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Whether in the context of real estate, common stock, equipment or wages, equity is a term that relates value between different choices, opportunities or investments. Studies into organizational behavior theorize that employees are continuously monitoring and evaluating their work and pay against those of their peers. Perceived unfairness can result in severe production problems.

 

In order for a business to operate effectively, the company needs to develop a compensation strategy that achieves the two goals of paying wages considered fair to employees, while providing a financial return on the investment for the employer.  Wage equity has two approaches. The first is externally driven by market forces. The second is an internal focus, driven by the employer's valuation of the job.

 

Using market pricing to establish wages and salaries is called market based pay. WageWatch has found that market based pay is the best practice approach to designing compensation policy in competitive market segments such as the hospitality, healthcare, and not-for-profit. Every WageWatch salary survey is a market based strategy. Market based pay systems benefit from being inherently empirical, built from research, through surveys, reporting what similar jobs are paid in the organizations that one competes with in the labor market. (WageWatch)  Read the complete article 

Top Stories: Lodging & Gaming
The International School of Hospitality (TISOH) today announced that it is now a fully accredited institution having earned its accreditation from ACCET, Accrediting Council for Continuing Education & Training. (PR Newswire)  Read the complete article
The average wait time between pay raises was 12.4 to 12.7 months this year, an improvement over the 13.7-month average wait time seen in 2010, according to WorldatWork. Workers can expect an average pay raise of 3% this year. (CNN Money) Read the complete article
Top Stories: Healthcare
If you ask any hospital executive to talk about their top five priorities, he or she will likely reply that reducing expenses and increasing efficiency is one of them. Interestingly, though, a large percentage of these executives consider effective capacity management to be a lesser priority. (Health Affairs Blog)  Read the complete article
Health system CEOs garner top compensation in the healthcare sector, and the average total cash compensation a CEO would earn in the 50th percentile is more than $1.1 million. (Becker's Hospital Review)  Read the complete article
With months-long waits for Medi-Cal patients to see specialists, some turn to emergency rooms - exactly what healthcare reform is banking on avoiding. (Los Angeles Times)  Read the complete article
Top Stories: Human Resources
Juggling multiple responsibilities is common when you work in the human resources department of a small company Even in companies with more than one person handling the duties, it may be difficult to keep up with the workload of a busy personnel department, especially in a growing business.  (Business 2 Community)  Read the complete article
A long, long time ago-back in the happier, fatter economic times before the dot- com bubble burst-I worked for a company that gave employees an annual ... (Employee Benefit News)  Read the complete article
Poor communication and a lackluster public image are among the reasons that unions have lost their battles against "right-to-work" legislation in states such as Michigan, Scott Martelle writes. "[T]he collapse of private-sector unions reflects labor's failure to build that crucial sense of solidarity among a broad section of working America. And part of that is the class divide," (The Daily Beast)  Read the complete article
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WageWatch provides valuable compensation and salary surveys online across multiple industries and geographic markets to human resource professionals, hiring managers, associations, employers, and other executives at the best price. Our cost-effective online salary and compensation surveys and reports are designed to help employers with hiring employees, employee retention, employee pay and recognition, employee benefits, budget planning, market pricing jobs and salary range decisions.
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