Reference no: EM133397390
In your response posts, either agree with your peers' selections by building upon their points or challenge their selections and provide reasoning for the disagreement to the statement below.
It is clear based on the case study that Emily and Harold have worked with scientist before, as it indicates that they need to hire 10 new scientist. With this in mind, Jack should first assess what those scientists are currently paid and need to continue working for Nutriment. He should develop an internal survey that will capture all of this information to include but not limited to: current pay, desirable pay, bonuses, healthcare needs, demographics, and questions towards how they feel working with Nutriment now and what they think about the expansion (Marocchio, 2019). This data should be used to do his comparison to compensation surveys that are published publically for this industry and area. When Jack has this information, then he should speak with Emily and Harold about their budget to compensate the new scientists and what needs to be presented to them at minimum to be competitive and attractive to candidates.
According to Martocchio (2019), we also know that Nutriment is located in proximity to other bio firms and universities. This indicates two things: one there are local competitors that have scientists and therefore data that can be used to develop a compensation plan and two there are candidates who have the exact requirements Nutriment needs from the universities. In addition, those candidates also may be willing to add a concentration to support working at Nutriment with the correct compensation/benefits packet presented to them. Jack will know what those details are by evaluating and presenting to Harold and Emily the data captured from the current scientists, the public published compensation data, and surrounding biotech firms' data. In turn, he should recommend to them that they should create a market match policy that significantly match the pay mix that can be seen from the data presented (Martocchio, 2019). In doing so, a competitor will not offer anything that they are not offering to candidates and leaves room for them to increase attractiveness with indication towards future increases in areas such as short and long term incentives, i.e. a signing bonus. This will satisfy both the employers and candidates, as Nutriment will get the talent it needs and that talent will come ready to devote their skills and expertise to the growth of the company without pause about whether it can sustain their lives financially.