Assignment: Comparative Pay Analysis
Competency
Perform total rewards market research and benchmarking techniques.
Scenario
You are the HR Director for a small chain of weight loss clinics in Trenton, New Jersey. The physician, who owns these clinics, wants to expand and open two new clinics in Orlando, Florida. He has chosen Florida because he expects operating costs, including salaries and benefits, to be lower in Florida than New Jersey. Each clinic will require the following new staff to be hired: one nurse practitioner, one nutritionist, one office manager, one administrative assistant, and four medical assistants.The physician/owner has asked you to prepare a proposed budget that details the salaries of the new staff in Orlando, Florida. He expects to see a comparison of the costs of the new staff with the corresponding staff in Trenton, NJ at the existing clinics, which has the same number of staff and job roles as the new clinics will have in Florida.
Instructions
Prepare a comparative analysis of benchmark salaries in a budget that:
i. Identifies the pay rate for each job in recommended market data sources - nurse practitioner, nutritionist, office manager, administrative assistant, and medical assistants in both locations (Trenton and Orlando).
- Provides information on how many data sources used and how those sources were assessed for quality of data.
ii. Creates a table showing the average pay rate for each job in both locations.
iii. Determines which geographical area has higher salaries, and explains the difference in salaries and the factors that contribute.
iv. Determines which of the five positions has the higher rate of pay, and explains the higher pay rates and the factors that contribute to this difference.
v. Describes the occupational outlook for each position and the affect these outlooks have on pay rates.
vi. Provides attribution for credible sources used in the comparative pay analysis.
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.