hiring approximately 15 new employees B u s i n e s s F i n a n c e
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.
As Jack Stewart, I would gather all available data and conduct market research to determine a baseline of salaries for the scientist in the region that posses the agricultural biotechnology and genetic engineering skillset. Universities and other biotech firms employ these professionals. I research market salary must range for each position; I need to consider prospective employees’ skills, qualifications, and expertise (Mayhew, 2020).
I would gather pre-existing compensation surveys to understand better the benefits packages these schools and businesses offered their employees. The U.S. Bureau of Labor Statistics is an excellent source of salary data on median wages (Mayhew, 2020).
Because these positions serve such a small niche of employers, I might need to contract with a consulting firm that could create a custom survey that will meet Nutriment’s needs.
Once I compile a pay scale for the positions, I would suggest that Nutriment engages in a market lead policy. Based on the information that Nutriment has secured additional funding that could entice university staff to leave their current employers to take a chance on a start-up (Martocchio, 2017).
I would explain that these professors probably have tenure, so our initial offers need to be substantially higher than our competitive rates.