirements.html
Payscale. (2016a). Administrative Assistant Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Administrative_Assistant/Hourly_Rate
Payscale. (2016b). Executive Assistant Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Executive_Assistant/Salary
Payscale. (2016c). Office Manager Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Office_Manager/Salary
Payscale. (2016d). Copywriter Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Copywriter/Salary
Payscale. (2016e). Creative Director Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Creative_Director/Salary
Payscale. (2016f). Marketing Director Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Marketing_Director/Salary
Payscale. (2016g). Software Specialist Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Software_Specialist/Salary
Payscale. (2016h). Software Engineer Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Software_Engineer/Salary
Payscale. (2016i). Project Manager Software Development Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Project_Manager%2c_Software_Development/Salary
Payscale. (2016j). Software Development Director Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Software_Development_Director/Salary
Payscale. (2016k). Customer Service Agent Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Customer_Service_Agent/Hourly_Rate
Payscale. (2016l). Director, Customer service Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Director%2c_Customer_Service/Salary
Payscale. (2016m). Market Research Analyst Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Market_Research_Analyst/Salary
Payscale. (2016n). Marketing Research Director Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Marketing_Research_Director/Salary
Payscale. (2016o). Relationship Manager Salary. Retrieved April 14, 2016, from http://www.payscale.com/research/US/Job=Relationship_Manager/Salary
