After reading Chapters 7 of your textbook, review the article "Nutriment's New Hires" at the end of Chapter 7. Next, assume you are Jack Stewart--the HR management consultant in charge of hiring approximately 15 new employees for Nutriment Biotech--and you are preparing to meet with the owners to discuss pay structures. In your initial post, address the following:
Discuss your recommendations to satisfy both the employers (Emily and Harold) and the 10 prospective scientists.
Justify your response(s) using scholarly research to support your statements.
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.
My name is Jake Stewart, I'm helping Emily and Harold owners of Nutriment Biotech make a recruiting and hiring plan. They are looking at hiring about 15 employees scientists and administrative staff members. The administrative staff will quickly have those spots filled on the other hand the scientist will be trickier due to the skill needed and so highly demanded. Luckily, Nutriment is in a geographic area rich with research universities and other biotech firms (Martocchino, 2015, pg.168).
First and foremost, the first thing that must be established is a pay structure. Using resources like the Bureau of Labor Statistics (BLS) will help determine a salary for the new hires. The BLS has salary survey data for many different positions in various industries as well as for specific geographic locations (SHRM, 2020). This will help determine a competitive salary for the scientist needed allowing Emily and Harold to have a higher salary than others to attract more scientists and distract them from competitors, as well as determine a wage for administrative staff too.
After establishing the pay structure, the next role to tackle is how we will retain these future employees. Determining the right health insurance that fits into Emily's and Harold's budget and incorporating PTO into employees will help attract more people to apply. Having a competitive salary and benefits is a way to show employees that the company cares for them Additionally, because this company is just starting once the company beings to grow and succeed Emily and Harold can then add a 401k for the employees.
Resources:
Martocchio, J. J. (2015). Strategic compensation: A human resource management approach (8th ed.). Upper Saddle River, NJ: Pearson Education, Inc.
SHRM. (2020, August 20). Where can I locate resources for salary survey data for all industries and occupations? Retrieved from https://www.shrm.org/resourcesandtools/tools- and-samples/hr- qa/pages/howcanilocatesourcesforsalarysurveydataforallindustriesandoccupations.aspx